The international law firm DLA Piper has advised SEB AG on financing the purchase of the Esslingen shopping centre “Das Es!”. Purchase of the inner-city shopping centre with some 14,500 m² of retail sales space, which also includes a commercial and medical centre with approx. 8,500 m² of office and surgery space as well as 322 underground parking spaces, was carried out through a Jersey trust fund of Rockspring Property Investment Managers LLP.

 

The London-based real estate company acquired the property with its central location in the Esslingen pedestrian precinct at a price of 69 million euros from SEB Investment GmbH, a subsidiary of SEB AG, by means of a loan from SEB AG. For Rockspring Property Investment Managers LLP the investment represents a gross initial return of 6.8 per cent. 

SEB AG is the German subsidiary of a leading Swedish Bank, Skandinaviska Enskilda Banken (SEB). SEB Asset Management AG, the subsidiary specializing in property and securities, administers worth some 20 billion euros in Germany in the form of retail and restricted funds as well as customer-specific investment solutions. 

Rockspring Property Investment Managers LLP is a leading property company with its headquarters in London and offices in 13 European countries. The owner-managed firm currently handles fund assets of some 7.4 billion euros. 

Advising for DLA Piper were the partners Frank Schwem (Finance & Projects, Frankfurt, in charge), Dr Carsten Loll (Real Estate, Munich), Helen Dyer (Finance & Projects, London), Martin Heinsius (Tax, Frankfurt), Counsel Dr Fabian Hinrichs (Real Estate, Frankfurt) and senior associates Dr Torsten Pokropp (Finance & Projects, Frankfurt), Dr Falko Tappen (Tax, Frankfurt) and Dr Martin Haller (Real Estate, Munich).

 

To advise on aspects relating to the law of Jersey, DLA Piper commissioned Carey Olsen, a firm based on the Channel Islands, led by partner Robin Smith.