DLA Piper has advised Longway Trading  on the sale of its Cyprus subsidiary MountainPeak Trading  to the German listed company Adler Real Estate AG, Frankfurt aM for approximately €285 million.

Mountain Peak, which formed part of the activities of the entrepreneur Teddy Sagi, holds 24.79 per cent in conwert Immobilien Invest SE, Vienna, one of the leading real estate companies in the German-speaking region with residential and commercial properties in Austria and Germany.

The purchase price for the strategic investment has already been fully funded. Part of the purchase price will be financed by issuance of a mandatory convertible bond in favour of the seller for the amount of €175 million with a coupon of 0.5 per cent, a conversion price of €16.50 per ADLER share and a term of three years.

The multi-jurisdictional DLA Piper team led by partner John Campion (Corporate, Birmingham) comprised partners  Stephen Atkinson (Corporate, Leeds), Anna Robson (Finance & Projects, Leeds), Sarah Day (Finance, Leeds),  Dr. Christoph Mager (Corporate, Vienna), Dr. Christian Temmel (Regulatory, Vienna), Dr. Nina-Luisa Siedler (Finance & Projects, Frankfurt), Dr. Nils Krause (Corporate, Hamburg), Dr. Andreas Meyer-Landrut (Corporate, Cologne), and Dr. Konrad Rohde (Tax, Frankfurt) as well as Counsels Ralf Schmitt (Corporate, Frankfurt) and Dr. Raimund Behnes (Tax, Frankfurt), Senior Lead Lawyer Elisabeth Stichmann (Corporate, Vienna) and associates Jenna Ostrowski (Corporate, Birmingham) and Bettina Haider-Giangreco (Corporate, Cologne).