DLA Piper advises KINGSTONE on the acquisition of two real estate properties by Sontowski & Partner

DLA Piper has advised KINGSTONE Investment Management (KINGSTONE IM) on the acquisition of two real estate properties from S&P Commercial Development, a subsidiary of Sontowski & Partner Group. The properties, which are located in Gauting and Coburg, are expected to be completed during 2021 and predominantly combine residential and food retail facilities. The transaction volume is in the double-digit million range.

The property in Gauting, for which a DGNB-certification is pursued, comprises a total rental space of around 6,600 square meters, which are used for residential purposes, local supply of consumer goods and space for practices. In the case of the development project in Coburg, the rental space of 3,478 square meters is divided between the sectors residential, food retail and hotel.

These transactions mark the first two purchases for KINGSTONE’s new real estate AIF for institutional investors, KWS II, which invests in growth regions throughout southern Germany, particularly in modern urban quarters. With a target size of EUR350 to 400 million, KINGSTONE is, for the first time, applying the sustainability criteria established by a sustainability bank.

The DLA Piper team was led by partner Dr Martin Haller (Real Estate, Munich), who was supported by partner Dr Torsten Pokropp, counsel Eike Neugebauer (both Finance, Frankfurt), Heike Schmitz (Corporate, Cologne), senior associates Dr Manuel Indlekofer, Philip Moser, associate Thomas Herbst and transaction lawyer Coletta Braun (all Real Estate, Munich).