Ashurst advised the Austrian conwert Immobilien Invest SE ("conwert") on the acquisition of an extensive portfolio of residential properties in Germany. The purchase price for the portfolio comprising 4,016 units and a size of 265,815 m² amounts to c. €179 million, including planned investments in the amount of €32.9 million. The properties are mainly located in Berlin, Leipzig and North Rhine-Westphalia. The seller of the portfolio is GE Capital Real Estate Deutschland, a division of General Electric. The closing of the transaction is scheduled for the third quarter of 2013.

The Ashurst team was led by partner Marc Bohne (real estate) and senior associate Jan Krekeler (corporate). The team included partner Peter Junghänel, senior associate Dr Hendrik Theismann and associates Adnan Manzoor and Patricia Galts (all real estate) as well as senior associate Derk Opitz and associates Dr Endrik Kramski and Denis Sattler (all banking). Senior associate Jan Kupfer and associate Dr Angela Brücken (all Frankfurt) advised on corporate aspects of the transaction (all Frankfurt).

Vienna-based conwert Immobilien Invest SE is a leading Central European development company for residential properties and older residential properties with a focus on Germany and Austria.