Berlin, March 20, 2019 – Greenberg Traurig advised a fund managed by Ares Management Corporation (Ares) on the acquisition of the headquarters of IKB Deutsche Industriebank (IKB) in Düsseldorf, Germany. The buyer is a joint venture between the Ares real estate fund and EDF Invest. Seller is IKB, which will remain as the main tenant in the building. The parties have agreed to keep the purchase price confidential.
Built in 1997, the office building comprises around 58,500 square metres of gross leasable area, split across two interconnected buildings. In addition to IKB as the largest tenant, other major tenants include Landesbank Hessen-Thüringen (Helaba), the global network and telecommunications provider Colt and the holding company Berkshire Hathaway. The joint venture plans to convert the property from a bank headquarter into a modern multi-tenant office complex.
Greenberg Traurig has advised Ares comprehensively on all legal aspects of the transaction and its financing.
Background: The transaction is the latest acquisition of Ares in Germany and the fifth acquisition in Düsseldorf in the last two years. Greenberg Traurig has been advising Ares regularly on transactions in Germany for several years.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 39 offices in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and is among the Top 20 on the 2018 Am Law Global 100. Web: http://www.gtlaw.com Twitter: @GT_Law.