POELLATH advises Union Investment on acquisition of new property development “Neue Balan Haus 27” in Munich
On the grounds of the former Infineon headquarters, the development is approximately 8.5 hectares and consists of a lively campus for offices, restaurants, retail, fitness and schools. Haus 27, at the corner of St. Martin and Balanstrasse, will have nine floors and a total of 32,151 square meters of attractive office and exhibition space. There will also be 330 parking spots on two levels of an underground parking garage.
The open fund UniImmo:Deutschland acquired the property for its portfolio. Completion and move-in for renters are planned in the first quarter of 2021. The property is already approximately 60% rented.
It is one of the largest single transactions of this year on the German office property market.
POELLATH advised Union Investment on all tax matters (including investment tax law issues) with the following Berlin team:
- Sören Reckwardt (lead, associated partner, tax law)
- Dr. Hardy Fischer (partner, tax law)
- Elisabeth Märker (senior associate, tax law).
Timo Kopmann oversaw the acquisition for Union Investment’s in-house tax department.