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Clifford Chance advises Long Harbour on first German real estate acquisitions
17 March 2021
Clifford Chance advises Long Harbour on first German real estate acquisitions
Clifford Chance has advised British investment manager Long Harbour on its entry in the German real estate market. Long Harbour acquired two commercial ground leases for assets in Germany on behalf of the firm’s flagship European vehicle, the Long Harbour European Secured Income Fund I (LHESIF I): The Access Tower in Frankfurt as well as a hotel in Munich.
Long Harbour has acquired the freehold of The Access Tower, while the existing building owner Publity AG will retain the leasehold on a 100-year lease. The Frankfurt transaction completed in March 2021. The Munich transaction features a similarly innovative deal structure and will complete in the second quarter of 2021.
By IPE staff2021-03-15T13:06:00+00:00
Long Harbour’s European ground lease fund has made €38.6m worth of freehold investments in Dublin and Frankfurt as its first acquisitions.
The Long Harbour Euro Secured Income Fund 1 (LHESIF 1) has bought the freehold of a hospitality asset in central Dublin for €6m, in partnership with a third-party private equity investor which acquired the leasehold on a 100-year lease. The total value of the asset was €16m.
Long Harbour said the fund has also invested €30m to acquire the freehold of The Access Tower office asset located in the Niederrad district of Frankfurt. The freehold was acquired with Publity the existing building owner, retaining the leasehold on a 100-year lease. Long Harbour partnered with Continuum Capital in Frankfurt on this transaction.