Starting news article english 13 September 2011

Clifford Chance advises insurance companies of Allianz Group on investments in the Frankfurt Skyline Plaza

Clifford Chance advised several insurance companies administered by Allianz Real Estate Germany GmbH of Allianz Group on investments in the Frankfurt Skyline Plaza.

The Skyline Plaza is to be developed jointly by ECE and CA Immo in Frankfurt's new "European Quarter", located in the area of the former main freight terminal. The opening is scheduled for autumn 2013. With a sales area of approx. 38,000 sqm, the Skyline Plaza will have space for roughly 180 specialist shops, cafes, restaurants and service providers, as well as a wellness area with an area of about 9,200 sqm. In addition, a roof garden of approx. 10,000 sqm with a view of the Frankfurt skyline is planned. This will house restaurants and green recreation areas. The total investment volume amounts to EUR 360 million.

Allianz's investment is made in a complex, and for insurance companies unprecedented and pioneering "Forward Deal" structure, in which the investors – subject to the approval yet to be obtained by the German Cartel Office – shall acquire 80 percent of the shares in the property company upon completion of the Skyline Plaza. ECE and CA Immo shall continue to participate with the remainder, each with 10 percent.

The Clifford Chance team was lead by partner Dr. Christian Keilich (Real Estate) and included partners Christine Koziczinski (Corporate), Thorsten Sauerhering and Marco Simonis (both Tax), counsel Thomas Reischauer (Real Estate), senior associates Dr. Bernhard Schütz (Corporate), Henning Aufderhaar, Frederick Schneider and Dr. Kristina Jaeger (all Real Estate), associates Markus Böhn (Real Estate), Jan Christian Mohrmann and Dr. Dominik Engl as well as Transaction Lawyer Florian Schwemmlein (all Tax) – all Frankfurt.

Clifford Chance have already advised Allianz several times on substantial property investments, for example in 2010 on the acquisition of the "Spherion" office building in Dusseldorf.