Noerr advises bank syndicate on €565 million financing of Berlin’s “Fürst” quarter

Noerr has provided the lending syndicate banks with comprehensive advise on the €565 million financing of the Project Lietzenburger Strasse PropCo S.à.r.l. The syndicate includes not only the lead bank, Berliner Sparkasse, but also DZ Hyp AG, Deutsche Pfandbriefbank AG (pbb), Investitionsbank Berlin and Berliner Volksbank eG. The commercial and cultural complex on Kurfürstendamm and Lietzenburger Strasse, known as Kudamm-Karree, comprises 96,000 m² of usable space and is scheduled for completion by summer 2023.

On the approximately 20,000 square metres of land with an 85-metre-long facade facing Kurfürstendamm, the FÜRST allows for a modern mix of uses including offices (53,000 m²), retail and gastronomy (14,000 m²) and a hotel (10,000 m²). In addition, there is the traditional boulevard theatre "Komödie am Kurfürstendamm" and the museum "Story of Berlin" with a total of 8,800 square metres.

The Noerr Real Estate Financing team, led by Andreas Naujoks and Karsten Fink, regularly advises Berliner Sparkasse on large real estate financing projects, most recently on the financing for the “Gloria” shopping centre in Berlin.

Advisors to Berliner Sparkasse: Noerr LLP

Andreas Naujoks (lead), Dr Karsten Fink, Dr Dorian Legel (all Banking & Finance, all Frankfurt)

Advisors on Luxemburg law: NautaDutilh (Jan Krupski, Vasiliki Gerou)