Schoenherr and Latham & Watkins have advised HanseMerkur Grundvermogen AG ("HMG") on the acquisition of a EUR 331 million portfolio of commercial properties for its HMG Grundwerte Chancen real estate property fund from Conwert Immobilien Invest SE ("Conwert"). Conwert was advised by GSK Stockmann in Munich and bpv Huegel in Vienna. The purchase agreement was announced on November 2, 2016 and the transaction is expected to close by the end of the year following approval from the competition authorities.
The portfolio is made up of 34 office and retail properties in major urban regions in Austria and Germany with a total usable area of around 200,000 square meters. At EUR 331 million, the purchase price is slightly above the book value of the properties. Conwert -- a property company with a focus on residential property and apartment buildings in Germany and Austria that is listed on the Vienna Stock Exchange -- has now divested around 40% of its non-core portfolio.
According to Schoenherr, HMG is acquiring the portfolio for the newly founded special property fund HMG Grundwerte Chancen. A subsidiary of the Hamburg-based insurance group HanseMerkur, HMG is seeking to expand its portfolio of properties and to establish itself as professional investment platform to institutional investors.
The Schoenherr team advising HMG was led by Partner Michael Lagler, supported by Partner Franz Urlesberger and Associates Christoph Tittes and Theresa Goriany.
BPV Hugel did not reply to our inquiry on the matter.
