Mirae Asset Global Investments Co., Ltd. (“Mirae Asset”) completed its purchase of a landmark office building and local tourist attraction known as “Taunusanlage 8” or “T8” (the “Property”) in the heart of Frankfurt, Germany, for approximately EUR 281 million (or KRW 360 billion).1 Mirae Asset, advised by Kim & Chang, won the priority right to negotiate the deal to take over T8 from global asset manager Credit Suisse Asset Management (“CSAM”). Linklaters LLP, a top British law firm, is one of the anchor tenants of the Property.
Our Representation:
Our Real Estate team, working with a local German law firm, advised Mirae Asset on all aspects of this transaction including: (i) reviewing the laws and regulations on collective investment vehicles in Korea; (ii) reviewing and assessing due diligence issues concerning the Property; (iii) reviewing and negotiating various transaction documents; and (iv) creating the optimal transaction structure from both legal and tax perspectives to enable the funding and consummation of the transaction.
1 Specifically, Mirae Asset MAPS Germany Professional Investment Private Real Estate Investment Trust 1, established by Mirae Asset, indirectly acquired a 100% interest in a Luxembourg company (the “Interest”), which owns T8 (with 17 above-ground and three basement floors).
