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GSK Stockmann advises DC Values on purchasing a Berlin Karstadt portfolio

Under the lead of Partner Dr. Michael Jani (Transactions, Hamburg), GSK Stockmann comprehensively advised DC Values Investment Management GmbH on the acquisition of a portfolio of a total of five individual Karstadt department stores in Berlin, purchased on behalf of Versicherungskammern Bayern (VKB) (Bavarian insurance fund) via a special AIF. DC Values – that is resorting to GSK Stockmann’s Real Estate team in Hamburg for the seventh time in this transaction – is already assisting VKB on building a retail portfolio (“High Street Retail”) and is also going to take care of the real estate asset management.

The total rental space of 80,000 m2 incl. 950 parking spaces is distributed across the different stores located in the districts Wedding (Müllerstrasse), Tempelhof (Tempelhofer Damm) and Spandau (Karl-Schurz-Strasse). The department store chain Karstadt maintains long-term lease agreements for these stores.

Besides real estate and investment law advice, GSK Stockmann is supporting the transaction with comprehensive services that in this case also comprise tax and antitrust law advice on concluding and executing the purchase agreement.

Adviser of DC Values:
GSK Stockmann: Dr. Michael Jani (lead, real estate and investment law), Dr. Christoph Strelczyk, Christina Reiber (both real estate law, Hamburg), Dr. Carolin Klein, Dr. Jan Bernd Seeger (both public law, Hamburg), Dominik Berka, Thorsten Schmidt, (both tax law, Frankfurt), Wolfgang Jegodka (antitrust law, Berlin)