Dechert LLP advised KGAL GmbH & Co. KG, one of Germany’s leading asset management companies, on the US regulatory and tax structuring of the sale of equity investments in 12 Airbus A319 airplanes with leases attached to a US investor as part of share deals. Held mainly through a retail fund and funds with individual investors, the sale led to a capital gain for the investors after an investment period of about one year. The investors benefited from both, KGAL’s own good market contacts and the ones of the asset manager GOAL, which is a joint venture of Deutsche Lufthansa AG and KGAL.

KGAL Group, a German based asset manager, has been managing real assets since 1968. The company provides investment opportunities for institutional investors in the areas of real estate, aviation and infrastructure (renewable energies). KGAL manages a total investment volume of EUR 24.6 billion as of December 31, 2013.

The Dechert team in this transaction included partners Hans Stamm (Munich, lead partner), Jay Zagoren (Philadelphia), Michael Hirschfeld (New York) and Michael L. Sherman (Washington, D.C.).