Luther has advised the Austrian Immofinanz Group on legal and tax aspects of the acquisition of 18,000 residential units and the residential real estate service business from the Prelios Deutschland company.
The residential units -- acquired by Immofinanz subsidiary BUWOG for approximately EUR 900 million -- are primarily located in the German cities of Kiel, Lubeck, Hamburg, and Braunschweig, and were previously in a portfolio owned by a joint venture of Prelios and the real estate investment management fund of Deutsche Bank. The residential real estate service business acquired by Immofinanz from Prelios has approximately 300 employees.
Luther had previously advised Immofinanz Group on a 2013 acquisition of two residential portfolios in Luneburg and Syke, and the firm had supported BUWOG (and others) on an acquisition of 2,000 residential units in Berlin.
