Global law firm Greenberg Traurig advised Castlelake and Kauri CAB on the development of Carossa, a holistic 100,000-square-meter quarter in the historic precinct designed by renowned architect Hans Hertlein in Berlin’s Spandau Hakenfelde district. Kauri CAB is a Berlin-based investor specializing in the acquisition, development, and management of city quarters. To develop the Carossa Quarter, Kauri CAB partnered with PATRIZIA, an investment manager in the real estate market across Europe for more than 35 years.
PATRIZIA replaces private investment firm Castlelake as controlling shareholder with the acquisition of a 90 percent stake on behalf of its institutional clients. Kauri CAB remains minority shareholder with a 10 percent stake and will act as asset management and development partner under the sale agreement.
The Carossa Quarter consists of more than 20 existing and new building projects, some with waterfront locations. On a planned residential development area of approximately 100,000 square meters with 1,800 residential units, a mix of housing types such as traditional living, micro-apartments, senior apartments and affordable housing will be built. In addition, there will be approximately 30,000 square meters of retail, office, and local supply space.
The Greenberg Traurig team provided comprehensive legal advice for the project on matters involving M&A, private construction law, corporate law, tax law, financing law and general contract law, not including public planning law.
Background: Greenberg Traurig has regularly advised Castlelake as well as Kauri CAB on real estate transactions and most recently advised a joint venture between Kauri CAB, a sovereign wealth fund, and Apeiron/Ailon on the sale of a residential portfolio of 2,500 apartments to Blackstone.
About Greenberg Traurig: Greenberg Traurig, LLP (GT), has approximately 2200 attorneys in 40 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. The firm is net carbon neutral with respect to its office energy usage and Mansfield Rule 3.0 Certified. Web: www.gtlaw.com