International law firm Clifford Chance has advised PATRIZIA on its investment in Carossa Quartier in Berlin’s Spandau district. PATRIZIA is participating in the new residential project development as a majority investor on behalf of its institutional clients. On completion in 2025, the 125,000 square metre project comprising 1,800 residential units is expected to have a gross development value of around 750 million Euro.
PATRIZIA acquired the majority stake from a fund managed by Castlelake. Kauri CAB, a specialist in the acquisition, development and management of urban neighbourhoods, remains invested with a minority stake and will act as a partner in the development.
The Clifford Chance team was led by partners Jan Grabbe and Dominik Engl and comprised counsel Andrius Bielinis and transaction lawyer Leonie Gebauer (all Tax, Frankfurt); partner Fabian Böhm (Real Estate, Frankfurt); partner Geoffrey Scardoni (Tax, Luxembourg); partner Christian Kremer, counsel Sascha Nolte and associate Olivier Caudron Van Wauwe (all Corporate, Luxembourg) as well as partner Dimitri Slobodenjuk and senior associate Anne Filzmoser (both Antitrust, Düsseldorf). Berlin-based law firm Sammler Usinger advised on real estate aspects of the transaction.
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