Lovells

Lovells advised UBS Real Estate KAG, a capital investment company based in Munich, on the sale of the underground car park North at Terminal 2, Frankfurt/Main airport, to Fraport AG.

The sale was executed by MIRUS Grundstuecks-Verwaltungsgesellschaft mbh & Co. KG, in which the open-end real estate funds UBS (D) Euroinvest Real Estate, held by the UBS Real Estate KAG, has a limited partnership share. The acquisition closed in April 2009.

The underground park was built in 1994 with capacity for around 4,500 vehicles. The rental revenue amounts to €12 million euro.

The Lovells team comprised Ingo Winterstein and Frank Mueller (both lead partners), Jahn Mohr, Oliver Kramer (all Real Estate, Frankfurt), Philipp Grzimek, Ingolf Quandt and Christof Weber (all Corporate, Frankfurt).

Comment

Lovells and UBS Real Estate KAG have a longstanding client relationship. Our real estate practice regularly advises the Munich capital investment company and their open-end real estate funds, for example in the sale of the Aurora portfolio, consisting of eight office buildings, to Alstria Office AG in April 2007.