Clifford Chance advised Standard Life Investments, the global Fund Manager and one of the largest real estate investors in Europe, on the purchase of a development project in Erfurt, Germany. The vendor is the City of Erfurt.
Standard Life Investments acquired the development for its European Property Growth Fund. A logistics centre with secondary structures and office space are due to be built on the land, which is part of the Güterverkehrszentrum (GVZ) industrial park in Erfurt. The total leased area is around 48,800 m² and the whole of this area is currently let to a single lessee. The total investment amount is around EUR 18,500.000.
The Clifford Chance team comprised partner Reinhard Scheer-Hennings, senior associate Patrick Härle (both Real Estate) and senior associate Cord von Mandelsloh (Tax) – all Düsseldorf.
(Press Release by Clifford Chance)
