Ashurst advised Aberdeen Asset Management Deutschland AG ("Aberdeen") on the acquisition of 54 rented flats under construction for a special real estate fund.  Seller is the Munich project development company Bayerische Hausbau Projektentwicklung GmbH ("Bayerische Hausbau"). The housing units are part of the residential complex "Schön wohnen am Kreuzpfuhl" in the Weißensee district of Berlin.

On the property with a total size of approximately 6,200 square meters Bayerische Hausbau also builds 43 freehold flats. The housing development shall be accomplished and handed over to the investor this year.

Ashurst advised with real estate partner Dr Liane Muschter (lead) and senior associate Marcus Wirfs (both Frankfurt). They were supported by partner Heiko Penndorf who was in charge of the tax law aspects of the acquisition.

On behalf of clients, Aberdeen invests worldwide in the four major investment categories, namely shares, pensions, real estate and alternative investments. Currently, the company with more than 2,000 employees in 24 countries, manages assets of around €245 billion (as at 30 June 2013),  thereof approximately €21 billion in real estate.