The Legal 500

Clifford Chance is ‘definitely the leading firm’, offering a ‘wide range of specialists’ with ‘superb knowledge’, with lawyers ‘available after office hours’. Even in a difficult market, the group managed to win new clients, among them Union Invest. The team is headed by ‘great mediator’ Klaus Minuth, advising RREEF Investment on its acquisition of the Unilever-Haus building in Hamburg for an open-ended real estate fund. Further highlights included advising Fraport on the acquisition of an underground car park at Frankfurt Airport Terminal 2 from UBS Real Estate, and Macquarie Office Trust on the €39.5m sale of office buildings. The ‘excellent’ Cornelia Thaler and ‘sharp-minded’ Reinhard Scheer-Hennings focus on the finance side, while Jörn Stobbe ‘makes everybody relax even in tight negotiations’. Opinions are ‘short, crispy, and always straight to the point’, and the firm is ‘always good in producing fresh talent’.

Freshfields Bruckhaus Deringer ‘sets the benchmark’, and clients value the low leverage and constant involvment of partners who ‘know their stuff’. Erwin von Bressensdorf’s departure to set up his own firm is regarded as loss, but the practice still features ‘some of the brightest people in the industry’. The team acts for a significant number of private equity funds, real estate banks, developers and REITs, and provides clients with the ‘best response times in the market’ and a service that is ‘worth every penny’. Key deals included advising the joint venture between Portuguese property developer Sonae Sierra and French investor Foncière Euris on the sale of 91% shares of a shopping centre, and Perella Weinberg Real Estate UK on the acquisition of Germany’s largest shopping centre. Clients rate Niko Schultz-Süchting’s ‘positive tenacity’, and regard Johannes Conradi as ‘outstanding in Germany’. Heinz-Joachim Kummer impresses with his ‘quiet, but in the end, successful’ way of negotiating.

The ‘rock solid’ practice at Gleiss Lutz is rated for its low leverage, where the ‘strong’ Berlin office is particularly noted. Tim Weber’s move from Berlin to Frankfurt successfully raised the group’s profile. Highlights included advising Corestate on a €160m acquisition of a residential and commercial real estate portfolio, and IVG Immobilien on its sale of green office buildings in Munich and Bonn. Morgan Stanley Real Estate Funds instructed the team on the sale of Park Tower in Frankfurt to RREEF. Detlef Schmidt and Johannes Niewerth are particularly recommended. The international alliance with Herbert Smith LLP and Stibbe remains pivotal.

Even though in terms of real estate, Hogan Lovells International LLP did not gain significantly through the merger in Germany, the move is of great importance on an international level, particularly with regard to the US, where clients increasingly consider instructing the firm for work in Germany. The ‘motivated and energetic’ team ‘gets deals done’, and displays ‘great commercial sense and assertiveness’, advising Advent International/Marcol Group on the acquisition of Median Kliniken, and AMB Property Corporation on the acquisition of logistics portfolios. Clients rate the ‘outstanding’ Marc Werner, as well as Ingo Winterstein and Hinrich Thieme, ‘two of the most accomplished lawyers in the market’.

Latham & Watkins LLP features ‘one of the leading lawyers in Germany’ in Jürgen Hübner, and the Hamburg team is particularly rated as ‘undisputed’ in the market and ‘exceptionally dedicated to its clients’. The group has seen an increase in financing and restructuring work, advising Azure Property Holdings on the divestiture of the Radisson Blu Hotel Hamburg, and UniCredit Bank on a €2.46bn term loan facility agreement. Oliver Reimann and Martin Meissner are noted, while Andreas Diem and Nikolaus Lorenz specialise in advising institutional investors and financing banks.

CMS Hasche Sigle had a successful 2010, adding GE Real Estate and Credit Suisse Luxemburg to its client portfolio and increasingly using the own network for cross-border projects; advising new client LFPI Hotels Europe jointly with CMS Bureau Francis Lefebvre. Further highlights included advising Accor on the sale of a hotel in Munich to Invesco Real Estate, and Cordea Savills on a purchase agreement for a retail park. Dirk Rodewoldt and Matthias Kuß are recommended.

The growing team at GSK Stockmann + Kollegen has been thriving in a difficult market, and clients rate the ‘very high-quality legal service at reasonable prices’. Vivico Real Estate instructed the group on the sale of the ATMOS project to Union Investment, and the team advised the BASF and Jones Lang LaSalle pension funds on the acquisition of several commercial properties. Generali Deutschland Immobilien sought advice on the Alster Campus development in Hamburg and the Karolinen Karree in Munich. Michael Eggersberger ‘sets the standard for all lawyers we work with’ and is a ‘brilliant negotiater who always achieves what you ask for’; Rainer Stockmann ‘never disappointed in any way’.

Görg Partnerschaft von Rechtsanwälten has been widely complimented on an excellent year, with Jan Lindner-Figura heading a ‘well rounded team’, which advised Korean NPS on the acquisition of the Berlin Sony Center. The team further acted for Arab Investment on a planned portfolio acquisition, and advised Swiss Life, Tishman Speyer and Trianel, the latter regarding offshore windpark projects.

Hengeler Mueller is rated as ‘extremely good’ at advising on finance-driven transactions, which make up a significant part of the team’s workload. Recently, the practice has been noted for advice on restructuring and refinancing matters, including advising Eurohypo on the restructuring of real estate loans, and Highstreet on the restructuring of financial debt obligations, as well as on the sale of 16 properties belonging to Karstadt/Quelle. Georg Frowein heads the team.

Linklaters LLP does a ‘great job’, with the ‘extremely knowledgeable’ Roland Fabian and Wolfram Pätzold particularly singled out. A significant success was gaining new client Union Investment, advising on the €316m acquisition of ALEXA shopping centre. The group also acted for RREEF Investment on the €123m Frankfurt Park Tower acquisition from Eurozone Office Fund. The team capitalises on the firm’s wider tax and corporate expertise, while real estate finance is another area of focus.

Competitors comment on Noerr LLP’s ‘positive development’ after an internal restructuring, with Dirk Lentfer and Otto Stolberg-Stolberg, who previously headed the civil law department, jointly leading the commercial and real estate group, comprising distribution, franchising and real estate transactions. Highlights included advising Deutsche Telekom on the sale of an eight-hectare site in Munich, and CA Immo and its subsidiary Vivico Real Estate on the management and structuring of the portfolio Leo II. On the financing side, the team advised Nationwide Building Society on a real estate portfolio restructuring.

White & Case LLP’s team is headed by Endrik Lettau, who specialises in real estate transactions of foreign investors in Germany. The group also has significant expertise in real estate financing matters. Highlights included advising new client Überseequartier Beteiligung in connection with the Überseequartier development in Hamburg’s HafenCity, and Allianz Real Estate on the acquisition of a 50% stake in a Budapest shopping centre. The European Business School instructed the team in connection with plans to build a university and law school.

Allen & Overy LLP is noted for its finance-driven approach, and has been thriving as market conditions increasingly presented opportunities for refinancing advice. The team, with recognised finance expert Peter Hoegen, maintains excellent relations with banks. Highlights included advising Glitnir Bank Luxembourg on the divestment of the Intercontinental Hotel in Hamburg, and an international bank on restructuring a €750m loan for the acquisition of a portfolio of hotel properties. Cornelius Fischer-Zernin heads the practice group.

Mayer Brown LLP advises both on real estate and financing matters, and the team features the recognised Hans Hofmann. Jörg Lang’s team advised the German Special Financial Market Stabilization Fund on the establishment of the first German bad bank for WestLB, in particular regarding real estate financing. Another highlight was acting for Dow Chemicals regarding the structuring, lease financing and the engineering and construction of a plant.

The comparatively small team at P+P Pöllath + Partners features excellent practitioners, such as ‘outstanding lawyer and negotiator’ Matthias Durst, Stefan Lebek and Carsten Führling. Highlights included acting for Hines European Core Funds on the acquisition of an office building, and for ECE on the structuring of a private equity real estate fund. Corpus Sireo Asset Management and GE Real Estate regularly instruct the team.

Taylor Wessing is noted for the ‘impressive’ Patrick Brock, who is praised for his way of dealing with clients, while Daniel Ajzensztejn is ‘well connected, business minded and able to close deals’, and Dieter Lang ‘provides creative solutions in difficult negotiations’. The team was instructed by Anglo Irish on the transfer of property financing to NAMA, and Commerz Real on a €40m acquisition of a logistics project at Frankfurt airport.

Ashurst LLP features a strong financing team, and has been busy partly due to instructions from longstanding clients such as Warburg-Henderson and Aberdeen, which ensured a steady deal flow for the team. R+V Lebensversicherung instructed the team on the acquisition of Amundsen Haus in Hamburg’s HafenCity. Practice heads Peter Junghänel and Liane Muschter are recognised.

Olswang’s clients praise the ‘high attention to detail, commercial approach and reasonable rates’. The ‘highly experienced’ Christian Schede ‘identifies client’s needs and priorities’, while new partner Claudia Hard is frequently recommended. Highlights included advising The Carlyle Group on the intended acquisition of a nursing home, and LBB Landesbank Berlin on a complex redevelopment project. ‘Better value for money’, say clients.

Orrick Hölters & Elsing has significant expertise in the retail sector, ensuring a steady flow of asset management instructions. However, there is room for development on the financing side. Highlights included advising on the sale of a state residency in Berlin. Michael Alberts and Wolfram Krohn are recognised.