Allen & Overy LLP has advised Luxembourg real estate investment manager and co-investor CORESTATE Capital Holding S.A. (CORESTATE) on the sale of retail portfolios worth EUR 687 million to the Universal-Investment fund of Bayerische Versorgungskammer (BVK). The investment vehicle is managed by Universal-Investment-Luxembourg S.A.

The portfolio spreads across a total of 90 properties in German cities and comprises subportfolios acquired under CORESTATE's club-deal programme.

CORESTATE will assume the future asset management for Universal-Investment in the context of this transaction.  The transaction is still subject to clearance by the German Federal Cartel Office.

The Allen & Overy team was led by partner Dr. Christian Eichner and counsel Dr. Michael Fink and comprised senior associate Kyrill Chilevych as well as counsel Dr. Murad Daghles, senior associate Dr. Thyl Hassler and research assistant Tim Leukel (all Corporate/M&A, Düsseldorf).