News 21 Mar. 2012

Curtis Advises German Pension Fund in Connection with an Investment in U.S. Real Estate Fund

Curtis advised Germany-based Versorgungswerk der Architektenkammer Baden-Württemberg - the Baden-Württemberg architects' pension fund - in connection with its investment in Paramount Group Real Estate Fund VII, LP with a transaction value of US$50 million. The investment in the real estate fund (focusing primarily on commercial real property in Manhattan, Washington, D.C. and San Francisco) sponsored by Paramount Group, Inc., a leading real estate investment and management firm based in New York City, was structured through a Maryland REIT serving as a feeder vehicle for the master fund. The matter involved conducting diligence on the fund's operating documents, negotiating a side letter with Paramount's general counsel, coordinating the subscription process and providing advice in connection with German pension fund and investment regulations.

The Curtis team was comprised of partner Marc V. Kramer (Frankfurt), senior associate Bradley H. Doline (London) and trainee solicitor William Hampson (London) and, on tax aspects, counsel Kuang-Chu Chiang (New York).