Ashurst advised Warburg-HIH Invest Real Estate GmbH (Warburg-HIH Invest) on the acquisition of the mixed-use property development "TurmCarrée" in the city of Frankfurt by way of an asset deal. The property was sold by the Engel and Kolb families. The acquisition was made for the portfolio of the 'TOP 7 Deutsche Metropolen Immobilien Invest' open-ended property special fund, which was set up for institutional investors in cooperation with NORD/LB Norddeutsche Landesbank. The fund invests in the relevant core office markets in Germany and comprises a planned investment volume of approximately €400 million. The parties have agreed not to disclose the purchase price.

Ashurst's Frankfurt-based team was led by real estate partner Dr Liane Muschter. Senior associate Dr Hendrik Theismann and associate Sven Nickel assisted. Partner Heiko Penndorf and senior associate Felix Krüger advised on tax aspects.

The six-storey office and commercial property at Bleichstraße 55 57 was completed in autumn 2014. The TurmCarrée enjoys good public transport links and is located close to the Eschenheimer Tor U-Bahn station. The building offers a total rentable area of 10,700 square metres, of which 4,640 square metres are office space. In addition, the building houses retail spaces, a fitness studio, and 12 apartments.