Clifford Chance has advised British investment manager Long Harbour on its entry in the German real estate market. Long Harbour acquired two commercial ground leases for assets in Germany on behalf of the firm’s flagship European vehicle, the Long Harbour European Secured Income Fund I (LHESIF I): The Access Tower in Frankfurt as well as a hotel in Munich.
Long Harbour has acquired the freehold of The Access Tower, while the existing building owner Publity AG will retain the leasehold on a 100-year lease. The Frankfurt transaction completed in March 2021. The Munich transaction features a similarly innovative deal structure and will complete in the second quarter of 2021.
The Access Tower is a landmark office asset located in the Niederrad district of Frankfurt. It was built in 1970 and renovated in 2002, is a 21-storey building consisting of over 20,600 square metres of lettable space, with a diverse range of tenants covering financial services, healthcare and general corporate.
An international and cross practice Clifford Chance team advised Long Harbour on the structuring of the transactions and the acquisition of the commercial ground leases. The team comprised partners Fabian Böhm (Real Estate) and Stefan Bruder, associate Lara Stelmach (both Corporate, all Frankfurt), partner Josef Brinkhaus and counsels Carolin Werlen (Frankfurt) and Cord Freiherr von Mandelsloh (Düsseldorf, both Tax), as well as partner Katia Gauzès, senior advisor Matthias Kerbusch, senior associate Sascha Nolte and trainee lawyers Marine Alonso, Maximilian Fritz and Olivier Caudron Van Wauve (all Corporate, Luxembourg).
