Double success

03.03.2014

The international law firm Noerr advised Deutsche Annington Immobilien SE (“Deutsche Annington”) both on the purchase of approx. 11,500 residential units managed by DeWAG and on the simultaneous integration of approx. 30,000 residential units of the Vitus Group. Both portfolios together make approx. 41,500 units with more than 2.6 million square metres. Partners Dr. Holger Alfes, Christoph Brenzinger and Prof. Dr. Alexander Goepfert led in the transaction.

In this context, Deutsche Annington has reached an agreement in principle with certain shareholders of the Vitus group ("Vitus") with respect to the integration of certain Vitus entities comprising around 30,000 residential units into the Deutsche Annington group for a consideration of EUR 1.4 bn (including the assumption of certain liabilities and the repayment of third party debt). The agreement in principle is subject to certain closing conditions. The agreement in principle is also subject to the approval of cartel offices and certain shareholders of Vitus. Completion of the transaction is planned for the fourth quarter of 2014.

In addition, Deutsche Annington entered into a purchase agreement with respect to the acquisition of a portfolio of around 11,500 residential units managed by DeWAG. The purchase price for this portfolio amounts to about EUR 970 million (including the assumption of liabilities). The acquisition is subject to certain conditions to closing. Completion of the acquisition is planned for the second quarter of 2014.

Deutsche Annington will finance the transactions with the assumption of existing liabilities and a combination of equity and debt instruments.

Noerr advised Deutsche Annington comprehensively with teams from all departments on the legal aspects and the complex structuring of both transactions.

“The transactions show that the German market offers residential property companies excellent possibilities to optimise their portfolios and further develop their businesses”, said Prof. Dr. Alexander Goepfert, head of the Noerr Real Estate Investment Group. “I am delighted that, together with the legal department of Deutsche Annington, we were able to conclude both demanding transactions successfully on time.”

In the real estate sector, our law firm, through its inter-disciplinary Real Estate Investment Group (REIG), offers integrated advice for real estate transactions and financing and combines know-how from the areas of real estate, finance, tax and corporate. The REIG has recently acted for GBW AG in the takeover by PATRIZIA Immobilien AG, with a volume of 2.5 billion Euro the largest German real estate transaction of the past five years. In addition, two different teams of the REIG advised the finance investor Lone Star on the acquisition of TLG Immobilien from the Federal Republic of Germany and TAG Immobilien AG on the purchase of TLG Wohnen. Noerr thereby advised both successful bidders in the privatisation of TLG.

Advisor Deutsche Annington Immobilien SE: Noerr LLP

Noerr Team DeWAG Transaction:

Dr. Holger Alfes (REIG/corporate), Christoph Brenzinger (REIG/real estate), Prof. Dr. Alexander Goepfert (REIG/real estate), all leading

Dr. Andreas Butz (employment), René Dubois (REIG/corporate), Hanne Kara (REIG/real estate), Dr. Jens Liese (corporate), Dr. Patrick Mückl (employment), Andreas Naujoks (REIG/finance), Dr. Oliver Trautmann (tax), Dr. Kathrin Westermann (antitrust law), Lutz Enno Werner (REIG/tax), David Zafra Carollo (REIG/real estate)

Associates: Michael Achtert (REIG/real estate), Sonja Beier (REIG/real estate), Dr. Christian Johnen (corporate), Jan Kriszeleit (finance), Dr. Maximilian Schulte (REIG/real estate), Dr. Sebastian Schürer (corporate)

Noerr-Team Vitus Transaction:

Dr. Holger Alfes (REIG/corporate), Christoph Brenzinger (REIG/real estate), Prof. Dr. Alexander Goepfert (REIG/real estate), all leading

Dr. Andreas Butz (employment), Hanne Kara (REIG/real estate), Dr. Nadejda Kysel (finance), Dr. Patrick Mückl (employment), Andreas Naujoks (REIG/finance), Dr. Kathrin Westermann (antitrust law), Dr. Laurenz Wieneke (REIG/capital markets), Lutz Enno Werner (REIG/tax), David Zafra Carollo (REIG/real estate)

Associates: Bodo Dehne (corporate), Jennifer Konrad (corporate), Jan Kriszeleit (finance), Dr. Heiko Piesbergen (public law), Melanie Schulla (finance)