Best Lawyers 2020: We are listed!

This year again, the US based ranking specialist Best Lawyers identified Germany’s most renowned legal advisors exclusively for the Handelsblatt in an extensive peer-to-peer process. A procedure in which lawyers are asked which competitors they can recommend. Read more…

This year our KUCERA partners Dr. Stefan Kucera and Oliver Platt, LL.M. (UW-Madison) were listed among the Best Lawyers 2020 in the field of Real Estate Law.

Click here for the Best Lawyers Ranking.

Click here for an overview in the Handelsblatt.

Dr. Stefan Kucera
Oliver Platt

KUCERA advises Schoofs on the sale of a consumer market

KUCERA advised Schoofs Immobilien Frankfurt on the sale of a local shopping centre. The centre is located in Mannheim’s Käfertal district and has a total lettable area of 3,700 sqm. The anchor tenant is Rewe and the upper floor contains 28 residential units. The investment volume amounts to approximately EUR 20 million. Read more…

Responsible was KUCERA partner Jens Koch (Real Estate). KUCERA partner Isabel Tannenberg advised on tax law.

Jens Koch
Isabel Tannenberg

www.kucera.biz

Upcoming reduction of the German VAT rate

A key point in the draft of the Second Corona Tax Assistance Act (Zweites Corona-Steuerhilfegesetz) is the reduction of the regular VAT rate from 19 % to 16 % during 1 July 2020 and 31 December 2020.

Rental real estate enterprises should be particularly aware of the following issues:

  • The new tax rate applies if the service has been rendered (i.e. rental period lies) within the period of 1 July 2020 to 31 December 2020.
  • Relevant invoices (such as long-term rental invoices) have to be issued with the new tax rate. Generally, an adjustment of the lease agreement is not necessary; however, if the lease agreement qualifies as invoice, an additional document should be issued which sets out the new tax rate (Sec. 31 UStDV).
  • The changes also apply to other services and ancillary services or service elements provided within a lease agreement during the relevant rental period (e.g. in case of VATable (construction cost) subsidies and (ancillary) services invoiced as ancillary rental costs).
  • In the case of gross leases (i.e. leases that do not disclose VAT or include VAT; most common in parking space leases or short-term leases), the all-over rent remains the same; i.e. after the registration and payment of VAT the landlord can keep a higher “net rent” to himself.
  • In principle, there is no legal obligation to pay out the VAT “benefit” to the tenant. However, the tenant may have contractual claims or a claim acc. to Sec. 29 UStG (lease agreement was concluded four calendar months or earlier before the change in the law came into force).
  • Received invoices have to be checked carefully with regard to the set-out VAT rate in order to avoid any unlawful deduction of input VAT from an incorrect invoice.
  • Please also note impacts on VAT exempt leases, insofar as the costs from services received (e.g. ancillary rental costs) should generally be lower. Therefore, received invoices should also be carefully checked with regard to the set-out VAT rate.

Please see the draft letter of the fiscal authorities (BMF-Schreiben) “Befristete Absenkung des allgemeinen und ermäßigten Umsatzsteuersatzes zum 1. Juli 2020” for further details. It is doubtful whether a final version will be available by 01 July 2020.

The final resolution on the draft of the Second Corona Tax Assistance Act in the German Bundestag is still pending; however, it is expected that the Act will be published in the Federal Law Gazette before 1 July 2020 and will thus enter into force, shortly.

Isabel Tannenberg

KUCERA advises Arminius on the acquisition of the German headquarters of PepsiCo

KUCERA advised Arminius on the purchase of the PepsiCo German headquarters building. The office building is located at Hugenottenallee 173 in Neu-Isenburg and comprises 6,400 sqm rental space and around 110 parking spaces. Read more…

KUCERA partners Andre Barth and Oliver Platt LL.M (UW Madison) (Transaction & Finance) together with Milena Stefanovic (Real Estate & Finance) and Alexander Orth (Real Estate) were responsible for the project. KUCERA partner Isabel Tannenberg (Tax) advised on tax law together with Nicole Sturmfels (Tax).

Andre Barth
Oliver Platt
Milena Stefanovic
Alexander Orth
Isabel Tannenberg
Nicole Sturmfels

www.kucera.biz

KUCERA advises G&P on lease agreement for Project Four

KUCERA advised the developer Groß & Partner on the lease agreement for Allen & Overy LLP. Allen & Overy rents approx. 10,000 sqm in the mixed-use high-rise quarter Four in downtown Frankfurt. From 2025 on, the firm‘s new office space will be located on  floors 22 to 28 in Tower 1. Read more…

Responsible was KUCERA partner Oliver Platt LL.M (UW Madison) together with Gözde Sönmez (Real Estate). KUCERA partner Isabel Tannenberg (Tax) advised on tax law.

Oliver Platt
Gözde Sönmez
Isabel Tannenberg

www.kucera.biz

KUCERA advises Arminius on the purchase of the “Stuttgarter Tor”

KUCERA advised the Arminius Group on the purchase of the “Stuttgarter Tor”. The property was acquired from Hines European Value Fund. The “Stuttgarter Tor” is located at Stresemannstrasse 79 in the district “City Prag” in Stuttgart-Feuerbach. The office complex comprises three office buildings with a total of approx. 15,000 sqm of lettable space, which are fully let. Read more…

KUCERA partners Andre Barth and Oliver Platt LL.M (UW Madison) (Transaction & Finance) together with Alexander Orth (Real Estate & Finance), Alexander Hanf (Real Estate & Finance) and Gözde Sönmez (Real Estate) were responsible for the project. KUCERA partner Isabel Tannenberg (Tax) advised on tax law together with Nicole Sturmfels (Tax).

Andre Barth
Oliver Platt
Alexander Orth
Alexander Hanf
Gözde Sönmez
Isabel Tannenberg
Nicole Sturmfels

www.kucera.biz

KUCERA advises Berateq GmbH on the purchase of an industrial park near Frankfurt am Main

KUCERA advised Berateq GmbH on the purchase of the “Am Aubach” industrial park in Waldsolms near Frankfurt am Main as part of a share deal. The property is approximately 17,000 m² in size and comprises a retail park and several office buildings with a total lettable area of 5,500 m². The business park also has 160 parking spaces for cars. Read more…

KUCERA partner Rolf Krauß (Taxation) was responsible for the project.

Rolf Krauß

www.kucera.biz

KUCERA advises Coreo on the purchase of the St. Martin Tower in Frankfurt

KUCERA advised Coreo AG on the acquisition of the St. Martin Tower. The purchase was a joint venture between Barings Real Estate and Coreo, with Coreo assuming the role of junior partner with 10.1% in the Off-market Share Deal. The office complex is located in Frankfurt’s City West and consists of two building sections, the “Tower” with 18 storeys and the “Wing” with seven floors. The property also has 397 parking spaces. Read more…

KUCERA partner Rolf Krauß (Tax) was responsible together with KUCERA partner Jens Koch (Real Estate).

Rolf Krauß
Jens Koch

www.kucera.biz

KUCERA advises LEG on the purchase of 2,200 apartments in Bremen and Niedersachsen

KUCERA advised LEG Immobilien AG on the purchase of 2,200 residential and 30 commercial units. The properties with a total rental area of 140,000 m² are located in Bremen, Oldenburg, Delmenhorst and Cuxhaven, with Bremen and Oldenburg accounting for around 92% of the rental area. A total of 39 buildings were built between 1920 and 2002 and extensively refurbished since 2015. Read more…

The KUCERA partners Jens Koch (Real Estate), Rolf Krauß (Tax) and Andre Barth (Real Estate, Finance and Transaction) provided advice.

Jens Koch
Rolf Krauß
Andre Barth

www.kucera.biz

KUCERA advises LEG on the purchase of 2,000 apartments in NRW

KUCERA advised LEG Immobilien AG on the purchase of 2,000 apartments in Aachen, Niederrhein and Ruhrgebiet. The portfolio covers an area of around 122,000 m², divided into one-room to four-room apartments ranging in size from 30 m² to 110 m². Almost half of the units are subsidised housing. The seller is Vivawest Wohnen GmbH. The property is to be transferred to LEG on 1 January 2020. Read more…

KUCERA partner Jens Koch (Real Estate) was responsible together with KUCERA Partner Andre Barth (Real Estate, Transaction). KUCERA partner Rolf Krauß (Tax) provided tax advice.

Jens Koch
Andre Barth
Rolf Krauß

www.kucera.biz