November 17, 2017 - Greenberg Traurig advised a joint venture between London-based Benson Elliot Capital Management LLP (“Benson Elliot”) acting on behalf of Benson Elliot Real Estate Partners IV and Kauri CAB Development Berlin GmbH (“Kauri CAB”), on a forward share sale agreement with a subsidiary of Frankfurt Stock Exchange-listed ADLER Real Estate AG, relating to “Wasserstadt Mitte”. The joint venture’s 700-unit, residential-led mixed use project fronts the Spandauer Schifffahrtskanal (Spree Canal) in central Berlin.
Since the acquisition of the riverfront site in August 2016, Benson Elliot and Kauri CAB have worked to secure the necessary consents, designs and a fixed price construction contract to deliver a significant, high quality scheme focused on multifamily rental accommodation. On completion of the c. 50,000 square metre project, expected by year-end 2019, “Wasserstadt Mitte” will provide over 700 apartments, accompanied by a high quality retail offering. It will become home to over 1,400 residents in Berlin as one of Europe’s most dynamically evolving cities. The project is expected to have a market value upon completion and lease-up of c. €385 million.
Europacity has become a magnet for large office users, hotels, retailers and cultural facilities (including the iconic Hamburger Bahnhof – Museum für Gegenwart).
Background:
Greenberg Traurig Germany has regularly advised Benson Elliot on real estate transactions since 2010 and already accompanied the real estate company and its joint venture partner Kauri CAB on the acquisition of “Wasserstadt Mitte”. Most recently, Greenberg Traurig advised Benson Elliot on the acquisition of a majority stake in GWB "Elstertal" Geraer Wohnungsbaugesellschaft mbH.
Legal Advisors:
Partner: Peter Schorling (lead attorney, Corporate/M&A), Christian Schede (Real Estate/M&A), Viola Bensinger (Technology), Christoph Enaux (Antitrust Law), Martin Hamer (Public Law), Claudia Hard (Finance), Georg von Wallis (Tax)
Counsel: Anika Mitzkait (Finance)
Associates: Alexander Ahrens, Daniel Benighaus, Eleonore Chowdry, Oliver Markmann (all Corporate/M&A), Max Hortmann, Alexander Karrenstein (both Real Estate/M&A), Carsten Kociok (IP), Alexandru Petrescu, Julian Rindler, Michael Schnitker, Bodo Wawrzyniak (all Finance), Claudia Stremel (Tax)
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. GTLaw has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and among the Top 20 on the 2016 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.