PGIM Real Estate’s Acquisition of Stream Property

McDermott Will & Emery advised the SIGNA Group on the sale of the Berlin project development STREAM to PGIM Real Estate.

PGIM acquired the property as part of a forward deal for German and Swiss institutional investors.

The 24-storey STREAM building, which is currently under construction and has a rental area of around 50,000 sqm, is to be completed by the end of 2021. It is located next to the Mercedes-Benz Arena in the “Mediaspree” in Berlin-Friedrichshain, and is fully let to Zalando, a European e-commerce company which offers Fashion and Lifestyle products.

SIGNA Holding GmbH is a real estate investment company. The Company services include acquisition, project development, design and concept development, commercial project management, financing and controlling, project marketing, design and optimization of layouts, letting, and asset management.

The McDermott team was led by Thomas A. Beisken (Picture) and Maximilian Clostermeyer and also comprised Sebastian von Lossow, Dustin Schwerdtfeger, Oliver Hahnelt as well as associates Sakai Shabo and Tina Zeller.

Involved fees earner: Thomas Beisken – McDermott Will & Emery; Maximilian Clostermeyer – McDermott Will & Emery; Oliver Hahnelt – McDermott Will & Emery; Dustin Schwerdtfeger – McDermott Will & Emery; Sakai Shabo – McDermott Will & Emery; Sebastian von Lossow – McDermott Will & Emery; Tina Zeller – McDermott Will & Emery;

Law Firms: McDermott Will & Emery;

Clients: SIGNA Holding GmbH;