act legal Germany advises Deutsche Real Estate Group (“Drestate”) on the sale of Carée Seestraße in Berlin to Cording Real Estate Group GmbH. The listed commercial property, also known as “Osram-Höfe”, covers around 64,700 m² in Berlin’s Wedding district and was sold for EUR 225 million.
The property was built in 1880 and was formerly used as an industrial building for light bulb production by Osram, a German manufacturer. The office building with its brick stone facade and high ceiling heights of between four and six metres has an occupancy rate of 82% and has Berlin’s Charité, one of the largest university hospitals in Europe, as largest tenant with 8,500 m².
The transaction was structured as an asset deal. One of the main difficulties besides the volume of the transaction was the change of ownership taking place only on 31 December 2019 after full payment of the purchase price. So far, this has been the biggest property sale in Drestate’s history.
act legal Germany’s team was headed by Dr. Tara Kamiyar-Müller (Managing Partner) and Dr. Matthias Müller, MBA (Partner) supported by Jessica Zenz-Spitzweg. act legal Germany advises Drestate regularly in all aspects of real estate law, including ongoing real estate administration and transactions.
Soenke Benn from Ebner Stolz was responsible for the tax advice on seller side. The buyer was advised by Clifford Chance and Cushman & Wakefield.