Noerr advises Deka Immobilien on acquisition of 50% stake in logistics portfolio for €560 million

A Noerr team led by Tim Behrens has advised real estate investment company Deka Immobilien in connection with the largest real estate transaction in the European logistics market so far in 2023. Under a sale and purchase agreement, Deka Immobilien has secured 50% of the shares in a logistics portfolio with a total value of around €1.12 billion in Germany, of which approximately €560 million will be held by Deka Immobilien.

The portfolio, which includes five locations in Germany, is made up of fully leased and developed buildings that were built from 2021 onwards and developments that are scheduled to be completed by 2024. The properties located in Berlin, Laatzen and Magdeburg are intended to be held for the account of “Deka-ImmobilienEuropa”, an open-ended real estate fund, the properties in Göttingen and Gießen for the account of the open-ended real estate fund “WestInvest InterSelect”.

The seller of the shares and future joint venture partner with a 50% share in each of the five property owning companies is VGP N.V., a project developer and portfolio holder specialising in logistics properties and headquartered in Antwerp, Belgium.

Closing of the transaction is subject to clearance by the relevant authorities.

Advisors to Deka Immobilien: Noerr

Lead: Tim Behrens (partner, Real Estate Investment Group, Frankfurt)

Real Estate Investment Group: Valentina Glasa (senior associate, Frankfurt), Christoph Brenzinger (partner, Düsseldorf), Henrik Dornscheidt (associated partner, Düsseldorf), Ines Coenen (senior associate, Munich), Raphaël Hebecker (senior associate, London), Philipp König (associate, Frankfurt), Fabienne Wendik (associate, Düsseldorf) and Philipp Bergmann (senior associate, Frankfurt)

Investment law: Martin Haisch (partner), Benedikt Rippert (senior associate, both Frankfurt)

Regulatory: Bärbel Sachs (partner, Berlin), Ines Mittermeier (senior associate, Düsseldorf), Joachim Rung (senior associate, Munich), Florian Rast (associate, Munich), David Rösch (associate, Berlin)

Antitrust & Competition: Fabian Badtke (partner), Johanna Krauskopf (associate, both Frankfurt)