International law firm Simmons & Simmons has advised leading retail real estate investment management specialist Pradera on its appointment as asset manager of Gropius Passagen, one of Berlin’s largest and most established shopping centres.
Acquired by European alternative asset management platform Hayfin, the deal for Gropius Passagen – which houses 150 tenants and generates an annual turnover in excess of €200m – represents a significant investment in the European retail market.
Pradera will aim to unlock the asset value-add potential in a competitive retail market, drawing on its established expertise in retail asset management.
The Simmons team advising Pradera comprised an experienced, cross border team, led by private equity real estate Partners Danielle Hirsch and Oliver s’Jacob (London) – supported by a team in Germany, including Boris Strauch (Partner), Lena Eli (Counsel), Sascha Morgenroth (Partner) and Tina Gausling (Counsel).
Danielle Hirsch commented: "This deal represents a significant development in Europe's retail market. Our multidisciplinary, cross-border team was pleased to have supported Pradera with its real estate expertise in its critical role as asset manager for Berlin's most prominent shopping centre."
