Paul Hastings advises Conren Land

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)