Allen & Overy LLP has advised CORESTATE Capital on the sale of a residential and commercial property portfolio to a number of German institutional buyers for a total purchase price of EUR 250 million.
The portfolio comprises around 3,700 building units in North Rhine-Westphalia, Hesse and Berlin.

The portfolio, which was in a distressed state at the time of acquisition, was successfully repositioned through the injection of equity for renovation measures and by an active management.  For this purpose, CORESTATE invested EUR 10 million to improve the quality of the buildings.

CORESTATE Capital is a specialist real estate investor based in Zug/Switzerland with partner offices in Frankfurt, Essen, London and Luxembourg.  Allen & Overy has advised the company on an ongoing basis, most recently on the acquisition of about 2,300 residential units of E.ON Group in Lower Saxony.

The Allen & Overy team was led by partner Dr Christian Eichner and senior associate Dr Michael Fink and comprised senior associate Dr Murad Daghles and associate Kyrill Chilevych (all corporate/M&A, Düsseldorf), associate Dr Thorsten Thaysen (public law, Frankfurt), senior associate Dr Christian Hilmes and associate Dr Julien Zazoff (both corporate/real estate, Hamburg).

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