Clifford Chance has advised PATRIZIA GewerbeInvest Kapitalverwaltungsgesellschaft mbH, a subsidiary of PATRIZIA Immobilien AG, on the acquisition of three high-end office properties in Dortmund, Frankfurt and Hamburg. The purchase will take place on behalf of the recently launched "PATRIZIA Gewerbe-Immobilien Deutschland III" fund. The vendor is a subsidiary of Orion European Real Estate Fund IV, C.V., which is managed by Orion Capital Managers. Closing is scheduled for Q3 2017.

The properties concerned are the Hafen City Gate in Hamburg, located right next to the Elbphilharmonie, with a total floor space of approximately 26,000 square metres, the Westfalentower in Dortmund with a floor space of approximately 30,000 square metres and an office building located at Carl-von-Noorden-Platz in Frankfurt with approximately 6,000 square metres of floor space. All three properties are almost fully let, with tenants including Commerzbank, McKinsey, Deutsche Telekom and Gruner + Jahr. The average remaining term on the leases for the properties is around seven years.

The Clifford Chance team was led by partner Dr. Fabian Böhm and comprised senior associate Dr. Philipp Stoecker, associates Anne Voigt and Stephanie Grosse, transaction lawyer Magda Pawela-Häusler (all Frankfurt), senior associate Dorothea Schimmel (Munich) and associate Jonathan Klein (Düsseldorf) – all Real Estate – as well as partner Thorsten Sauerhering and associate Markus Kallenbach (both Tax, Frankfurt).