Under the leadership of the Munich partner and Co-Head of the Corporate/M&A practice group, Dr Florian Becker, Noerr has advised Dr Michael Jaffé, insolvency administrator of the assets of Stadtwerke Gera Aktiengesellschaft, extensively on a transaction process put out to tender EU-wide for the sale of its 74.9 per cent stake in GWB Elstertal Geraer Wohnungsbaugesellschaft mbH. The shares have been acquired by the internationally renowned real estate company Benson Elliot, which already has several reference projects in Germany. A corresponding purchase agreement has been executed between the company and the insolvency administrator of Stadtwerke Gera Aktiengesellschaft.

GWB Elstertal currently owns more than 6,700 residential and commercial units, as well as a large number of undeveloped areas in Gera. With this acquisition, Benson Elliot is expanding its real estate portfolio in Germany and is planning, in agreement with the city of Gera, to invest in improving the housing situation in Gera and reducing the vacancy rate.

As is normal for such transactions, the parties agreed not to disclose the purchase price.

Representatives of insolvency administrator Dr Michael Jaffé:

Noerr LLP: Dr Florian Becker (lead, M&A), Marco Winterer (Real Estate,) Martin Nigl (Corporate, all Munich), Dr Morris Besch (Corporate), Robert Matthes (Regulatory & Governmental Affairs , both Dresden)

Associates: Jasmin Wagner (Corporate, Munich), Robert Korndörfer (Corporate, London), Doreen Pape (Corporate Finance, Frankfurt)

http://www.noerr.com/en/press-publications/PressReleases/stadtwerke-ger…