Dentons successfully advised Property Weinheim S.a.r.l. Luxemburg on  the sale of the service center Weinheim to Sparkasse Rhein Neckar Nord. By this transaction, the first real estate was sold out of a Shift-Portfolio acquired by DB Real Estate, now the Asset Manager RREEF, in 2006. In total, the portfolio includes 10 commercial properties across Germany with a market value in the hundreds of millions.

Sparkasse Rhein Neckar Nord is the buyer. It had built the office real estate with more than 15,000 square meters of rental space in 1995 and had been using it as a tenant since the year 2000 based on a “sale-and-lease-back” agreement. An additional major tenant of the real estate is T-Systems, the supplier of the Telekom Group for information and communications technology.

The Real Estate Practice Team in Dentons’ Berlin office, led by partner Volker Mergener, extensively advised the seller regarding all legal and tax related matters in connection with the transaction. The basis for this cooperation is a long-standing client relationship, including asset management for the portfolio.

On the part of Sparkasse, the acquisition was managed by their legal department under the leadership of division manager, Michael Strötges. The transaction was brokered by the Frankfurt subsidiary of the real estate service company Savills, who operates worldwide.
By mutual agreement, the acquisition is to be completed by the end of this year. The acquisition value was confidentially agreed upon by both parties.

Advisor Property Weinheim:
Dentons: Volker Mergener (Partner, Real Estate), Jan Hellner (Senior Associate, Real Estate, both leading) Torsten Jähnichen (Counsel, Real Estate), Dr. Sebastian Krieg (Associate, Tax)