GSK Stockmann has provided comprehensive legal advice to Munich-based investment and asset management specialist CompetoCapital Partners on the establishment of an asset management company to pool its mezzanine business. Competo Capital Invest GmbH, which is registered with BaFin, has launched its first debt fund structured as a special AIF with a target volume of EUR 200 million.
The mezzanine fund focuses on project developers in Germany in the asset classes of-fice, residential, retail, logistics and hotel, that have an increased need for equity capital when funding real estate project developments in prime German locations or that seek to refinance tied-up capital for new projects.
Through the asset management company, Competo intends to expand its activities on the real estate market in Germany. The start-up investors primarily include German foundations and family offices, such as the Körber Foundation, the Joachim Herz Foun-dation and the Priam family office. It is planned to co-finance 10 to 15 projects per year with a volume of 3 to 20 million euros each through the debt funds. The first funding for two residential developments in Berlin and Munich as well as an office development in Munich are about to be concluded.
GSK Stockmann has comprehensively advised Competo on the structuring, establish-ment and registration of the asset management company with the German Federal Fi-nancial Supervisory Authority (BaFin) and the launch of the first loan fund with a team led by partner Robert Kramer. In addition to the investment law related aspects of set-ting up an asset management company (KVG), this included questions regarding tax, corporate, banking remuneration law and, above all, compliance with anti-money laun-dering law.
With the mandate in relation to the establishment and registration of Competo Capital Invest GmbH, GSK Stockmann was able to demonstrate its expertise in the debt funds market, which is growing in Germany, and to strengthen its advisory practice at the interface between real estate and regulatory law by integrating the competences of-fered by GSK in the funds sector.
Competo is one of GSK Stockmann’s core clients and has been continuously advised on real estate and regulatory law for years.
Advisers of Competo:
GSK Stockmann: Robert Kramer (lead, investment law), Dirk Koch (tax law), Marcel Vie-tor (corporate law), Philipp Kuhn (employment law), Harald Feiler (money laundering prevention/compliance), Lisa Watermann (investment law); Associates: Stephan Wachsmuth (tax law)
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