McDermott Advises SIGNA on Sale of STREAM Property to PGIM
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.
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