GSK Stockmann advised DZ HYP on the EUR 200 million financing for the conversion of the “Central Parx” high-rise in Frankfurt am Main, which is to be revitalised by a joint venture of ABG Real Estate Group and Hanse Merkur Grundvermögen.
DZ HYP is providing the financing in the amount of EUR 200 million as consortium leader together with several local cooperative banks. This is one of the largest financing transactions for a property in Germany so far in 2024.
The financing provided by DZ HYP will enable the joint venture of ABG Real Estate Group and Hanse Merkur Grundvermögen to restructure and comprehensively modernise the building ensemble located at Bockenheimer Landstrasse 10 in Frankfurt am Main. The development has a total investment volume of around EUR 370 million. The listed high-rise building was previously known as the “ODDO/BHF Tower”. The main tenant of “Central Parx” will be the commercial law firm Noerr. Completion is scheduled for 2027.
A GSK Stockmann team led by Munich partner Alma Franke advised DZ HYP on the financing as well as on aspects of real estate, investment and corporate law.
Alma Franke (Partner, GSK Stockmann): “The success of this renewed collaboration between DZ HYP and GSK Stockmann underlines the value of our long-standing relationship. This financing has the potential to send a positive signal to the entire market. We are proud to have been able to support DZ HYP in this groundbreaking project.”
Advisers of DZ HYP:
GSK Stockmann: Dr Alma Franke, LL.M. (lead, finance), Dr Mechtild-Maria Siebke, LL.M. (finance / real estate law), Rebecca Comtesse (finance / investment law); Associates: Marcel Buss, LL.M., Marie Bogutzki (both finance)
Advisers of the ABG Real Estate Group/Hanse Merkur Grundvermögen:
Greenberg Traurig Germany, LLP: Dr Kati Beckmann, LL.M., Dr Henrik Armah, Tino Wäscher, Lukas Gauert WAGENSONNER Rechtsanwälte Partnerschaft mbB: Dr Jan Fürbaß
