Berlin, June 24, 2019 – Greenberg Traurig has advised investors managed by the Velero Group (Velero) on the acquisition of approximately 2,700 residential units in North Rhine-Westphalia, Germany. The sellers are subsidiaries of LEG Immobilien AG. The parties have agreed to keep the purchase price confidential.
The acquired portfolio comprises of approximately 208,000 square meters of residential space. The residential properties are located in Dortmund, Duisburg, Remscheid, Wuppertal and Dorsten and are to be further developed by the buyers through significant investments in the portfolio. Velero currently manages over 4,500 residential units for its investors in North Rhine-Westphalia. With the acquisition, the total portfolio in Germany has grown to more than 10,400 apartments.
Greenberg Traurig has advised the buyers comprehensively on all legal aspects of the transaction, including financing and antitrust aspects.
Background: Greenberg Traurig has been regularly advising Velero and, in particular, on all previous acquisitions since its foundation in 2015. The team already assisted Velero in the acquisition and financing of a portfolio of 4,500 residential and 180 commercial units in North Rhine-Westphalia in 2017.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.
The acquired portfolio comprises of approximately 208,000 square meters of residential space. The residential properties are located in Dortmund, Duisburg, Remscheid, Wuppertal and Dorsten and are to be further developed by the buyers through significant investments in the portfolio. Velero currently manages over 4,500 residential units for its investors in North Rhine-Westphalia. With the acquisition, the total portfolio in Germany has grown to more than 10,400 apartments.
Greenberg Traurig has advised the buyers comprehensively on all legal aspects of the transaction, including financing and antitrust aspects.
Background: Greenberg Traurig has been regularly advising Velero and, in particular, on all previous acquisitions since its foundation in 2015. The team already assisted Velero in the acquisition and financing of a portfolio of 4,500 residential and 180 commercial units in North Rhine-Westphalia in 2017.
About Greenberg Traurig, LLP: Greenberg Traurig, LLP (GT) has more than 2,000 attorneys in 41 locations in the United States, Latin America, Europe, Asia, and the Middle East. GT has been recognized for its philanthropic giving, diversity, and innovation, and is consistently among the largest firms in the U.S. on the Law360 400 and among the Top 20 on the Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.