Eversheds Sutherland and Norton Rose Fulbright advise in sale of Pep Shopping Centre to Generali and ECE funds

Eversheds Sutherland and Norton Rose Fulbright have advised Nuveen Real Estate on its sale of the “Pep Shopping Centre” (Pep) in Munich to Generali Real Estate and ECE Real Estate Partner.

Nuveen Real Estate, acting as investment advisor to the TIAA-CNP partnership, who owned the property in a joint venture, announced the sale of Pep in Munich to Generali Real Estate.

Generali Real Estate has acquired a 50% stake on behalf of the specialized pan-European ‘Generali Shopping Centre Fund’ (GSCF) managed by Generali Real Estate S.p.A. The remaining 50% stake was acquired by ECE Real Estate Partners for its ‘ECE Progressive Income Growth Fund’. 

Located in Neuperlach, Pep generates more than €250m a year in turnover. The shopping centre was modernised and expanded between 2016 and 2018. It receives around 12 million visitors a year and is one of the top five shopping destinations in Germany.

Nuveen Real Estate was advised by multijurisdictional teams from global law firms Eversheds Sutherland and Norton Rose Fulbright on all matters of German and Luxembourg law.

The Eversheds Sutherland team was led by Munich and Luxembourg-based Corporate and M&A partner Holger Holle and Dusseldorf-based Real Estate counsel Kathrin Paulet. Other team members included partners Thomas Freund (Banking, Munich), Daniel von Brevern (Merger Control, Dusseldorf), Christian Mense (Corporate and M&A, Munich), Rafael Moll de Alba (Tax, Luxembourg), Marc Schwencke (Planning, Dusseldorf), legal director Luis Aguerre (Corporate and M&A, Luxembourg), counsels Isabel Strecker (Planning, Dusseldorf) and Janis Heiliger (Construction, Dusseldorf) and associates Niklas Schilawa (Tax, Dusseldorf), Hizir Aydogdu and Joel Fiete Feld (both Real Estate, Dusseldorf), Myrto Archontaki (Tax, Luxembourg) and Katherine Martineau (Corporate and M&A, Luxembourg).

The Norton Rose Fulbright team was led by Dusseldorf-based Corporate and M&A partner Maximilian Findeisen who acted as team lead throughout the transaction and included associates Maximilian Spitzhorn-Stork and Justus Pauls (all Corporate and M&A, Dusseldorf).

Holger Holle, partner, Eversheds Sutherland, said: "It has been a pleasure working with Nuveen Real Estate and the team of advisors on another milestone transaction demonstrating Nuveen’s success of curating a best in class asset through active management and prudent investment.”

Maximilian Findeisen, partner, Norton Rose Fulbright, said: “We are very happy that we could assist Nuveen Real Estate with this successful deal and demonstrate once again our special expertise in complex shopping centre transactions.”

Eversheds Sutherland has been advising longstanding client Naveen Real Estate for a number of years, acting on various multijurisdictional matters across the UK, Germany and other countries. The firm has also recently advised on major real estate transactions for institutional owners in Germany, including the sale of the Olympia Business Centre in Munich. 

Norton Rose Fulbright partner Maximilian Findeisen advised Nuveen Real Estate in 2019 on the sale of the Erlangen Arcaden shopping centre to ECE.