Ashurst has advised the leading real estate investment fund manager Gramercy Property Europe (Gramercy) on the acquisition and the financing of 2 retail stores in Germany as well as on the financing of 2 retail stores in the Netherlands. The facilities are leased to, or guaranteed by, Hornbach Baumarkt AG, a leading European retailer of home improvement products.

The properties were acquired for a total purchase cost of approximately €71.5 million and have a weighted average remaining lease term of 9.0 years.

The Ashurst team was led by Frankfurt-based real estate partner Peter Junghänel. He was supported by counsel Nicolas Deuerling and associate Matthias Rüdt von Collenberg in terms of real estate aspects as well as by partner Derk Opitz and senior associates Andreas Mallin and Dr Endrik Kramski (all Frankfurt) in terms of finance aspects.

Gramercy is an investment fund that targets single-tenant net leased assets and sale-leaseback transactions across Europe.