Clifford Chance In Major Supermarket Sale To Israeli Investor

LAWFUEL – Legal Newswire – The international law firm Clifford Chance advised METRO Group (METRO Asset Management GmbH & Co. KG) on the sale of 12 hypermarkets to Israeli real estate investor Delek Global Real Estate Limited (DGRE).

The hypermarkets are located mainly in the Rhine-Main area in Germany and have a total area of approximately 158,000 m² and 9,773 parking places. METRO subsidiary Real leased 10 of the hypermarkets until 2022, the other two until 2020 and 2021, respectively.

METRO Group is one of the largest international retailing companies. The company has a headcount of some 270,000 employees and operates approximately 2,400 outlets in 31 countries in Europe, Africa and Asia. In 2006, the METRO Group reached sales of in excess of EUR 59.9 billion.

DGRE is the real estate arm of the Israel-based Delek Group and primarily invests in western Europe and Canada in department stores, hotels and office buildings.

The Clifford Chance team was led by partner Reinhard Scheer-Hennings (Real Estate, Düsseldorf) and included associates Dr. Ulrich Flege and Patrick Härle (both Real Estate, Düsseldorf) as well as partner Dr. Dietrich F.R. Stiller and associate Loren Richards (both Banking & Capital Markets, Frankfurt) who were responsible for the co-ordination of purchase loan with METRO Group’s interests.

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