Norton Rose Fulbright advises Nuveen Real Estate on the sale of Pep Shopping Centre to Generali and ECE funds

Global law firm Norton Rose Fulbright has advised Nuveen Real Estate on its sale of the “Pep Shopping Centre” (Pep) in Munich to Generali Real Estate and ECE Real Estate Partner. 

Nuveen Real Estate, acting as investment advisor to the TIAA-CNP partnership, who owned the property in a joint venture, announced the sale of Pep in Munich to Generali Real Estate and ECE Real Estate Partner. 

Generali Real Estate has acquired a 50% stake on behalf of the specialized pan-European ‘Generali Shopping Centre Fund’ (GSCF) managed by Generali Real Estate S.p.A. The remaining 50% stake was acquired by ECE Real Estate Partners for its ‘ECE Progressive Income Growth Fund’. 

Located in Neuperlach, Pep generates more than €250m in annual turnover. The shopping centre was modernised and expanded between 2016 and 2018. It receives around 12 million visitors a year and is one of the top five shopping destinations in Germany. 

Nuveen Real Estate was advised by multijurisdictional teams from global law firms Eversheds Sutherland and Norton Rose Fulbright on all matters of German and Luxembourg law.

The Eversheds Sutherland team was led by Munich and Luxembourg-based Corporate and M&A partner Holger Holle and Dusseldorf-based Real Estate counsel Kathrin Paulet. Other team members included partners Thomas Freund (Banking, Munich), Daniel von Brevern (Merger Control, Dusseldorf), Christian Mense (Corporate and M&A, Munich), Rafael Moll de Alba (Tax, Luxembourg), Marc Schwencke (Planning, Dusseldorf), legal director Luis Aguerre (Corporate and M&A, Luxembourg), counsels Isabel Strecker (Planning, Dusseldorf) and Janis Heiliger (Construction, Dusseldorf) and associates Niklas Schilawa (Tax, Dusseldorf), Hizir Aydogdu and Joel Fiete Feld (both Real Estate, Dusseldorf), Myrto Archontaki (Tax, Luxembourg) and Katherine Martineau (Corporate and M&A, Luxembourg).

The Norton Rose Fulbright team was led by Dusseldorf-based Corporate and M&A partner Maximilian Findeisen who acted as team lead throughout the transaction and included associates Maximilian Spitzhorn-Stork and Justus Pauls (all Corporate and M&A, Dusseldorf).

Norton Rose Fulbright partner Maximilian Findeisen said: “We are very happy that we could assist Nuveen Real Estate with this successful deal and demonstrate once again our special expertise in complex shopping centre transactions.”