Irish developer in Berlin property deal

Irish property developer Ballymore Properties has acquired a retail and office site in Germany for €155 million (£125 million).

The site, Kudamm-Karree, is located in a popular retail district in the heart of Berlin.

The mixed-use, two-hectare space includes a theatre, and was snapped up in a deal backed by Bank of Ireland. Ballymore intends to redevelop the site.

Ballymore is also one of the largest developers in London and has significant interests in Central and Eastern Europe.

Wildgen provided legal expertise to Bank of Ireland, headed by Pierre Metzler. He said: “We reviewed the transaction documents, which referred to Luxembourg law or to the Luxembourg company.

“We believe this was a good deal for the Bank of Ireland as it is its first property financing deal in Germany.”

Salans assisted Ballymore on the legal due diligence, contract negotiations and corporate law elements of the transaction. The firm has acted for Ballymore on several real estate projects in Hungary, the Czech Republic, Russia, Slovakia and the US.

The advisory team consisted Berlin-based partners Dirk-Reiner Voß and Dr Hermann Meller and associates Sebastian Schmid, Andreas Goerth Stephanie Krebs, Dr Julia Zeitz–Krüger, Tim Coprian and Tim Siewert.

Voß said: “The acquired property is in a fantastic location for a modern, high-class shopping centre in Berlin.”

Marc Barber

Marc Barber

Marc was editor of GrowthBusiness from 2006 to 2010. He specialised in writing about entrepreneurs, private equity and venture capital, mid-market M&A, small caps and high-growth businesses.

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