Ashurst advised a fund advised by Patron Capital Advisers (Patron Capital) and Sonar Real Estate (Sonar) on the acquisition of the “Prisma” office building in Frankfurt / Germany. The vendor is a closed-end fund managed by Commerz Real AG. HSBC provided debt financing for the purchase. The parties have agreed not to disclose the purchase price.
The buyers acquired the office building located at Hahnstrasse 55 in Frankfurt’s Lyoner Quartier in a joint venture. Sonar will be responsible for the asset management and proposed repositioning of the property, which was built in 2001. The building with 42,450 sqm of rental space will be comprehensively renovated with a focus on sustainability.
Patron Capital is a private equity company based in London and represents approximately €4.3bn of capital, investing in property, corporate operating entities whose value is primarily supported by property assets as well as distressed debt and credit related businesses. Since it was established in 1999, Patron has undertaken more than 170 transactions.
Sonar was founded in 2020. The owner-managed real estate company focused on investment, asset management and development is headquartered in Hamburg and has currently €2.5bn in assets under management.
The Ashurst team advising on the acquisition was led by partner Nicolas Deuerling. He was assisted by counsel Matthias Fischer as well as associates Kai-Steffen Knapp and Susanne Schaad (all Real Estate). The team advising on the financing of the acquisition was led by partner Derk Opitz. He was assisted by senior associate Emilie Veyran-Müller (both Real Estate Financing). Advice on tax law aspects was provided by Dr Anders Kraft.
