Lovells and Taylor Wessing advise on Magenta-Transaction

Luxembourg based Euro Estate S.à.r.l., a subsidiary of an investment fund managed by Swiss UBS AG has sold its subsidiary BDPE S.à r.l. to Israeli real estate investor Summit Real Estate Holdings Ltd. BDPE owns ten office buildings in Germany which were originally part of the portfolio known as the "Magenta-Portfolio" and leased-back by Deutsche Telekom AG in 2002. The purchase price including assumed debt amounts to EUR 142.6 million. The acquisition was financed by Credit Suisse First Boston International based on arrangements by Buchler Barnett Finance.

The ten buildings acquired by Summit have a total floor space of about 120,000 sqm. They are located in ten German cities and rented by Deutsche Telekom based on long term lease agreements.

Hinrich Thieme, head of Lovells German real estate practice, commented as follows: "We are happy to advise UBS Wealth Management on this transaction, especially as we were the banks legal partner when they bought the property portfolio for BDPE. The complete transaction was very fast and efficient."

Summit which was advised by a Taylor Wessing Team lead by Achim Glade is listed on the Tel Aviv Stock Exchange and is one of the prominent Israeli investors in the German real estate market. Summit is controlled by Mr. Zohar Levy in partnership with Clal Insurance Company, the largest Israeli insurance company.

Zohar Levy, Summit's Chairman, commented as follows: "The total portfolio we have acquired includes also two additional Telekom properties we have acquired from DIC and Starwood Capital. The total investment exceeds Euro 180 million with a total floor space of 200,000 sqm. We intend to keep our focus in Germany and we are in the process of additional acquisitions".

Advisors to Euro Estate/UBS AG:

Lovells, Frankfurt – Partners: Dr Hinrich Thieme (Real Estate), Dr Tim Oliver Brandi (Corporate) Associates: Sigrun Schlaugk, Jochen Schlüter (Real Estate), Matthew Andrews (London, Banking)

Wildgen&Partners, Luxembourg (Local Counsel): François Brouxel

Advisors to Summit:

Taylor Wessing – Partners: Dr Achim Glade (Corporate), Dr Reinhard Bartholomäi (Real Estate), Eckhard Lehmann (Tax), Claus Goedecke (Finance) Associates: Sabine Siehr (Finance), Kristina Küster (Real Estate)

Chet Sarid Gruber, Tel Aviv: Gal Chet

Loyens Wienandy, Luxemburg (Local Counsel): Françoise Pfeiffer, Jean-Marc Delcour (Corporate)

Loyens Loeff, Amsterdam (Local Counsel) – Heico Reinoud, Alexandra Piksen

Advisors to CSFBI:

Noerr Stiefenhofer Lutz - Partners: Dr. Hans-Günther Nordhues (Corporate Finance), Georg Edelmann (Tax) Of Counsel: Dr. Rainer Eichholz Associates: Andreea Poenaru, Dr. Kai Erhardt(Corporate Finance), Dr. Michaela Engel (Tax)