Noerr advises Patron Capital on the sale of an office complex in Berlin to Allianz Group

Noerr has provided Patron Capital with extensive tax advice in connection with a real estate transaction in Berlin: the London-based private-equity investor, together with its local partner Suprema, has sold the well-known office complex “Eight Floors” to Allianz Group companies. Allianz secured the building at an early stage in a forward deal for around €175 million. Closing is planned to take place once the ongoing revitalisation of the building has been completed in 2018.

Patron Capital had acquired the empty complex in 2015 and started completely revitalising and extending it last year. The eight-storey property, which is in a desirable location in Berlin-Charlottenburg, offers rental units of up to 4,500 square metres per floor. At the moment 83% of the property is rented out.

A team from Noerr led by Dr Carsten Heinz advised Patron Capital on the tax aspects of  structuring both the sale and the contractual arrangements for the forward deal. The head of the Tax & Private Clients practice group advises Patron on all tax matters in Germany and had provided the company with detailed tax advice during the acquisition of the property.

Advisors to Patron Capital: Noerr LLP

Dr Carsten Heinz (lead), Florian-Felix Marquardt, Juliane Fiebig (all Tax, Berlin)

Further advisors: Hogan Lovells