Goodwin Procter has advised RREEF Real Estate, the real estate investment business of Deutsche Bank’s Asset & Wealth Management division, on its joint venture with a foreign institutional investor for the acquisition of One Angel Square, an award-winning ‘zero carbon emission’ property in Manchester, England for £142 million (€164 million) on behalf of its German open-ended real estate fund, grundbesitz europa.
One Angel Square, which was completed in December 2012, forms the centerpiece of NOMA, an £800 million, 4 million sq ft integrated, mixed-use redevelopment scheme in Manchester city center. The property is leased to the seller, The Co-operative Group Ltd, until 2038 with an option to extend the lease beyond 25 years. The building has been awarded an A+ Energy Performance Certificate, given only to buildings with zero carbon emissions. It has also won several sustainability-related awards, and is shortlisted for ‘Best Futura Mega project’ and ‘Best Office and Building Development’ at the MIPIM Awards next month.
The Goodwin Procter team was led from London by partner Samantha Lake Coghlan, assisted by senior associate Greg Barclay, and included partners Joe Conder (Real Estate), Ben Eaton (Tax) and counsel Glynn Barwick (Regulatory Matters).