Noerr advises DEMIRE on joint acquisition of Cielo office complex in Frankfurt
A Noerr team led by our partners Holger Alfes (Frankfurt) and Christoph Brenzinger (Dusseldorf) has advised DEMIRE Deutsche Mittelstand Real Estate AG on the joint acquisition of the buildings known as CIELO in the prominent office complex located at Theodor-Heuss-Allee 100-104 in Frankfurt am Main.
In addition to DEMIRE, RFR Group has an equal stake in the transaction. As part of the transaction, DEMIRE has also secured a purchase right for the entire building complex.
The total value of the transaction is over €270m. The parties expect the closing to take place in the second quarter of this year.
The Cielo property on Theodor-Heuss-Allee, which was built in 2003 and refurbished from 2018 to 2020, is let to Commerzbank AG on a long-term lease. Cielo has around 37,000 square metres of total space and offers modern technical equipment and contemporary floor layouts. The location is within walking distance of the Frankfurt Trade Fair and on one of the city’s main arterial roads.
Advisors to DEMIRE Deutsche Mittelstand Real Estate AG: Noerr Partnerschaftsgesellschaft mbB
Dr Holger Alfes (Corporate/M&A, Frankfurt), Christoph Brenzinger (Real Estate, Dusseldorf)
Dr Clemens Schönemann (Berlin), Dr Henrik Dornscheidt (Dusseldorf), Evelin Moini (Frankfurt)
Dr Carsten Heinz, Dr Florian-Felix Marquardt, Fabian Krüger (Berlin)
Dr Dirk Buken (Frankfurt)
Banking & Finance
Dr Karsten Fink, Doreen Pape (Frankfurt)
Regulatory & Governmental Affairs
Peter Stauber (Berlin), Ines Coenen, Dr Joachim Rung (Munich)