Two different institutional funds of Union Investment Real Estate GmbH agreed to acquire the two construction-ready low budget hotel projects in Munich and Berlin from UBM Realitätenentwicklung Aktiengesellschaft (WBAG:UBS) on January 23, 2015. Union Investment will acquire the two hotels after the completion by UBM, which is planned for the end of 2016. Dirk Debald, Ulrike Janssen, Linda Einemann, Martin Richter and Marc P. Werner of Hogan Lovells International LLP and Gerrit Bartsch and Timo Kopmann of Watson, Farley & Williams LLP acted as legal advisors for Union Investment Real Estate GmbH. Wolfgang Hermann, Philipp Gold, Martin Denecke, Jörg Zeise, Jan Beddies, Petra Steinheber and Kristin Hero of SATELL Rechtsanwälte Steuerberater acted as a legal advisor to UBM Realitätenentwicklung Aktiengesellschaft.

Two different institutional funds of Union Investment Real Estate GmbH cancelled the acquisition of two construction-ready low budget hotel projects in Munich and Berlin from UBM Realitätenentwicklung Aktiengesellschaft (WBAG:UBS) on January 23, 2016.