Global law firm Norton Rose Fulbright has advised RDI REIT, a British Real Estate Investment Trust, on the sale of several properties from its Silver Portfolio, including the sale of the Bahnhof Altona Center in Hamburg to Volksbank Braunschweig Wolfsburg (BraWo).
Norton Rose Fulbright advised on the transactional tax aspects of the deals as well as pre-structuring tax work. The transaction volume for Hamburg-Altona amounts to US$101 million. The purchase price represents an initial net yield of 4.6 percent and a premium of 9.6 percent over the February valuation when RDI REIT announced to sell its retail portfolio in Germany. For BraWo, the purchase of the shopping center is the first investment in Hamburg. The center has delivered consistent income returns with net operating income having increased 0.6 per cent since acquisition.
The Norton Rose Fulbright team also advised RDI REIT on the sale of two retail warehouses held in joint venture in Kaiserslautern and Waldkraiburg for US$ 22.6 million. In addition, the team advised RDI REIT on the sale of a mixed-use property with offices, practices, retail outlets and apartments in Munich-Giesing to the property special funds Greater Munich Real Estate Fund for US$13.2 million.
The Norton Rose Fulbright partner Uwe Eppler led the tax team advising RDI REIT which included partner Tino Duttiné as well as associates Julia Gallinger and Judith Kutter.
Uwe Eppler has advised RDI REIT and its legal predecessors (Redefine International and Wichford) on a range of matters since 2007. This includes advising on the restructuring and establishment of the joint venture between Redefine and Menora in 2012, subsequent reorganisations and the sale of the VBG portfolio 2016/2017.