P+P provided tax advice to Union Investment Real Estate GmbH on the acquisition of andel's Hotel Berlin

Union Investment Real Estate GmbH (Hamburg) acquired andel's Hotel Berlin. The seller is a joint venture of Austrian real estate developer UBM and the financial and investment company Warimpex. andel's Hotel Berlin is managed by Vienna International (VI) Hotels & Resorts. The company runs hotels located mainly in Austria, Germany (including Arcadia Hotels), France and Eastern Europe.

The conference hotel with 557 rooms was completed in 2009 and is located in the Prenzlauer Berg district, directly opposite the sports arena "Velodrome", and complements the portfolio of the open-end real estate fund UniImmo: Germany.

The agreed purchase price amounts to EUR 105 million.

P+P Pöllath + Partners advised Union Investment on all tax issues with the following team:

• Sören Reckwardt (counsel, lead, Berlin)
• Dr. Hardy Fischer (partner, Berlin)

In-house advisors of Union Investment included Mathias Mischke and Gunther Thomas. Timo Elsner, Niko Schultz-Süchting, and Catharina Minners of Freshfields served as advisors for Union Investment on the legal aspects of the transaction. The sellers were advised by Wolfgang Hermann von Satell.