GSK Stockmann provided legal counsel to Corestate Capital Group on the acquisition of a package of five large-scale projects with a residential focus in a forward (asset) deal. The five objects were acquired for the real estate umbrella fund launched by Universal-Investment on behalf of the Bayrische Versorgungskammer on its Luxembourg-based AIF platform. Seller is the project developer CG Gruppe AG.
The project developments are located in the inner cities of Leipzig, Dresden, Frank-furt/Offenbach, Düsseldorf and Cologne. Under the concept name “Vertical Village”, 1,700 VauVau-brand apartments with an area of over 90,000 m², approx. 28,000 m² of commercial area for retail and business as well as over 1,200 parking spaces are planned. The transaction was structured as an asset deal and has a total volume of approx. 670 million euros.
With an interdisciplinary, international team which included specialists in real estate transactions, public and private building law, German and Luxembourg investment law and Luxembourg corporate law, GSK Stockmann provided comprehensive legal counsel to Corestate Capital Group.
Advisor Corestate Capital Group:
GSK Stockmann Germany: Dr. Rainer Werum (Lead, Real Estate), Sascha Zentis (Investment law), Dr. Stefan Geiger (Public Sector), Dr. Jochen Rudolph (Private building law); Associates: Kirill Schitomirski (Real Estate), Kristina Marx (Public Sector)
GSK Stockmann Luxemburg: Dr. Marcus Peter (Investment/Corporate), Associate: Marie-Thérèse Wich (Investment/Corporate)