Ashurst advised CBRE Global Investors on the acquisition of a self-service department store for its Pan European Core Fund (PEC) in Dusseldorf.

The property is located 1 km south of Dusseldorf's city centre and has a total area of almost 12,500 square meters. The main tenant is Real. The purchase price amounts to more than €25 million. This is the tenth investment of the fund and already the fourth in Germany.
 
The Ashurst team was led by real estate partner Peter Junghänel, assisted by senior associate Hendrik Theismann.  Finance law aspects were covered by senior associate Derk Opitz (banking) and associate Denis Sattler (banking).  Furthermore, tax partner Heiko Penndorf and associate Felix Krüger advised on tax law.

The acquisition is financed by SEB AG.

About CBRE Global Investors
CBRE Global Investors is a global real estate investment management with $90.4 billion in assets under management (status as of 30 September 2012). The firm sponsors investment programmes across the entire risk/return spectrum for investors worldwide.

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