Ashurst has advised investment manager Castlelake, L.P. (formerly TPG Credit Management, L.P.) on the acquisition of an office park in Munich Dornach. A fund managed by Castlelake acquired the park that had been financed by a syndicate of banks, out of insolvency proceedings together with the NAI Apollo group. NAI Apollo will be responsible for the asset and property management of the park.

The office park comprises three complexes each with 10,000 m^2 office space and 712 parking spaces. The buildings are leased in part, and the remaining available spaces will be offered to interested tenants once the renovation work has been completed.

Ashurst advised with a multi-practice British-German team led by Munich corporate partner Lars Jessen. Partner Sebastian Schoon (Munich)supported on finance aspects, Dr Liane Muschter and senior associate Michael Mehler on real estate aspects, partner Heiko Penndorf and associate Felix Krüger (all Frankfurt) on tax aspects. London banking partner Diane Roberts and senior associate Anthony Riddle also advised.

Castlelake, L.P. is a global institutional alternative investment manager that today has $2.4 billion of assets under management. Castlelake has a total of 53 professionals based in its Minneapolis, Minnesota and London offices.