Congrats on the new wheels! You sure you have 16x7 style 44's?
http://www.bmwstylewheels.com/bmw/44 shows these were 17X8.
My 95 Club Sport came with the original style 18 wheels and 225/50R16 tires. I also have style 35 wheels with the same tire size. The suspension is stock and there's plenty of clearance with these wheels.
The offset of your style 44 is close enough to stock (ET 47) that you shouldn't need spacers.