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Eversheds Sutherland advises Nuveen Real Estate on its sale of Erlangen Arcaden shopping centre to ECE funds

  • Germany

    19-12-2019

    Led by partner Maximilian Findeisen, a multi-jurisdictional team from the global law firm Eversheds Sutherland has advised the real estate investment manager Nuveen Real Estate (Nuveen) in London and Frankfurt on the sale of the shopping centre Erlangen Arcaden to the ECE European Prime Shopping Centre Fund II held by the Hamburg-based shopping centre developer ECE. The property was held by a fund managed by Nuveen and the insurance group CNP Assurances. The shopping centre has been operated and managed by ECE on behalf of the previous owners since July 2019.

    Erlangen Arcaden, which opened in 2007 and was completely refurbished in 2017/18, is located in downtown Erlangen close to Nuremberg, Bavaria’s second-largest city, and has around 90 shops with a total sales area of around 30,000 m². Its anchor tenants include Saturn, Thalia and Tegut. With a catchment area of around 400,000 inhabitants, the Erlangen Arcaden is visited by around 10 million people every year.

    Eversheds Sutherland comprehensively advised Nuveen with a team from Germany, the UK and Luxembourg on the transaction, including tax law as well as private and public real estate law.

    "We are very happy that we could assist our client Nuveen Real Estate with this important shopping center transaction and demonstrate our special expertise in complex share deal transactions across jurisdictions" Maximilian Findeisen said.

    Nuveen was advised for the first time by the German team of Eversheds Sutherland. The firm’s international team was led by Partner Maximilian Findeisen (Corporate/M&A, Dusseldorf) and included the Partners Stefan Diemer (Munich), Simon Weppner (Dusseldorf, both Tax), Stefanie Fuerst (Real Estate, Hamburg), Martin Bechtold (Antitrust & Competition, Munich), Johannes Grooterhorst (Public Construction and Planning Law, Dusseldorf), Holger Holle (Corporate/M&A), Olivier Gaston-Braud (Tax, both Luxembourg) and Christopher Akinrele (Finance, London), as well as Counsel Annette Griesbach (Real Estate) and Thomas Tüllmann (Finance, both Hamburg), the Associates Christian Wensing, Sandro Wiggerich (both Corporate/M&A), Isabel Strecker, Maximilian Dehnert, Hizir Aydogdu, Stefan Koch (all Real Estate, Dusseldorf), Christina Hölder (Real Estate, Hamburg), Constantin Herfurth (Commercial, Munich), Marion Zeller (Tax, Luxembourg) and Jonathan Pollard (Corporate/M&A, Leeds).

    With its broad spectrum of services, Eversheds Sutherland regularly assists real estate investors with their activities in Germany, e.g. a team lead by Maximilian Findeisen recently advised HBB on a joint venture with Henderson Park to acquire the Rathaus Galerie, a shopping center in Essen. Furthermore the Real Estate practice advised Invesco Real Estate in the financing of its €620m acquisition of the Frankfurt office complex Die Welle and Blackstone on its €530m acquisition of a European hotel portfolio from Apollo.

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