Mayer Brown advised Universal-Investment, managed by GPEP GmbH (GPEP), on the sale of ten branches of the German discount store, Netto Marken-Discount, to a project developer. The stores, located in Bavaria, Lower Saxony, Hesse, Mecklenburg-Western Pomerania, Saxony and Thuringia, have approximately 10,250 m2 of rentable space. They were acquired by Universal-Investment more than four years ago as one of three portfolio acquisitions managed by GPEP for various investors.
The firm also advised Universal-Investment on its acquisition of four Lidl outlets as the portfolio manager for a special real estate fund . The outlets, located in Bavaria, Baden-Württemberg, Hesse and Mecklenburg-Western Pomerania, have a rental area of 5,260 m2 and were previously owned by a fund.
The parties in both transactions have agreed not to disclose the purchase price.
GPEP GmbH is an independent and owner-operated real estate management company specializing in the portfolio, asset and property management of special retail centers and retail parks located in Germany.
The Mayer Brown team was led by Real Estate partner Dr. Joachim Modlich and included: Real Estate — counsel Dr. Jürgen Streng and associate Anja Schwietering (all Düsseldorf).