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21.03.2019

GSK Stockmann advises a family office on the sale of specialist property in the port of Hamburg

GSK Stockmann provided comprehensive legal advice to a Hamburg entrepreneurial family on the sale of several cold stores to a food wholesaler.

The cold stores are located on a 13,000 m2 site in the port of Hamburg. The parties have agreed not to disclose the purchase price. In this particular case, the sale of the buildings to the food wholesaler took place independently of the ownership of the land because most of the land in the port of Hamburg is owned by the Free and Hanseatic City of Hamburg itself and the land is leased to local companies. The buildings in the port of Hamburg are regularly qualified as a temporary element that does not form part of the property, so-called “Scheinbestandteile.” As a key prerequisite for the transaction, a new long-term property lease agreement was concluded with the Hamburg Port Authority (HPA).

The family office also entered a share deal with the wholesaler for shares in a real estate company which is the owner of the associated administrative building on a neighboring site.

Advisers of the family office:

GSK Stockmann: Dr. Christoph Strelczyk (Real Estate, lead), Dr. Arne Gniechwitz (Projects & Public Sector)