Greenberg Traurig has assisted Heimstaden Bostad on expanding its European partnership with Allianz in the residential market. Allianz and Heimstaden Bostad have agreed to form a new joint venture comprising Allianz’s German residential real estate portfolio with 38 properties and 3,135 homes located in Düsseldorf, Greater Munich, Cologne, Bonn, Berlin, and Stuttgart. Heimstaden Bostad’s equity investment for their 43.75 percent stake in the German joint venture amounts to EUR 262 million. The portfolio will be managed by Heimstaden adopting Heimstaden Bostad’s sustainability programme including ESG improvements, mainly focused on energy optimization. The goal is to reduce greenhouse emission in line with the Paris Agreement.
Simultaneous with the formation of the German joint venture, Allianz Real Estate, on behalf of Allianz companies, and Heimstaden Bostad agreed to inject SEK 7 billion (EUR 650 million) in new equity in the existing Swedish joint venture.
The transaction is conditional upon merger clearance by the German Federal Cartel Office and is expected to be completed in December 2022.
Background: Greenberg Traurig has assisted Heimstaden Bostad on several major acquisitions in the residential sector since 2020, inter alia on the EUR 9.1 billion-acquisition of the Akelius group in Germany, Sweden and Denmark with some 29,000 apartments.
Simultaneous with the formation of the German joint venture, Allianz Real Estate, on behalf of Allianz companies, and Heimstaden Bostad agreed to inject SEK 7 billion (EUR 650 million) in new equity in the existing Swedish joint venture.
The transaction is conditional upon merger clearance by the German Federal Cartel Office and is expected to be completed in December 2022.
Background: Greenberg Traurig has assisted Heimstaden Bostad on several major acquisitions in the residential sector since 2020, inter alia on the EUR 9.1 billion-acquisition of the Akelius group in Germany, Sweden and Denmark with some 29,000 apartments.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2500 attorneys in 43 locations in the United States, Europe, Latin America, Asia, and the Middle East. The firm reported gross revenue of over $2 Billion for FY 2021 and is consistently among the top firms on the Am Law 100, Am Law Global 100, and NLJ 250. On the debut 2022 Law360 Pulse Leaderboard, it is a Top 15 firm. Greenberg Traurig is Mansfield Rule 5.0 Certified Plus by The Diversity Lab and the Center for Resource Solutions Green-e® Energy program certifies that the firm’s U.S. offices are 100% powered by renewable energy. The firm is often recognized for its focus on philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.