DLA Piper advised Dazzle Capital Holdings on the sale of a commercial property portfolio in Wolfsburg to Summit Germany Ltd.

The portfolio comprises five clusters to the south and west of the city centre and, based on the individual property values, is worth some EUR 101 million and has a gross initial yield of 7.76%. The properties have 80,000 square metres of rentable floor space and are fully let, with Volkswagen AG being among the tenants. Apart from DLA Piper, Blackbird Real Estate GmbH also provided advisory services for Dazzle.

Founded in 2003, the real estate company Dazzle Capital Holdings has directed its focus towards the acquisition of light industrial properties. DLA Piper advises the Dazzle Group in Germany on all matters of real-estate law, property financing and restructuring.

The DLA Piper team led by partner Fabian Mühlen (Real Estate, Frankfurt) comprised the partners Dr Cornelius Frie (Corporate, Cologne), Dr Torsten Pokropp (Finance & Projects, Frankfurt), counsel Timo Betjemann (Corporate, Cologne), senior associate Marc Kirchner, associate Kais Torchani (both Finance & Projects) as well as legal project manager Tamara Schwenk (Real Estate, all Frankfurt).