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BKL Advises Korea Hyundai Asset Management on its acquisition of former Lufthansa HQ in Cologne, Germany


BKL has provided comprehensive legal advice to Korean Hyundai Asset Management Co., Ltd. (“Hyundai”) on its acquisition of the former corporate headquarter of Lufthansa in Cologne-Deutz by way of a share deal. The seller is a real estate fund managed by M&G Real Estate.   

The property, with a rental area of around 20,400 square metres, is leased for 15 years to Bundesanstalt für Immobilienaufgaben, which in turn sublets it to Bundesamt für Familie und zivilgesellschaftliche Aufgaben.


The transaction not only demonstrates the sustained interest of South Korean investors in the German real estate market, but also their particular focus on large, single-tenant properties with top-tier tenants. 

Founded in 2008, Hyundai acted as asset manager for two South Korean investors clubs (the “K-Trusts”) led by Mirae Asset Daewoo and SK Securities. Pursuant to this transaction, BKL led this transaction as a whole, giving instructions to and coordinating with all relevant advisors for Hyundai and its counterpart, including the seller and the German acquisition SPCs and the target company’s existing or new lenders, as well as providing all Korean law advice and assistance for regulatory clearance for execution and closing of this transaction. 

The transaction involved extremely complex steps for pre-closing, closing and post-closing phases, primarily to minimize tax risks. BKL provided comprehensive, proactive and timely advice for the K-Trusts to finally acquire the property using this tax efficient but very complicated transaction structure. Attorneys Yoon Nam Lee, Dongwook Kang, Hojin Kim and Sejung Ahn led the BKL team.

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