Noerr advises Deutsche Pfandbriefbank AG on “Harenberg City-Center“ deal

Noerr has advised Deutsche Pfandbriefbank AG on the financing of a real estate transaction for the GEG Group. The “Harenberg City-Center” in Dortmund was purchased by a GEG German Real Estate Group fund vehicle in a share deal for close to €70m. The seller is a fund which is managed by J.P. Morgan Asset Management.

The property, which consists of around 21,600 square metres of rentable space, is leased at 85% to various lessees, including AOK NordWest and Deutsche Bahn AG. The building also houses the “German Football Museum”. Deutsche Pfandbriefbank AG provided financing of €50m (including a Capex credit line).

The finance team led by Noerr’s Frankfurt partner Andreas Naujoks regularly advises on major real estate financing transactions, such as recently LBBW on funding an office property purchased by BlackRock, or on the €500m financing of the “KaDeWe” department store in Berlin, or the €600m funding of the “Mall of Berlin”.  

Advisors to Deutsche Pfandbriefbank AG: Noerr
Andreas Naujoks, Dr Karsten Fink, Dr Bettina Röder and Nadja Petrow (all Financing, Frankfurt)