26. January 2023

Fieldfisher advises Lahav and DRIA on purchase of Adler site in Haibach

The investment company Lahav L.R. Real Estate, which is listed on the Tel Aviv Stock Exchange, has acquired a retail property including a multi-storey car park and adjoining office space in Haibach, Bavaria, via an indirect subsidiary with the participation of DRIA GmbH as co-investor. The property comprises a site of approximately 18,900 m² in the western part of the town of Haibach in Bavaria. Legal advice to Lahav L.R. Real Estate and DRIA GmbH was provided by a Fieldfisher team led by partner Philipp Stricharz, Maureen Pitzen and Robert Frühling.

Built in Haibach, Bavaria, between 1969 and 1971 as a clothing factory, the multi-storey building complex was extended in the 1970s and early 1980 and has since served as a factory, retail space and office with an attached multi-storey car park. The sole tenant is Adler Modemärkte AG, which was restructured in the course of insolvency proceedings in July/August 2021. In addition, a petrol station operated by a subtenant is located on the site.

Lahav has been active in the German real estate market since 2012 and has a steadily growing portfolio that currently consists of more than 90 retail properties, among others. Lahav’s focus is on high-yield local retail properties. In Israel, Lahav L.R. Real Estate, as a listed company, specialises in renewable energies and invests extensively in real estate with photovoltaic systems and project developments in the green energy sector. DRIA GmbH from Heinsberg is a German company with a focus on real estate investment and asset management and has been active in this field for over 15 years. DRIA represents Lahav L.R. Real Estate throughout Germany and has also taken over the asset management of the property in question.

Fieldfisher advised Lahav L.R. Real Estate and DRIA GmbH on the purchase of the building complex with a team led by Philipp Stricharz (Partner), Maureen Pitzen (Counsel) and Robert Frühling (Associate). The advice mainly covered the due diligence, the negotiation of the purchase agreement and the related documentation as well as the notarisation. Fieldfisher’s real estate team advises Lahav L.R. Real Estate and DRIA GmbH as long-standing clients on acquisitions and sales, construction and conversion measures and legal aspects of portfolio management on an ongoing basis.

The seller was legally advised by Dr Etienne Richthammer (Partner), Dr René Lochmann (Partner) and Katrin Gerceker (Associate), law firm Reed Smith LLP, Munich. APERIA Real Estate GmbH from Frankfurt acted as further advisor on the seller side.

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