Clifford Chance advised French institutional investor Amundi Real Estate on the acquisition of the office building complex "88north" in Munich. The acquisition by way of a share deal was carried out through the open-ended OPCI Fonds who already holds investments in Germany.

Amundi Real Estate was represented by L'Etoile Properties, an investment and asset managing company. "88 north" was sold by the joing venture between Hammer AG and Competo Capital Partners GmbH. The parties have agreed not to disclose the purchase price.

The property "88 north", which was completed in summer 2014, comprises approx, 49,500 sqm office spaces and is located in Munich's  northern part, in close vicinity to Olympia park. The building has received an LEED Gold certification and is let to 85 percent, tenants including consulting companies as well as companies primarily from the IT, technology and media sectors. An exclusive fitness centre and a restaurant are also located in the building.

The Clifford Chance included partner Dr. Gerold Jaeger and associates Dr. Sebastian Schmidt, Manuel Lomb and Bernd Bäumer (all Real Estate, Frankfurt), partner Dr. Uwe Schimmelschmidt (Tax, Frankfurt) and counsel Dr. Dominik Thomer (Tax, Düsseldorf) as well as partner Dr. Jörg Rhiel (Corporate, Frankfurt) and associate Dr. Jochen Buckel (Corporate, Düsseldorf). Partner Christian Kremer and associate Franziska Stahlberg (both Corporate) from the Luxembourg office also advised on the transaction.