Clifford Chance has advised Allianz Real Estate, Stuttgart, on the acquisition of Düsseldorf's "Kö-Galerie" for several insurance companies belonging to Allianz Group. The sellers are investment funds managed by US investment company Blackstone as well as ECE; Hamburg, a company specialized in operating shopping centres. The purchase price amounts to approx. EUR 300 million. The transaction is subject to the approval by the competent antitrust authorities.

The shopping centre which also includes offices is located in Düsseldorf's Königsallee and consists of 90 shops with numerous trademarks from the international luxury sector. The shopping area is comprised of three floors with a total of 20,000 sqm.

The office area comprises of approx. 30,000 sqm on seven floors and was recently renamed "Kö-Höfe" to provide a clear distinction from the shopping centre.

The property will continue to be managed by ECE.

Allianz Real Estate Germany is responsible for real estate investments and asset management of the Allianz companies in Germany, Austria and Easter Europe and Scandinavia.

The Clifford Chance team was led by partner Dr. Christian Keilich and comprised senior associates Dr. Jens Beynio, Henning Aufderhaar and Markus Böhn, associates Dr. Philipp Stoecker, Bernd Friebus and Holger Pollmann (all Real Estate), partner Thorsten Sauerhering (Tax) – all Frankfurt – as well as partner Marc Besen, associate Miriam Kammer (both Antitrust, Düsseldorf), counsel Dr. Anette Gärtner and associate Mathias Klement (both Litigation, Munich).

Clifford Chance regularly advises Allianz on high-volume real property transactions, most recently on the acquisition of a participation in "Skyline-Plaza", Frankfurt am Main, and in "Silesia City Center" in Katowice, Poland.