German real estate team advises Real I.S. on acquisition of logistics centre "Emmerich II"

The global law firm Norton Rose Fulbright has advised the Munich real estate company Real I.S. AG on the acquisition of the "Emmerich II" logistics centre for the "Real I.S. Themenfonds Deutschland II". The seller of the modern new building is FIEGE R.E.D. GmbH & Co. KG. Real I.S. will lease the logistics centre to companies of the German FIEGE logistics group. The parties have agreed not to disclose the purchase price. Dr. Maren Stölting was the lead partner.

The logistics centre was completed in the first quarter of 2023 and is located in Emmerich am Rhein, directly on the border to the Netherlands. The state-of-the-art new building offers a total of around 40,000 square metres of rental space, which is fully let to FIEGE on a long-term basis. The space has a high degree of floor plan flexibility, allowing it to be divided into four separate units. In addition, FIEGE has 84 car parking spaces at its disposal. The property will receive DGNB certification in the "Gold" category. The project has been realised according to current sustainability criteria. The roof surfaces of the logistics centre are largely covered with rooftop photovoltaic systems and are also partially greened, a heating and cooling system based on the Variable Refrigerant Flow System is installed and electric vehicle charging points are installed on the property.

The Real I.S. Group has a track record of more than 30 years as BayernLB’s fund provider specialised in real estate investment. As a member company of the Sparkassen-Finanzgruppe (German savings banks group, Land central banks and associated companies), the Group ranks among the leading asset managers in the German market. Along with alternative investment funds (specialised institutional AIFs and closed-ended retail AIFs) and an open-ended retail real estate investment fund, the range of products and services comprises customised investment fund solutions, club deals and joint ventures. Real I.S. Property Management GmbH completes the range of services. The Real I.S. Group has assets of around EUR 13 billion under management. The Real I.S. Group has two licensed investment management companies (KVG) established under the German Investment Code (KAGB) and operates subsidiaries and branches in France, Luxembourg, Spain, the Netherlands and Australia.

Advice from the Norton Rose Fulbright team included inter alia the purchase agreement with construction commitment, the lease agreement for the entire logistics property excluding the building roof surfaces, two lease agreements for the building roof surfaces for the installation and operation of rooftop photovoltaic systems, the buyer's financing agreement and the negotiation of easements.

The Norton Rose Fulbright team that advised on the legal and tax aspects of this transaction was led by Munich partner Dr Maren Stölting (real estate law). She was supported by Frankfurt partners Tino Duttiné (tax law), Dr Bernhard Fiedler (banking and finance law) and Dr Alexander Cappel (compliance), by Frankfurt counsels Jochen W. Mann (investment law) and Prof. Dr Claus Pegatzky (public law), Senior Associates Jürgen Schlinkmann (real estate law, Munich) and Julia Gallinger (tax law, Hamburg) as well as Associates Tankred Freiberger (public law and private construction law, Munich) and Matthias Kemnitzer (real estate law, Munich). 

The seller, tenant and lessee were advised by an in-house team of the FIEGE Group's legal department. For the independently planned project development, FIEGE was assisted by Addit and the architectural firm AJS.