Clifford Chance advised BNP Paribas Real Estate Investment Management Germany GmbH (BNP Paribas REIM Germany) on the launch of a new real estate special fund and on the acquisition of the first property for the fund's portfolio.

The 'Real Value Fund' was launched together with Cording Real Estate Group and has a target equity volume of EUR 150 million.

The fund will invest in properties for which a significant increase in value can be achieved through consistent asset management. It has already secured commitments from institutional investors for almost one third of the target volume.

The first asset for the fund has already been acquired, Media Tower in the Düsseldorf Media Harbour. The property is one of the tallest buildings at the Media Harbour, with 18 floors and approximately 9,000 square metres of floor space. However, it is currently let to 50 percent only. The aim is to acquire new tenants and thus significantly increase cashflow and value of the property.

BNP Paribas REIM Germany is one of the leading investment companies for real estate special funds in Germany. The company invests in quality real estate in 14 countries in Europe and Asia and currently manages approximately EUR 4.7 billion.

The Clifford Chance team was led by partner Marco Simonis (Tax, Frankfurt) and included counsel Dr. Dominik Thomer (Tax, Düsseldorf), associate Christoph Wicher (Tax, Frankfurt), partner Dr. Gerold M. Jaeger (Real Estate, Frankfurt), associates Philipp Schott and Dr. Henrik Dornscheidt (both Real Estate, Düsseldorf) as well as partner Dr. Thomas Stohlmeier and associate Dr. Jochen Buckel (both Corporate, Düsseldorf).