DLA Piper has advised the Israeli insurance company and pension manager, Migdal, on its acquisition of three light industrial properties in Germany from ThreadGreen Industrial for €55.7 million. Migdal completed the acquisition in association with Cording Real Estate Group, a German, UK and Benelux real estate investment and asset management firm.
The transaction was concluded through only equity investment, without leverage. Migdal invested approximately 95 percent of the equity and Cording together with the Edmond de Rothschild Group invested approximately 5 percent.
The portfolio, known to the market as the “Robin Portfolio”, comprises three properties with a total lettable area of around 70,000 sq m. The properties are all fully let to two subsidiaries of global concerns on triple-net (FRI) leases, extending until at least 2030.
The assets comprise a property in Stuttgart, with a lettable area of some 45,250 sq m, a 7,750 sq m property in Baienfurt near Ravensburg, and an almost 17,000 sq m property in Kriftel, near Frankfurt.
Migdal Insurance Company Ltd. offers insurance services, pension and retirement provisions. The company’s services include life insurance policies, as well as long-term policies for savings, healthcare, property, car and liability insurance. Founded in 1934, the company is headquartered in Tel Aviv, Israel, and is a subsidiary of Migdal Insurance and Financial Holdings Ltd.
The DLA Piper team in Frankfurt was led jointly by Real Estate partner Fabian Mühlen and counsel Christian Lonquich, supported by Tax counsel Dr Raimund Behnes. They were assisted by a Corporate team of partner Dr Cornelius Frie and associate Dr Riccarda Marcelli in Cologne, and Tax partner Geoffrey Scardoni and senior associate Ambroise Foerster in Luxembourg.
The original press release can be found here on DLA Piper’s website.