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27.12.2018

GSK Stockmann is advising ADLER Real Estate on selling approx. 2,300 apartments to a joint venture with Benson Elliot and approx. 1,400 apartments to an institutional investor

GSK Stockmann advised ADLER Real Estate AG on the successful conclusion of a joint venture agreement with Benson Elliot Capital Management and on the sale of about 2,300 residential units to this joint venture. Shortly before, GSK Stockmann had also advised ADLER on the sale of about 1,400 apartments to an institutional real estate investor.

ADLER sold a total of approximately 2,300 non-core residential units to the joint venture with Benson Elliot. With a share of 75%, the renowned private equity investor Benson Elliot is going to hold the majority in the new joint venture while ADLER is going to hold 25%. ADLER will continue to assure the asset, property and facility management of this portfolio. The closing of this transaction is still conditional to the competition authorities’ approval.

GSK Stockmann comprehensively advised ADLER Real Estate AG on the transaction and also coordinated with the Dutch firm Loyens & Loeff that also supported ADLER.

On December 17, 2018, ADLER Real Estate already announced the successful sale of approximately 1,400 non-core residential units to an institutional real estate investor – a deal GSK Stockmann had also supported. The apartments are mostly located in North Rhine-Westphalia (40%), Saxony (22%) and Lower Saxony (21%).

Together, the two sales of 2,300 non-core residential units to the new joint venture and 1,400 non-core units to the institutional investor are a significant step for ADLER towards its long-term goal of further improving the operative and financial figures.

1. Advisers of ADLER Real Estate AG on the joint venture agreement and sale of approx. 2,300 apartments to the joint venture with Benson Elliot Capital Management:

GSK Stockmann: Max Wilmanns (corporate/real estate law, lead), Dr. Andreas C. Peters (corporate/real estate law), Dennis Stenzel (real estate law), Wolfgang Jegodka (antitrust law); Associates: Franziska Koch, Mieke Wittmann (both real estate)

2.  Advisers of ADLER Real Estate AG on the sale of about 1,400 apartments to  an institutional real estate investor:

GSK Stockmann: Max Wilmanns (corporate/real estate law, lead), Dr. Andreas C. Peters (corporate/real estate law), Dennis Stenzel (real estate law), Dr. Alma Franke (finance law), Dr. Dirk Koch (tax law); Associates: Franziska Koch (real estate law), Rebecca Comtesse (finance law), Markus Werth (tax law)