Frankfurt - Paul Hastings LLP, a leading global law firm, announced today that it has advised the Carlsberg Group, one of the world's largest brewing conglomerates, on the sale of the Holsten Brewery site in Altona, Hamburg, the most sought-after industrial site in the city.
The approximately 86,500 square meter estate in the west of Hamburg is one of the largest and most important urban projects in Germany. The new concept for the site will comprise housing, offices and commercial space for more than 7,500 people and is intended to enrich the area.
The site, nicknamed the “Hopfenviertel” (Hops Quarter), has been one of the largest brewery sites in Europe and an industrial area since 1879. The GERCHGROUP won the new contract for the area and the purchase price was not disclosed.
Carlsberg, owner of Holsten Brewery since 2004, has secured a new area in Hamburg and aims to move its production site to Hamburg-Hausbruch in 2018. This was a prerequisite for the sale of the estate. Until then, Carlsberg will continue its production on the site through a lease back arrangement with GERCHGROUP.
The Paul Hastings team in Frankfurt was led by real estate partner Jan Gernoth with tax consultant Uwe Halbig and associates Hannes Riedel and Florian Lechner.
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