McDermott Advises SIGNA on Sale of STREAM Property to PGIM

Overview


Düsseldorf, December 17, 2019 – McDermott Will & Emery has advised the SIGNA Group on the sale of the Berlin project development STREAM to PGIM Real Estate. PGIM acquires the property as part of a forward deal for German and Swiss institutional investors.

The 24-storey STREAM building, which is currently under construction and has a rental area of around 50,000 sqm, is to be completed by the end of 2021. It is located next to the Mercedes-Benz Arena in the “Mediaspree” in Berlin-Friedrichshain, and is fully let to Zalando, a European e-commerce company which offers Fashion and Lifestyle products.

SIGNA is a long-standing client of Düsseldorf real estate partner Jens Ortmanns. McDermott also advised SIGNA in connection with the lease of STREAM to Zalando.

The McDermott team was led by Thomas A. Beisken and Maximilian Clostermeyer and also comprised Sebastian von Lossow, Dustin Schwerdtfeger, Oliver Hahnelt as well as associates Sakai Shabo and Tina Zeller.

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