Starting news article english 16 October 2012

Clifford Chance advises Schroder Property on the sale of a real estate portfolio to Industria fund

Clifford Chance advised Schroder Property Investment Management GmbH, Frankfurt am Main, on the sale of a real estate portfolio from the Schroder German Residential Fund to Wohnen Deutschland, a special real estate fund managed by INDUSTRIA WOHNEN. The sales price was approximately EUR 200 million.

The portfolio comprises some 2,200 residential and 150 commercial properties, as well as 1,275 parking spaces, in Berlin, Hamburg, Munich and North Rhine-Westphalia, with a total area of approximately 156,800 sqm.

Schroders is a global asset management company with EUR 226.7 billion under management on behalf of retail and institutional investors. Schroder Property has managed property funds since 1971 and currently has EUR 10.6 billion of gross property assets under management.

INDUSTRIA WOHNEN acts as an asset manager for investments in the residential property market, and manages more than 6,000 residential properties in Germany. Since 2010, the Degussa bank subsidiary has worked with the M.M. Warburg group in managing the special real estate fund "Wohnen Deutschland", a product for institutional investors.

The Clifford Chance team comprised partner Dr. Uwe Schimmelschmidt (Tax, Frankfurt) and of-counsel Dr. Klaus Minuth, as well as counsels Dr. Fabian Böhm (both Real Estate, Frankfurt) and Cord von Mandelsloh (Tax, Düsseldorf)