Norton Rose Fulbright advises Wealthcap on the acquisition of Ruhr Tower

Global law firm Norton Rose Fulbright has advised Wealthcap Kapitalverwaltungsgesellschaft mbH (Wealthcap), a Munich-headquartered real asset and investment manager, on the acquisition of the Ruhr Tower office building in Essen from Fakt AG.

The 22-storey office tower built in the 1960s was one of the first high-rise buildings in Essen. In 2015, Fakt AG acquired and refurbished the 17,200 sqm former Rheinstahl-Hochhaus in line with the latest energy and technical regulatory standards for historical monuments.

The anchor tenant of the property, which is nearly fully let, is the co-working provider Design Offices. The provider signed a lease agreement for around 7,000 sqm of office space this year. Other tenants include Deutsche Bank, personnel service provider Hays, Wirtschaftsförderung Metropole Ruhr, Check 24, international IT service provider FPT Deutschland GmbH and a joint venture between Innogy and Burda subsidiary C3.

Norton Rose Fulbright’s Munich-based team was led by real estate partner Maren Stölting and included senior associates Marina Schäuble and Alexandra Berberich, and associate Jürgen Schlinkmann. Counsels Felix Dinger and Bernd Schneider (Hamburg) also assisted. Additionally, partner Maxim Kleine and counsel Tim Schaper (Hamburg) provided antitrust advice, and partner Tino Duttiné (Frankfurt) and counsel Frank Bayer (Munich) advised on tax-law related matters. Wealthcap’s in-house legal team was led by Susanne Pelz.