DLA Piper has advised LBBW Immobilien Management GmbH (LBBW Immobilien) on the acquisition of an office real estate portfolio with 10 office properties in Munich and the direct surroundings. An agreement has been reached not to disclose the purchase price.

The LBBW Immobilien subsidiary LBBW Immobilien Asset Management GmbH, which was newly founded on 1 January 2015 will be responsible for administration of the properties. This subsidary will also carry out further development on the buildings in the coming years through active asset management.

Among the properties already managed by LBBW Immobilien Asset Management GmbH are the property holdings belonging to the LBBW Immobilien Group. In future the company will increasingly be offering its asset and property management services to institutional clients.

The DLA Piper team led by partner Dr Carsten Loll (Real Estate, Munich) included partner Dr Michael Holzhäuser (Antitrust, Frankfurt), counsel Dr Martin Haller as well as the associates Stephanie Berschet, Sarah Oelsner, Barbara Rybka, Eva Schünemann (all Real Estate, Munich) and Semin O (Antitrust, Frankfurt).

Acting for the seller was Luther Rechtsanwaltsgesellschaft mbH with partner Dr Thomas Gohrke and associate Kathleen Häfner.

The transaction adviser was Colliers International. The financing bank is HSH Nordbank.