LAWFUEL – Law News, Law Jobs – Freshfields Bruckhaus Deringer advise…

LAWFUEL – Law News, Law Jobs – Freshfields Bruckhaus Deringer advised Pirelli & C. Real Estate SpA on its acquisition of the DGAG Deutsche Grundvermögen AG property company for approximately €440m from HSH N Real Estate AG and majority shareholder B&L Immobilien AG. DGAG’s property assets of over 20,000 residential properties and stakes in commercial properties totalling 175,000 m2 are valued at approx. €1.5bn.

B&L Immobilien AG, in which Pirelli Real Estate will acquire a 95.3 per cent stake, directly and indirectly holds approx. 62 per cent of the shares in DGAG. Plans for an initial public offering will now not be pursued.

Stephanie Hundertmark, corporate partner at Freshfields Bruckhaus Deringer, commented: ‘We are delighted that we were able to assist Pirelli Real Estate on this highly complex transaction with an integrated team from several of our German offices and our Milan office. The transaction represents a strategic milestone for Pireli Real Estate in Germany.’

‘The transaction underscores the leading role Freshfields plays in the German real estate market and proves once again the value of our cross-border network’, added Christian Schede, the partner who led the real estate aspects of the deal.

Pirelli Real Estate intends to build DGAG, with headquarters in Hamburg und Kiel, into a leading property company in Germany. The transaction should complete by the end of this year and is still subject to approval by the relevant antitrust authorities.

The Freshfields team included partners Adalbert Rödding (Tax, Cologne); Tobias Müller-Deku (Finance, Munich); Massimo Benedettelli (Corporate, Milan); Alfried Heidbrink (Dispute Resolution, Berlin); Franz Aleth and Kai Hasselbach (Corporate, Cologne), Elmar Schnitker (Employment, Pensions and Benefits, Cologne).

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