Curtis Advises German Pension Fund on Investments in Two U.S. Real Estate Funds

Curtis advised Germany-based Versorgungswerk der Architektenkammer Baden-Württemberg - the Baden-Württemberg architects' pension fund - in connection with its investments in two real estate funds - Paramount Group Real Estate Fund IV, L.P. and Paramount Group Real Estate Fund V, L.P. - with an aggregate transaction value of US$ 45 million.

The investments in the two funds - which focus primarily on commercial real estate property in Manhattan and Washington, D.C. - were structured through Maryland REITs serving as feeders for the master funds. The funds are sponsored by Paramount Group, Inc., a leading real estate investment and management firm based in New York City.

The matter involved conducting diligence on the funds' operating documents, negotiating side letters with Paramount's general counsel, coordinating the respective subscription processes and advice in connection with German pension fund and investment regulations.

The Curtis team was led by Marc V. Kramer, partner (Frankfurt), and included associates Colby B.H. Jenkins (London) and Aleksander Bakic (London), and, on tax aspects, Christian Fingerhut, partner (Frankfurt) and Kuang-Chu Chiang, counsel (New York).