Clifford Chance advises NZP on German residential portfolio acquisition
Clifford Chance has advised a subsidiary of Net Zero Properties Group (NZP), a portfolio company of ZAGA Capital Partners (ZAGA), on the acquisition of a residential portfolio comprising 1,010 units and approximately 57,800 sqm spread across seven clusters in Northern Germany.
Completion is expected in Q3 2026, subject to customary closing conditions. Following completion, NZP’s total portfolio will comprise more than 15,400 residential units across Germany, with current annual net rental income exceeding €77 million.
About ZAGA Capital Partners
ZAGA is a London-based private real estate investment firm. Its flagship ZAGA German Real Asset Opportunities II Fund held a first close in March 2026, securing approximately €500 million of equity commitments.
The Clifford Chance team
The Clifford Chance team advising the NZP subsidiary was led by partner Dennis Blechinger (real estate, Munich), with partner Dominik Engl (tax, Frankfurt) leading the structuring and taxation workstream.
The team further comprised counsel Martin Barlösius, senior associates Sabrina Tenebruso and Magda Pawela-Häusler, associate Miriam Sax, and senior transaction lawyer Birgit Seyfert (all real estate, Munich and Frankfurt), partners Tobias Schulten (debt finance, Frankfurt), Saskia Myners (corporate, Luxembourg), and Mark Aschenbrenner as well as senior transaction lawyer Carina Soesanto (both private equity, Munich and Frankfurt), senior associate Tom Bleser (tax, Luxembourg), transaction lawyer Jule Geiger, and tax consultant Leonie Gebauer (both tax, Frankfurt and Munich).
