Clifford Chance has advised BNP Paribas Real Estate on the acquisition of iii-investments, Munich, the real estate investment subsidiary of HypoVereinsbank (UniCredit Bank AG). The transaction is subject to the approval by the relevant regulatory authorities. The parties have agreed to maintain confidentiality with respect to the purchase price.

The new acquisition ranks BNP Paribas Real Estate's Investment Management business line as one of Europe's Top 10 real estate asset managers, with EUR 18 billion in assets under management.

iii-investments manages and administers EUR 4.2 billion of third-party assets for German institutional investors, especially pension funds and insurance companies. The assets consisting mostly of office space are mainly located in Germany as well as in France, the UK and ten other European countries.

BNP Paribas Real Estate offers a comprehensive range of services spanning the entire real estate lifecycle. BNP Paribas Real Estate is present in 34 countries. In Germany the company has more than 500 employees in ten cities, offering four business lines: Transaction, Consulting, Valuation and Property Management.

The Clifford Chance team was led by partner Dr. Thomas Krecek and comprised associate Afroditi Görgen, senior associate Dr. Lars Laeger and associate Dr. Tim Horak (all Corporate), partner Dr. Stefan Simon, senior associate Priscilla Ries (both Employment Law), partner Dr. Stefan Behrens, partner Gerhard Dreyer and associate Elisabeth Modzel (all Tax), partner Dr. Sven Zeller and counsel Dr. Alexandra Uhl (both Banking & Capital Markets) – all Frankfurt – as well as partner Marc Besen and senior associate Dr. Dimitri Slobodenjuk (both Antitrust, Düsseldorf).

This is the third consecutive transaction in which Clifford Chance's German Corporate practice advised BNP Paris Paribas Group in relation to the acquisition of German target companies in 2013: Most recently, a team led by Thomas Krecek advised on the acquisition of Commerzbank’s “Depotbank” business by BNP Paribas Securities Services. Prior to that, a team led by partner Christine Koziczinski advised BNP Paribas Real Estate on the acquisition of the German property management company Imoplan.