Linklaters has advised a subsidiary of Canadian real estate company Ivanhoé Cambridge on the sale of the Theresie building complex in Munich to Deka Immobilien GmbH. The parties signed a sale and purchase agreement on 1 August 2014. The complex of six buildings with different occupancies located in the Theresienhöhe district offers a gross leasable area of approx. 70,000 square meters and has currently about 40 commercial tenants. The anchor tenants are the Bavarian state lottery agency and Loyalty Partner, an American Express group company known in Germany mainly for operating the Payback loyalty programme. Linklaters had previously advised on the long-term leases with the Bavarian state lottery agency and Loyalty.

The purchase price amounts to 257 million euros, making the deal the largest commercial real estate transaction in Munich so far this year.

Ivanhoé Cambridge is a global real estate company whose areas of expertise include investment, development, asset management, operations and leasing. Its assets totalled about 40 billion Canadian dollars as at 31 December 2013. Ivanhoé Cambridge is a subsidiary of the Canadian pension fund Caisse de dépôt et placement du Québec.
A Linklaters team led by Wolfram H. Krüger (Real Estate, Frankfurt) advised on the transaction. The team also included Dr Sebastian Daub (Corporate, Frankfurt), Daniel Buchinger (Real Estate, Frankfurt), Fabian Liepe (Corporate, Frankfurt), Dr René Grafunder (Competition/Antitrust, Düsseldorf), Dr Kim Laura Frank, Stefanie Huber (both Real Estate, Frankfurt), Andreas Müller (Corporate, Frankfurt), Katharina Heinlein (Banking, Frankfurt) and Christina Trebing (Competition/Antitrust, Düsseldorf).