Clifford Chance advised Commerzbank AG on the sale of the Gallileo building in Frankfurt. The purchaser is a consortium of South Korean institutional investors advised by IVG Institutional Funds. The Gallileo complex opened in 2004 and is 136 metres high. The total amount of leasable floor space available is around 40,000 m^2. The parties have agreed not to disclose any details of the purchase price. This transaction also appears to be the first club deal on the German property market involving Korean investors.

The Clifford Chance team was led by partner Dr. Christian Keilich and comprised associate Sebastian Schmitt, counsel Dr. Fabian Böhm, senior associate Henning Aufderhaar (all Real Estate, Frankfurt), partner Marc Besen (Antitrust, Düsseldorf) and partner Thorsten Sauerhering and senior associate Dr. Dominik Engl (both Tax, Frankfurt). Partner Hyun Suk Kim from the Seoul office and associate Sonia Seoyun Won from the Hong Kong office (both Capital Markets) also worked on the deal.

http://www.cliffordchance.com/news/news/2013/06/clifford_chance_advises…