Noerr successfully advises Gateway Real Estate AG on the first going public in 2019 on the Frankfurt Stock Exchange
Noerr advised Gateway Real Estate AG and its main shareholder, SN Beteiligungen Holding AG, on the first successful German going public in 2019. As of April 12, 2019 the company's shares will be listed on the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Prior to the admission, the company and SN Beteiligungen were able to place new and existing shares in the company with institutional investors in a total volume of around €180.0 million as part of an international private placement. The company will receive gross proceeds of €67.6 million from this private placement. As a result, the company's free float will increase to around 25 percent if the Greenshoe option is exercised in full.
Gateway Real Estate AG sees itself as one of the leading real estate developers with a focus on the German real estate market. The company currently has a diversified development portfolio of 41 residential and commercial real estate projects across Germany with a gross lettable area of more than 800,000 sqm and a gross development value (GDV) of around €3.7 billion (including joint ventures). In addition, the Company believes that there is an acquisition pipeline of further investment opportunities with a GDV of approximately €1.0 billion (including joint ventures) where negotiations are at an advanced stage. In addition to its real estate development activities, the company also manages a portfolio of selected portfolio properties with a gross asset value (GAV) of approximately €278 million.
Credit Suisse acted as Sole Global Coordinator for the going public, Société Générale acted as Joint Bookrunner and Quirin Privatbank acted as Co-Lead Manager.
A Noerr team led by Laurenz Wieneke and Julian Schulze De la Cruz advised on the going public. The US legal aspects of the transaction were advised by a Proskauer Rose team led by Peter Castellon.
By accompanying the going public, Noerr was once again able to successfully combine its real estate and corporate law expertise in an interdisciplinary advisory team. An interdisciplinary team of advisors led by Laurenz Wieneke and Oliver Schließer had already comprehensively advised the company in 2018 on the acquisition of Development Partner AG and the subsequent contribution in the form of a non-cash capital increase as well as the conversion of accounting to IFRS.
Gateway Real Estate AG and SN Beteiligungen Holding AG: Noerr LLP
Dr Laurenz Wieneke, Dr Julian Schulze De la Cruz (joint lead, both capital market law, Frankfurt), David Zafra Carollo (Real Estate Investments, Düsseldorf), Dr Matthias Geurts, Dr Martin Haisch (both Tax, Frankfurt)
Associates: Dominique Stütz, Dr Dirk Buken (both Capital Markets, Frankfurt), Alexander Mühleisen (Real Estate Investments, Düsseldorf), Kim Schick (Corporate/M&A, Frankfurt)
Inhouse Gateway Real Estate AG: Victor Schwarz, LL.M.
Advisor US law: Proskauer Rose LLP
Peter Castellon, Luisa Ewing, Malini Mukhopadhyay (all capital market law, London)