Ashurst advised Warburg-HIH Invest Real Estate (Warburg-HIH Invest) on the acquisition of the “Bernstein-Center” in Nittendorf/Bavaria from Oberpfälzer Projektentwicklung. Warburg-HIH Invest acquired the property by way of an asset deal for an open-ended special AIF. The parties agreed not to disclose the purchase price.
Located at Brunnenstrasse 1-3, the property features a total rental area of around 6,500 sqm as well as parking spaces. The newly built non-discretionary retail quarter is almost fully let, with Edeka being the main tenant. In addition to approximately 2,700 sqm of rental area for retail and services, the “Bernstein-Center” comprises apartments with around 1,600 sqm of living space and offers approximately 960 sqm of rental area for a fitness studio and around 600 sqm each for medical and social facilities. Nittendorf is located in the fast-growing Regensburg region.
The “Bernstein-Center” is the 17th property in the portfolio of the AIF “Warburg-HIH Perspektive Einzelhandel: Fokus Nahversorgung”. The special fund focuses on properties in economically sound German locations with a volume of €10 million to €40 million.
The Ashurst team was led by partner Dr Liane Muschter. She was assisted by senior associate Sven Nickel, associates Raphaela Schmidt, Anja Bode and Philipp Seimel as well as transaction lawyer Ingrid Schmidtgal (all Real Estate). Partner Dr Anders Kraft, senior associate Dr Susanne Knoch and associate Steffen Bellmann advised on tax law.
Ashurst’s longstanding client Warburg-HIH Invest is one of the leading investment managers for real estate in Germany and Europe. Currently, assets with a volume of €12.9bn are being managed across 78 funds.
