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CMS advises property developer Aurelis on acquisition of 18-hectare industrial site in Mannheim

11/03/2019

Frankfurt/Main – Aurelis Real Estate has acquired the site of the former General Electric Power AG turbine factory in the Käfertal district of Mannheim from GE. Generators, locomotives and gas and steam turbines have been manufactured at the location since the early 20th century. Aurelis intends to turn the production site into a sustainable commercial district, working in close consultation with the city authorities, and to add it to its portfolio as a long-term holding. GE will lease back parts of the 26 individual properties at the industrial location.

A CMS team headed by lead partner Johanna Hofmann advised Aurelis on property law-related due diligence as well as on negotiation of the purchase and lease agreements with GE. The transaction required close coordination with the City of Mannheim, which had to approve the redevelopment of the former GE site as a commercial zone and ensure that public purpose areas are available for use by Mannheim National Theatre. Through close cooperation with the authorities, Aurelis succeeded in avoiding the exercise of the pre-emption right agreed by the city in 2018. In order to enable future joint development of the site, Aurelis has now signed a public law agreement with the City of Mannheim.

Established in 2002, Aurelis Real Estate has its headquarters in Eschborn near Frankfurt/Main and currently employs around 200 people. The company owns commercial properties and plots of land throughout Germany. The company’s focus is on business parks, warehousing, logistics and production facilities, as well as real estate that can be converted for commercial use.

CMS Germany

Johanna Hofmann, Partner
Sandra Scheib, Associate
Sarah Rafiqpur, Associate, all Real Estate & Public

Press Contact
presse@cms-hs.com 

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Portrait of Sandra Scheib
Sandra Scheib
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Johanna Hofmann, Immobilienökonom (IREBS)
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