Ashurst advised DekaBank Deutsche Girozentrale on the financing of the acquisition of five German properties by special purpose vehicles of IREIT Global. IREIT Global has been listed on the Singapore Exchange from 13 August 2014 and is the first Singaporean REIT to invest in German properties. Unlike German REITs, Singaporean REITs do not have legal capacity. It is generally expected that this is the first of many similar Singaporean REIT transactions.

IREIT's assets consist of four office buildings in Bonn, Darmstadt, Münster-Nord and Münster-Süd, all fully-let to Deutsche Telekom, as well as the Concorpark business park near Munich. The latter is let to multiple tenants, including insurer Allianz.

The financing volume amounts to almost €100 million.

The Ashurst team in Frankfurt was led by banking partner Dr Stephan Kock. He was supported by associates Andreas Mallin and Annabelle Sachs, transaction manager Dominique Blaurock and paralegal Emilie Veyran (all banking). Banking partner Anne Grewlich and associate Gabrielle Metherall covered English law. Partner Heiko Penndorf advised on tax law and senior associate Dr Hendrik Theismann advised on real estate law.

Partner Angelique Thiele and associate Estelle van Herden, of Dutch firm Boekel De Nerée N.V., advised on Dutch law. Partner Dr Marcus Benes and associate Lorenz Liedermann from Eisenberger & Herzog's Vienna office provided Austrian law support.