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Eversheds Sutherland advises Real I.S. on expansion of its retail investment in Ireland with shopping center in Cork

  • Germany

    08-02-2018

    Eversheds Sutherland has advised Real I.S. on the acquisition of the centrally located “Merchants Quay Shopping Centre” in Cork in the south west of Ireland. With the purchase of the shopping centre, the German fund provider significantly expands its retail share in Ireland. The seller of the approximately 6,900 sqm retail property in Saint Patrick’s Street is global real estate investment company Kennedy Wilson.

    The tenant of the single tenant property, Marks & Spencer (Ireland), uses the ground and first floors for retail purposes. The offices and staff rooms are housed on the second floor. Marks & Spencer has rented the building since 1987, with a remaining contractual term of just under 70 years.

    Real I.S. Group is BayernLB’s fund provider specialized in real estate investments with an asset portfolio of around 7.7 billion euros and ranks among the leading asset managers in the German market. The Real I.S. Group has two licensed investment management companies (KVGs) established under the German Investment Code (KAGB) and operates subsidiaries and offices in France, Luxembourg, Spain, the Netherlands and Australia.

    Eversheds Sutherland advised Real I.S. with a German-Irish team on all aspects of the transaction, including real estate, investment and tax law.

    The Eversheds Sutherland team which advised on the transaction was led by investment partner Carola Rathke (Hamburg) together with Dietrich Wagner (counsel, Investment, Hamburg), Stefan Diemer (partner), Jörg Käßner (counsel, both Tax, Munich) as well as Sean Greene (partner), Michelle Stewart (associate, both Real Estate), Niamh Caffrey (consultant, Tax, all Dublin).

    This information is for guidance purposes only and should not be regarded as a substitute for taking legal advice. Please refer to the full terms and conditions on our website.

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