Ashurst advised private equity fund Kildare Partners ("Kildare") on the acquisition of GE Capital Real Estate's ("GE Capital") German commercial real estate business. The portfolio comprises 60 commercial properties as well as 80 real estate loans. The acquired loans are predominantly secured by office properties. The sale is part of GE's strategic realignment shifting the group's focus to the industrial sector.

Ashurst advised on the corporate side with a Frankfurt-based team led by corporate partner Dr Benedikt von Schorlemer and counsel Jan Krekeler. Counsel Nicolas Deuerling (investment law), senior associate Dr Hendrik Theismann, associate Caspar von Eicke und Polwitz (both real estate), senior associates Jan Kupfer (corporate) and Dr Marius Fritzsche (employment) as well as paralegal Julia Stumpf (corporate, all Frankfurt) assisted.

The purchase of the loan portfolio was advised on by an Ashurst team led by London-based restructuring partner Giles Boothman and Frankfurt-based finance partner Derk Opitz. Their team comprised associate Annabelle Sachs and transaction lawyer Emilie Veyran (both finance) from Frankfurt as well as senior associate Amrit Khosa and solicitors Suzanne Addison and Nicholas Walker (all RSSG) from London.

Partner Heiko Penndorf and senior associate Felix Krüger (both tax, Frankfurt) advised on tax aspects of the transaction. Partner Isabelle Lentz, supported by senior associate Françoise Haralamb (both Luxembourg Desk, London) advised on Luxembourg law.

The corporate and loan due diligences for Kildare were carried out by Ashurst.

Kildare is a private equity organisation that targets opportunistic, control investments in distressed commercial real estate related opportunities, exclusively in Western Europe. To date, Kildare has closed on 12 investments at an aggregate purchase price of $3.8 billion.