Ashurst advised Aberdeen Asset Management ("Aberdeen") on the acquisition of 392 flats with 40,000 square metres gross floor space on Ferdinand-Happ-Strasse in Frankfurt's Ostend borough. Project developer Max Baum Immobilien sold the flats before the start of construction this summer to a special fund of the British asset manager.

Aberdeen plans to invest €110m in the six new constructions due to be completed by the end of 2017. The residential houses will complement the project development "Schwedler-Carré" where Max Baum has already developed three office buildings, an Edeka supermarket and the European Central Bank's day nursery. The two room and four room flats will be 40 to 120 square metres.

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

Ashurst regularly advises Aberdeen on the purchase of project developments, mainly residential houses and mixed-use properties, in Germany. In 2014 this comprised projects in Frankfurt am Main, Hamburg, Berlin, Stuttgart and other major German cities.