Berlin, September 26, 2019 - Greenberg Traurig advised Gewobag Wohnungsbau-Aktiengesellschaft Berlin (Gewobag) on the purchase of 23 properties with almost 6,000 apartments from ADO Properties S.A. (ADO). Gewobag acquires 100 percent of the shares of ADO subsidiaries. The purchase price amounts to EUR 920m. The share purchase agreement is subject to customary closing conditions, including merger control approval. The transaction is expected to complete on December 1, 2019.
The properties are located in the west and north of Berlin in the districts of Spandau and Reinickendorf. In addition to apartments, the portfolio also includes 70 commercial units. This transaction marks the largest re-municipalization in Berlin's history.
Greenberg Traurig advised Gewobag on all aspects of the transaction, in particular with regards to corporate and real estate law, financing as well as in the areas of public law and antitrust law. Greenberg Traurig has regularly advised Gewobag on transactions since 2012.
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