PR 2011 No. 10

FPS advises IVG Immobilien AG on acquisition of the Silver Tower (Silberturm) building from Commerzbank

FPS Rechtsanwälte & Notare advised a consortium of investors led by IVG Immobilien AG with the acquisition of the Silver Tower property in Frankfurt am Main from Commerzbank AG. The property involved in the transaction comprises the building complex of Jürgen-Ponto-Platz 1 (Silver Tower) and the building immediately adjacent, Gallusanlage 8. A confidentiality agreement has been signed between both parties regarding details of the purchase agreement.

FPS legally counseled IVG Immobilien AG in regard to the complex and interdisciplinary transaction. This included legally assessing the individual buildings, structuring the purchasing entities involving tax, corporate and investment issues as well as the acquisition negotiations.

Together with institutional investors, who provided over 90 percent of the fund equity, and a long-term equity interest from IVG Immobilien AG, the transaction was carried out as a club deal. As part of this transaction, financing was provided by a major German pension scheme for a period of 10 years.

The 166-metre, 36-storey Silver Tower, located in the middle of Frankfurt's banking district, is considered a landmark property and has been undergoing extensive modernization since 2009. The total area of the complex (approximately 72,000 m²) is leased to Deutsche Bahn AG on a long-term basis.

The modernization of the building formerly used as a headquarters by Dresdner Bank is almost complete, with a Silver sustainability certification from the DGNB (German Sustainable Building Council) expected in 2012.

Counsel IVG Immobilien AG
FPS Rechtsanwälte & Notare (Frankfurt am Main)
Dr. Hendrik Sandmann (lead counsel; Real Estate)
Dr. Holger Jakob (lead counsel; Corporate, Tax and Investment Law)
Jörg Lamers (Real Estate), Dirk Mackeprang (Tenancy Law)
Jörg Kadesch, Dr. Frank Beitz, Florian Wiesner (all Private Building and Construction Law)
Dr. Olaf Dziallas, Christian Kullick (both Public Building and Construction Law)
Susanne Lang, Claudia Mangold (both Tax and Corporate Law)
Dr. Hans-Christoph Thomale (Energy Law)
Dr. Markus Dinnes (Copyright)

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