GÖRG advises Jamestown on the acquisition of the Areal Böhler
Frankfurt am Main, 28.03.2023
GÖRG Partnerschaft von Rechtsanwälten mbB has advised Jamestown Areal Böhler GmbH & Co. KG on the purchase of the traditional Areal Böhler in Meerbuch near Düsseldorf and the takeover of the site management. The seller is the voestalpine group, which will be the largest tenant on the site. The total purchase price for the Areal Böhler and the site administration is 156 million euros.
The Area Böhler comprises 230,000 square metres with approximately 40 buildings and a usable area of around 125,000 square metres. As part of the sale, voestalpine has rented 34,000 square metres of office, production and hall space, making it by far the largest tenant at the Areal Böhler.
At this time, around 180 companies and independent businesses are located at Areal Böhler, together with 1,200 employees. With more than 18,500 square metres of hall space, Areal Böhler is Europe's leading provider of industrial-style trade fair and event locations, attracting well over two hundred thousand visitors a year.
Jamestown Areal Böhler GmbH & Co. KG is planning, among other things, to expand the photovoltaic grid on the Areal Böhler. Together with the planned storage of generated energy in hydrogen for the sustainable heating of the large industrial buildings, this is intended make the site more sustainable. Furthermore, the acquirer plans infrastructural expansions such as the construction of a multi-storey car park for the exhibition halls and the expansion of the gastronomy district.
A cross-location GÖRG team led by Frankfurt partner Dr. Dennis Hog advised Jamestown Areal Böhler GmbH & Co. KG with comprehensive legal advice on the transaction.
GÖRG Partnerschaft von Rechtsanwälten mbB
Dr. Dennis Hog, MRICS (Lead, Partner, Real Estate Law, Frankfurt am Main)
Lars Behrendt (Associate, Corporate Law, Cologne)
Dr. Frank Wilke (Partner, Labour and Employment Law, Cologne)
Dr. Holger Dann, LL.M. (Counsel, Tax Law, Cologne)
Nicolas Lang (Associate, Real Estate Law, Frankfurt am Main)
Dr. Katharina Landes (Partner, IP/IT, Cologne)
Dr. Christian Bürger (Partner, Antitrust Law, Cologne)
Metehan Uzuncakmak, LL.M. (Associate, Antitrust Law, Cologne)
Dr. Florian Schmitz (Partner, IP/IT; Data Protection, Frankfurt am Main)
Lena Klever (Associated Partner, Labour and Employment Law, Cologne)
Dr. Hanna Jansen (Counsel, Labour and Employment Law, Cologne)
Jamestown manages real estate assets of around 13 billion euros worldwide (as of December 31, 2022). For 20 years, the revitalisation of large, formerly industrial properties has been an essential part of Jamestown's investment strategy. Examples include Chelsea Market and Industry City in New York, the Innovation and Design Building in Boston and Ponce City Market in Atlanta, each of which has a usable space of over 100,000 sqm and is similar in size to the Areal Böhler. These - and other - properties have been successfully repositioned as mixed-use, vibrant locations and managed for the long term. Jamestown's focus here is on preserving the existing stock and integrating the history of the location into the new concept. Jamestown Areal Böhler GmbH & Co. KG intends to follow a similar
approach to further develop the site in the long term and establish it as a unique location.