Linklaters advised the group of investors acquiring about 92% of the shares in GWB, the residential real estate subsidiary of BayernLB, in a bidding process led by the real estate investment company Patrizia. Additionally, further share packages will be transferred to the syndicate of 27 investors, including Münchner Lebensversicherung WWK, Stuttgarter WGV Versicherungen and Sparkassenversicherung. In total, the investors’ share in GBW will thus be about 96.5% in the future. The transaction has a volume of Euro 2.45 billion and is still subject to the cartel authorities’ consent.

The SPA also includes a social charter, which provides e.g. for a ten year protection against termination for the currently about 85,000 lessees. The syndicate finances the majority acquisition of GBW, which had to be sold at the instruction of the EU, with equity. Linklaters advised the investors in the acquisition of the 32,000 residential and 300 commercial premises with regard to the fund structure and the investment agreement.

The Linklaters team was led by Markus Wollenhaupt (Investment Management, Frankfurt) and Florian Lechner (Tax, Frankfurt). Other team members included Ulrich Wolff (Corporate, Frankfurt), Dr Wolfram Krüger (Real Estate, Frankfurt), Rocco Beck (Investment Management, Frankfurt), Dr Martin Haisch (Tax, Frankfurt), Dr Marc Banzhaf, Daniel Buchinger (both Real Estate, Frankfurt), Dr Donovan Lippe, Johannes Niesemeyer (both Investment Management, Frankfurt), Dr Harald Hecht (Tax, Frankfurt) and Thilo Zimmermann (Corporate, Frankfurt).

http://www.linklaters.com/News/LatestDeals/2013/Pages/Investors-acquire…