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Noerr advises Deutsche Pfandbriefbank on Harenberg City-Center deal

Noerr has advised Deutsche Pfandbriefbank AG on the financing of a real estate transaction for the GEG Group. The “Harenberg City-Center” in Dortmund was purchased by a GEG German Real Estate Group fund vehicle in a share deal for close to EUR70 million. The seller is a fund which is managed by JP Morgan Asset Management.

The property, which consists of around 21,600 square metres of rentable space, is leased at 85 per cent to various lessees, including AOK NordWest and Deutsche Bahn AG.
The building also houses the German Football Museum. Deutsche Pfandbriefbank AG provided financing of EUR50 million (including a Capex credit line).

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