Ashurst advised the investment firm Castlelake, L.P. on the acquisition of the "Kontor" portfolio, consisting of 109 properties, for an undisclosed consideration. Castlelake acquires the portfolio jointly with its joint venture partner, the Hamburg-based BECKEN Group. BECKEN will also be responsible for the asset and property management as well as for the marketing and renting of the properties.

Castlelake is a global institutional investment firm, focussing on alternative asset-backed investments, that currently has $2.7 billion of assets under management.

The portfolio properties are located throughout the city of Hamburg and in adjacent municipalities of Schleswig-Holstein and Lower Saxony, with approximately 34 per cent of the total lettable area located in the highly sought-after Hamburg City sub-market. The properties, predominantly occupied by anchor tenant Haspa, consist of 55 per cent mixed-use commercial buildings with office and retail or residential space.

The Ashurst team was led by Munich-based corporate partner Lars Jessen. Partners Peter Junghänel (real estate), Dr Klaus Herkenroth (tax), Dr Stephan Kock (finance, all Frankfurt) and Isabelle Lentz (Luxembourg law, London) also advised; associate Julius Heusgen (corporate, Munich), senior associate Paul Witte ( Luxembourg law, London), associate Susanne Knoch (tax) and associate Nina Schaefer (real estate, both Frankfurt) assisted.

Ashurst regularly advises Castlelake, which rebranded from TPG Credit Management in August 2013, on transactions in the German market.