Midas International Asset Management and L’Etoile Properties’ Portfolio Acquisition From Panattoni

Clifford Chance has advised Midas International Asset Management and L’Etoile Properties on the acquisition of a last mile logistics portfolio in Germany.

The transaction was ultimately funded by Korean institutional investors. Midas acquired the real estate portfolio by way of a share deal from the project developer Panattoni. The portfolio comprises three logistic centres which are let to Amazon on a long term basis.

The three recently completed built-to-suit (BTS) projects are located in intermunicipal business and industrial parks in Kassel, Magdeburg and Wilhelmshaven and serve Amazon for last-mile deliveries to strategically relevant catchment areas. The buildings combine elements of a classic distribution centre with a cross-dock concept for loading small transporters. The three distribution centres comprise a total rental area of around 25,000 square metres.

In this transaction, Midas acts as asset manager for a Korean real estate fund while L’Etoile was responsible for the commercial transaction management and will act as asset manager for the three properties in Germany.

An international and cross practice Clifford Chance team advised Midas and L’Etoile on the acquisition, the financing and the structuring of the transaction. The team comprised partner Gerold Jaeger (Picture), senior associate Philip Heinzel, associates David Rahmel and Maximilian Sablotny, transaction lawyer Tina Lukic (all Düsseldorf) as well as legal support assistant Sabrina Becker (Frankfurt, all Real Estate), partner Olaf Mertgen, senior associate Nadine Schader (both Frankfurt) and counsel Cord Freiherr von Mandelsloh (Düsseldorf, all Tax), partner Tobias Schulten, senior associate Melissa Staunton and legal support assistant Cornelia Lambert (all Finance, Frankfurt) as well as partner Michiel Sunderman and associate Nolan Groenland (both Tax, Amsterdam). From Clifford Chance’s Luxembourg office, partner Katia Gauzès, senior associate Frédérique Davister, foreign lawyer Raphael Theiss and associates Maximilian Fritz and Nils Hülsenbeck (all Corporate, Luxemburg) as well as partner Marc Mehlen, counsel Stefanie Ferring and associates Sadan Ramovic and Manon Hillenbrand (all Finance, Luxemburg) also advised on the deal.

Involved fees earner: Frédérique Davister – Clifford Chance; Stefanie Ferring – Clifford Chance; Maximilian Fritz – Clifford Chance; Katia Gauzès – Clifford Chance; Nolan Groenland – Clifford Chance; Philip Heinzel – Clifford Chance; Manon Hillenbrand – Clifford Chance; Nils Hülsenbeck – Clifford Chance; Gerold Jaeger – Clifford Chance; Marc Mehlen – Clifford Chance; Olaf Mertgen – Clifford Chance; David Rahmel – Clifford Chance; Sadan Ramovic – Clifford Chance; Maximilian Sablotny – Clifford Chance; Nadine Schader – Clifford Chance; Tobias Schulten – Clifford Chance; Melissa Staunton – Clifford Chance; Michiel Sunderman – Clifford Chance; Raphael Theiss – Clifford Chance; Cord Freiherr von Mandelsloh – Clifford Chance;

Law Firms: Clifford Chance;

Clients: L’Etoile Properties; Midas International Asset Management Ltd;

Author: Federica Tiefenthaler