Ashurst advised Landesbank Baden-Württemberg (LBBW) on the financing of the acquisition of two property portfolios in the German federal state of Hesse by open-ended special funds of listed property investor Patrizia.

LBBW financed the acquisition of buildings used as administration buildings by the state by two funds set-up by Patrizia Immobilien AG. With €1 billion, the bank as sole lender enabled the funds, PATRIZIA Res Publica Hessen I and II, to purchase a total of 56 properties, comprising inter alia police headquarters, fiscal authorities and district courts.

The transaction was carried out in two steps. The acquisition of the so-called Leo I portfolio was closed in December 2013, while Leo II was closed in March 2014.

Ashurst advised on both transactions led by partners Dr Stephan Kock and Derk Opitz. They were supported by counsel Nicolas Deuerling (real estate) and transaction manager Julia Probst (real estate finance, all Frankfurt).