P+P advises Union Investment on acquisition of an office tower in high-rise building quarter FOUR Frankfurt

For the Offenen Immobilienfonds UniImmo: Deutschland, Union Investment has invested in an approximately 100 m high planned office high-rise with approx. 24,000 m² of rental area in Junghofstrasse 9 as part of the project development FOUR in Frankfurt am Main. The project developer Groß & Partner is the seller and project partner of the high-rise that is planned to be completed in 2022 and is the developer of the entire quarter. At the time of the transaction, the building is already more than 35% pre-leased. The law firm Baker McKenzie will move into approx. 8,200 m² in the finished building. The building also has 105 parking spaces for passenger cars in the collective underground garage for the quarter.

FOUR Frankfurt is a high-rise quarter in the middle of downtown Frankfurt. Based on a design by the architecture firm UNStudio in Amsterdam, four new high-rises will be built in the center of the skyline between Junghofstrasse, Grosse Gallusstrasse and Neue Schlesingergasse, including a connecting, multi-story building base. Up to 1,000 people will live in the quarter and approx. 4,000 employees will work there. Approximately half of the developed areas are designed to be new offices and, in addition, there will be 650 apartments, as well as hotels, restaurants, retailers, local supplies and public leisure areas.

P+P Pöllath + Partners advised Union Investment on all tax questions with the following Berlin-based team:

• Sören Reckwardt (lead, counsel, tax law)
• Dr. Hardy Fischer (partner, tax law)
• Dr. David Hötzel (senior associate, tax law)

Timo Kopmann supervised the purchase for the internal tax department of Union Investment. In the course of the transaction, Hogan Lovells advised the buyer and GSK Stockmann advised the seller on civil law matters.