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.
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.
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.
On Monday, 25.05.2020, from 19:30, industry experts will discuss the topic:
Hotels & gastronomy in the Corona crisis: hope in sight or wave of bankruptcies ahead?
The coronavirus poses massive problems for the hotel and catering industry: The approximately 223,000 companies in the sector lost an estimated ten billion euros in turnover by the end of April. Around 70,000 hotel and catering businesses are said to be facing insolvency in the corona crisis, with small and medium-sized businesses in particular having little or no financial buffer.
A gradual reopening of the hospitality industry has been decided, but how this is to be achieved in practice will probably only become clear in the coming weeks. It is also questionable how many Germans will book overnight stays and visit restaurants again in their usual form.
What is the actual situation in the local hotel and restaurant industry? What is the next step? What solutions and ideas from the crisis are there?
On the panel are:
Julius Wagner, Chief Executive Officer, Hotel- und Gastronomieverband DEHOGA Hessen e.V.
Rolf Westermann, Chief Editor, ahgz Allgemeine Hotel- und Gastronomie-Zeitung
Matthias Frank, Partner Practice Group Hospitality, Kucera Rechtsanwälte
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).
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.
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).
KUCERA advised Arminius on the purchase of an office building. The building is located at Hanauer Landstraße 164 in the “Lindley Quartier” in Frankfurt’s Ostend district. The rental space amounts to around 6,400 sqm. and is occupied by “Universum Inkasso” and “FCA Germany”. The sales price amounts to a mid double-digit million euro amount . Read more…
Responsible were KUCERA partner Oliver Platt LL.M (UW Madison) and Andre Barth (Transaction & Finance) together with Alexander Orth (Real Estate & Finance). KUCERA partner Isabel Tannenberg (Tax) advised on tax law.
KUCERA has advised Merz Real Estate GmbH & Co. KG on share purchase agreements and an Investment Agreement concerning Noratis AG. In a first step, Merz will acquire 1.06 million shares from Noratis CEO Igor Christian Bugarski and another core shareholder at a price of EUR 21.00 each, corresponding to a 29.4 % stake. In a second step, Noratis AG is planning a capital increase of 4 % to EUR 3.9 million, which Merz will subscribe for EUR 19.80 per share, so that its shareholdings will grow to over 33 %. At the same time, Merz has committed itself to investing approximately 50 million euros in Noratis AG by the end of 2024.Read more…
KUCERA partner Oliver Platt LL.M (UW Madison) (in charge) and Andre Barth (Transaction & Finance) together with Alexander Hanf (Corporate & Finance), Alexander Orth (Real Estate), Raphael Polensky (Real Estate), Gözde Sönmez (Real Estate) and Florian Weber (Employment Law) were responsible for the transaction. KUCERA partner Isabel Tannenberg (Tax) advised on tax law.
Despite the pandemic, KUCERA is fully operational. “Our clients will continue to be advised,” says Dr. Stefan Kucera, Managing Partner of KUCERA. KUCERA has activated contingency plans, which include the deployment of professionals from the home office and the maintenance of central back office functions in the firm. Travel and meetings will be avoided. “Instead, we rely on modern communication, which enables us to assist our clients at all times, even in these difficult times,” says Kucera, explaining the emergency concept. In addition, greater attention is being paid to hygiene in the offices; employees are encouraged to keep social contacts to a minimum. The notary’s office is nevertheless open until further notice. We will keep you informed about new developments.