Clifford Chance has advised Allianz Real Estate on the deal.
Allianz Real Estate acquired a portfolio of subsidised housing projects in Nuremberg for EUR 135 million from project development specialist Schultheiß Projektentwicklung AG. The transaction took place as part of an off-market forward purchase. The portfolio comprises three properties currently under development and scheduled for completion by 2022.
In addition to subsidised apartments, the developments include some privately financed apartments and ancillary commercial units. The projects cover a total area of around 30,000m² and over 300 apartments. The plan is to develop these further in line with the criteria of the CRREM decarbonisation pathway in the first year after they have changed hands. In this transaction, Allianz Real Estate was acting on behalf of several Allianz Group companies.
The Clifford Chance team comprised partner Christian Keilich (Picture), counsel Martin Barlösius, associate Annika Kalke and legal support assistant Sabrina Becker (all Real Estate, Frankfurt).
Law Firms: Clifford Chance;
Clients: Allianz Real Estate;