Frankfurt, November 18, 2019 — King & Spalding advised Hannover Leasing, a subsidiary of the Corestate Capital Group, on the acquisition of the mixed-use property "Clouth 104" in Cologne by way of a forward deal.
The seller is Clouth 104 Grundstücksgesellschaft mbH, a joint venture of the project development company Kairos Real Estate Development GmbH and the architecture firm Lepel+Lepel. The acquisition was made for one of the leading German direct insurance groups and had a total investment volume of around €80 million. The "Clouth 104" property, which is still in the construction phase, is part of the so-called Clouth quarter located on the grounds of the former Clouth Gummiwerke in Cologne-Nippes. Other than office space, the property will also include restaurants, artists' studios and a hotel and will have a total lettable space of approximately 18,600 m².
The Frankfurt based team included Henning Aufderhaar (lead), Mario Leißner, Sten Hornuff and Michael Debesay.