Frankfurt — Paul Hastings has advised Conren Land on the acquisition of an office building in Leipzig as part of an asset deal.

Conren Land acquired the office and commercial building from Vi-cus Group in an off-market transaction. The multi-tenant building offers a lettable area of approx. 6,300 m², which is divided into approx. 5,000 m² of office space and 1,300 m² of residential as well as commercial space. The building was constructed in 1994 and refurbished in 2020.

Paul Hastings' advice included legal due diligence and negotiation of the purchase agreement. "We are very pleased that we were once again able to support Conren Land in an exciting project," said Dr. Jan Gernoth. "Especially in the current transaction environment, a quick and precise analysis of the legal circumstances was required. This is where our team was able to provide valuable assistance."

Conren Land is pursuing a manage-to-core strategy for the location. The occupancy rate is currently 70 percent and the main tenant is a well-known insurance company.

Paul Hastings is advising Conren Land with the following team:

Paul Hastings, Frankfurt: Dr. Jan Gernoth (Partner), Hannes Riedel (Associate), WP/StB Uwe Halbig (Tax)

About Paul Hastings

Dedicated to providing intellectual capital and superior execution to the world’s leading Wall Street and global investment banks, asset managers and corporations, Paul Hastings is a premier global finance law firm with elite teams in finance, mergers and acquisitions, private equity and litigation. It is one of only a handful of law firms ranked across multiple core finance areas including: structured credit, leveraged finance, private credit, capital markets, and real estate finance.

Paul Hastings is ranked as one of the top firms in the world in The American Lawyer’s “Premier League” for momentum, profit and prestige amongst firms in the 2022 American Lawyer 100.

About Conren Land:

CONREN Land is an owner-managed investment firm since 2007 with a total of five offices, headquartered in Frankfurt am Main. Its services range from the development of the investment profile to the acquisition of properties, the structuring of the investment vehicle and the financing, the acquisition due diligence and the ongoing management including leasing, construction measures, accounting, service charge accounting and reporting to the sale of properties. In the last two years, CONREN Land has moved a transaction volume of around 1.2 billion euros.