Gleiss Lutz advises Korean POBA on real estate joint venture with Dream Global

Gleiss Lutz has advised the Public Officials Benefit Association (POBA), a South Korean pension fund, on the establishment of a real estate joint venture with Dream Global REIT (previously Dundee International REIT). POBA will hold a 50 percent share in seven Dream Global office properties across various German cities, acquired by the Canadian REIT over the past few years. The deal is worth 221 million euros.  

The portfolio includes the office buildings "ABC Bogen" in Hamburg, "Löwenkontor" in Berlin, "Werfthaus" and "K26" in Frankfurt, "doubleU" in Düsseldorf, "Z-Up" in Stuttgart and "Marsstraße 20-22" in Munich. The transaction is scheduled to be completed in two stages during the third and fourth quarter of 2014.  

POBA, which currently has 240,000 members, is a pension fund for South Korean civil servants.

This is POBA’s first investment in German real estate.   POBA was advised by the following team of Gleiss Lutz lawyers: Dr. Johannes Niewerth (lead, partner, real estate, Berlin), Dr. Tim Weber (partner, joint venture), Dr. Burkhard Jäkel (partner, financing, both Frankfurt), Dr. Martin Viciano Gofferje (counsel, corporate, Berlin), Dr. Birgit Colbus (counsel, competition/antitrust, Frankfurt), Dr. Jonas Rybarz, Dr. Fabian Kutz (both real estate, Berlin), Vanessa Bayliss (counsel), Patrick Steinhausen (both financing, Frankfurt) and Sergej Bräuer (competition/antitrust, Frankfurt).