Ashurst advised Aberdeen Asset Management Deutschland AG (Aberdeen) on the acquisition of nine residential buildings in Düsseldorf's "le flair" urban quarter for one of its real estate special funds. The properties were sold by Hochtief Projektentwicklung and Interboden Innovative Lebenswelten. The parties have agreed not to disclose the purchase price.

155 apartments with around 12,300 square metres of living space are being built on lot 12 from September 2015 onwards. The three- to six-storey buildings are due for completion by mid-2017.

The Ashurst team was led by real estate partner Dr Liane Muschter. Senior associate Dr Hendrik Theismann assisted. Partner Heiko Penndorf and senior associate Felix Krüger (all Frankfurt) advised on tax aspects.

Ashurst has advised Aberdeen several times on the acquisition of project developments, predominantly residential buildings and mixed-use properties in Germany. In 2014 this included projects in Frankfurt am Main, Hamburg, Berlin, Stuttgart and other major German cities.