German team advises joint venture on the acquisition of a majority stake in the Frankfurt real estate project CANYON

Global law firm Norton Rose Fulbright has advised a joint venture on the acquisition of a majority stake in the project company of the CANYON office real estate project in Frankfurt a. M. The joint venture to which London based asset manager Tite Street Capital Ltd. is a minority shareholder, is acquiring the shares as part of the financial restructuring of the project from the Munich-based real estate company CV Real Estate AG.

CANYON, a new premium office building with a rental area of around 36,000 square meters on 15 floors, is being built in Frankfurt's banking district on Mainzer Landstrasse. The building will also include a total of 105 car parking spaces and 445 bicycle parking spaces as well as Leed Platinum and Wired Score certifications. The concept for the mixed-use property, which includes office, retail and restaurant space, was designed by KSP Engel Architekten.

The investors were advised by a German Norton Rose Fulbright team led by partners Dr Stefan Feuerriegel (Hamburg, Real Estate) and Dr Maximilian Findeisen (Düsseldorf, Corporate/M&A) as well as Counsel Daniel Arends (Hamburg/Frankfurt, Restructuring & Insolvency).

Dr Stefan Feuerriegel, also Global Head of Real Estate at Norton Rose Fulbright, comments: “CANYON is a groundbreaking construction project. We are delighted that we were able to advise our clients on this strategically important transaction and thus also support them in their successful market entry in Germany.”

The team also consisted of Dr Bernhard Fiedler (partner, Frankfurt, Banking/Finance), Anna-Maria Baorda (Associate, Frankfurt, Restructuring and Insolvency Law), Justus Pauls (Associate, Düsseldorf, Corporate/M&A), Sven-Christoph Riepke (Counsel), Dorothee Wille (Associate), Phil Jung Kim (Associate) (all Hamburg, Real Estate), Tankred Freiberger (Senior Associate, Munich, Real Estate) and Prof. Dr Claus Pegatzky (Counsel, Frankfurt, Public Commercial Law).