Ashurst advised Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest) on the acquisition of the first construction phase of "Palais Behrens", an office scheme under construction in Berlin, for its open-ended special fund "TOP 7 Deutsche Metropolen Immobilien Invest". The project was sold by developer Frankonia Eurobau. The parties agreed not to disclose the purchase price.

Palais Behrens is located at Behrenstrasse 19 in Berlin-Mitte and expected to be completed and ready for occupation by late summer or fall 2015. The eight-storey building comes with a gross lettable area of 7,400 square metres that consist to 95 per cent of office accommodation but also include one small retail unit.

The acquisition represents the first commitment by the TOP 7 Deutsche Metropolen Immobilien Invest fund. The fund has a planned fund volume of approx. €400 million and invests in relevant core office markets in Germany.

The Ashurst team was led by real estate partner Dr Liane Muschter who was assisted by the associates Hannes Riedel and Catharina Englert as well as paralegal Anja Stötzel (alle real estate). Partner Heiko Penndorf and senior associate Felix Krüger advised on tax law (all Frankfurt).

Warburg-HIH Invest was internally advised on the transaction by Hans-Joachim Lehmann, Managing Director and Head of Transaction Management Germany.