Gleiss Lutz advises Invesco on acquisition of 509 apartments in Frankfurt from LBBW
Gleiss Lutz has advised Invesco Real Estate (Invesco), a global real estate investment management firm, on the acquisition of two residential buildings with a total of 509 rental apartments in the Frankfurt district of Niederrad. The apartment complex, to be built in the residential area of Mainwald, is being sold by the project developer LBBW Immobilien Development GmbH. With this acquisition, Invesco is diversifying its pan-European core strategy and expanding its residential property portfolio. The parties have agreed not to disclose the purchase price.
The two buildings, which together will offer around 22,600 square metres of living space, also have a shared courtyard and 291 parking spaces in a shared underground garage. After taking over the buildings at the end of 2020, Invesco plans to actively manage the 321 furnished micro-apartments and 188 rental apartments itself.
Invesco Real Estate is the real estate investment team of Invesco Ltd., one of the world’s largest independent asset management companies. As of 30 June 2018, Invesco Real Estate managed global assets amounting to EUR 55.9 billion, invested in real estate funds and exchange-traded real estate securities, among other things.
The following team of Gleiss Lutz lawyers, led by Dr. Tim Weber (partner, real estate/M&A, Frankfurt), advised Invesco on the transaction: Dr. Jacob von Andreae (partner, public law, Düsseldorf), Dr. André Lippert (public law, Berlin), Svenja Bender, Konrad H.J. Discher and Michael Neher (all real estate/M&A, Frankfurt).
Gleiss Lutz regularly acts for Invesco, and in 2016, for example, a team led by Dr. Tim Weber advised Invesco and BNP Paribas REIM on the acquisition of Designer Outlets Wolfsburg for Bayerische Versorgungskammer.