Berlin, July 22, 2019 – Greenberg Traurig advised Benson Elliot on the sale of its 74.9 percent majority stake in GWB "Elstertal" Geraer Wohnungsbaugesellschaft mbH (GWB). The buyer is an investment company of the Free State of Thuringia, Germany. The parties have agreed to keep the purchase price confidential.
Benson Elliot acquired a majority stake in GWB in August 2016. At that time, the managed portfolio comprised around 330 buildings with 6,700 residential units and 402,000 square meters of rental space. Since then, the portfolio has increased in value through targeted investments and the optimization of management processes. In addition, properties not belonging to the core residential business were sold and a comprehensive refinancing agreement was concluded with the Landesbank Baden-Württemberg at the beginning of 2019.
Greenberg Traurig advised Benson Elliot comprehensively on all legal aspects of the sale of GWB to the Free State of Thuringia. The purchase agreement was notarized in Weimar on 18 July 2019 and closed immediately on 19 July 2019. Merger clearance was obtained already before signing.
Background: Benson Elliot has been a client of the firm for many years. Greenberg Traurig already provided legal advice to Benson Elliot when it acquired its stake in GWB in 2016.
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