HSH Real Estate/Atisreal: Mandate to market Hessen's properties
The finance minister of Hessen has authorized HSH Real Estate AG and Atisreal to conduct the planned sale of a third package of the state's property (LEO III). The package includes 40 properties that the state largely wants to lease back. Hessen, Germany's centrally-located state that includes Frankfurt am Main, aims for revenue of at least €400mn from the sale. The transaction shall be concluded this fall. The state took its legal advice from Clifford Chance. Last year, Hessen had already sold a portfolio to CA Immo for €770mn, and in 2005, a portfolio for around €1bn to Commerzbank subsidiary CommerzLeasing und Immobilien Gruppe (CLI).