Blackstone Real Estate Partners Europe V L.P. managed by Blackstone Real Estate Advisors and QUINCAP Investment Partners GmbH & Co. KG agreed to acquire Axel Springer Passage from Axel Springer SE (DB:SPR) for €330 million on July 5, 2017. As per the terms, Blackstone will acquire majority stake in Axel Springer Passage, while Quincap will retain minority. In a related transaction, Axel Springer agreed to sell Axel Springer Neubau Office Building to Norges Bank Real Estate Management for approximately €430 million. The total purchase price for both buildings is approximately €760 million. The sale deed for Axel Springer Passage will enter into effect with the payment of the purchase price and handover of the building at the end of 2017. The deal is expected to close in December 2017. Axel Springer can use the proceeds from the sale for future digital growth initiatives. Thomas Müller, John Flüh, Jan D. Bonhage, Lars Voigt, Loretta Lang, Mandana Bahrampour, Erasmus Hoffmann and Maren Klinsing of Hengeler Mueller Partnerschaft von Rechtsanwälten mbB acted as legal advisors and JLL acted as real estate advisor to Axel Springer. Patrick Reich of Caleus Capital Investors acted as real estate advisor to Axel Springer. Fabian Böhm, Manuel Lomb, Magda Pawela-Häusler, Thorsten Sauerhering, Dominik Engl, Markus Kallenbach, Laura Lamster, Mathias Elspaß, Zaid Mansour, Marc Besen, Dimitri Slobodenjuk and Miriam Kammer of Clifford Chance LLP acted as the legal advisors, CBRE acted as the real estate agent and Celexis acted for Blackstone and QUINCAP.