Vestas Qualified Investors Private Real Estate Fund Investment Trust XXII B established by the Buyer, Korea’s Vestas Investment Management Co., Ltd., indirectly acquired a 94.9% interest in a German company (the “Interest”), which will construct and own a new office complex known as the “Allianz Campus” (the “Property”) in Berlin, Germany, at a purchase price of approximately EUR 323 million.  The Property’s key anchor tenant is Germany’s well-established provider of insurance products, Allianz Deutschland AG.

Our Representation:

Kim & Chang, in cooperation with local law firms in Germany, advised on all phases and facets of this complex transaction, including: (i) reviewing the laws and regulations on collective investment vehicles; (ii) reviewing and assessing due diligence issues concerning the Property; (iii) reviewing and negotiating various documents, including financing documents relating to the construction of the Property and lease agreements with Allianz Deutschland AG; and (iv) reviewing and proposing the optimal transaction structure from both legal and tax perspectives to facilitate the funding and smooth implementation of the transactions. 

Among others, this transaction involved complex forward-sale arrangements under which the seller will manage the construction project with the financing procured by the Buyer.  Hence, in case of the seller’s failure to complete the construction (including the call and put options), various protection schemes were heavily negotiated and agreed upon.  Throughout these legal processes, our comprehensive and thorough legal advice and services led to the successful closing of the transaction.