BERLIN – Aug. 24, 2016 – Greenberg Traurig Germany advised Berlinovo Immobilien Gesellschaft mbH (berlinovo) on the sale of a nationwide nursing home portfolio. Berlinovo sold the properties in a structured bidding process to the Deutsche Wohnen AG group for a total purchase price of 420.5 million euros. This is the biggest nursing home transaction of 2016 in the German market.
The portfolio consists of 28 individual buildings, spread over eight federal states. The homes have a total of 4,132 care places on a total leasable area of nearly 180,000 square meters. Owners and sellers of the portfolio are 13 fund companies, which are managed by berlinovo.
The transaction was certified on August 5, 2016. The transaction is effective with today's approval of berlinovo’s Supervisory Board, subject to antitrust approval.
The Greenberg Traurig Germany team advised berlinovo comprehensively on all aspects of the transaction.
Background:
The Greenberg Traurig Germany team has, for many years, regularly accompanied berlinovo in real estate transactions, primarily in the context of individual and package sales. The attorneys had also previously advised the restructuring of a large part of the related leases in connection with this portfolio. In addition to real estate transactions Greenberg Traurig Germany also advises berlinovo on energy contracts (Energized Real Estate) and various other outsourcing projects. In 2014, however, the current team advised the opposing party, as berlinovo sold the so-called Phoenix portfolio of 15,000 apartments to Westgrund and FFire.
berlinovo is a German real estate service provider owned by the state of Berlin. Founded in 2006 as BIH, the company manages a portfolio of 24 real estate funds with 395 properties in its own name, around 99.5 percent of which are currently owned by the state.
Legal Advisors:
Lead Partners: Dr. Florian Rösch and Dr. Peter Schorling (Real Estate and Corporate M&A)
Other Partners: Dr. Martin Hamer (Public Law), Georg von Wallis (Tax Law), Dr. Christoph Enaux (Antitrust Law)
Associates: Dr. Sara Berendsen (Corporate M&A), Martin Culinovic (Antitrust Law), Martin Dobias (Real Estate), Adrian Helfenstein (Real Estate), Oliver Markmann (Corporate M&A), Simon Pfefferle (Corporate), Claudia Stremel (Tax Law)
About Greenberg Traurig Germany
Greenberg Traurig is one of the largest transactional law firms, serving clients from 38 locations across the globe. In Germany, more than 50 lawyers provide legal advice predominantly on transactions in the real estate, technology and telecommunications, media and entertainment, and infrastructure sectors.
The law firm is characterized by its integrated approach that combines legal know-how with in-depth industry knowledge. For this reason, the attorneys are regularly recommended by leading legal directories. In 2016, German newspaper Handelsblatt in conjunction with Best Lawyers recognized the team once again in its “Best Lawyers in Germany” ranking.
Greenberg Traurig was founded in the U.S. in 1967. Internationally, 2,000 attorneys in the U.S., Europe, Asia and Latin America offer legal advice to innovative companies.
For more information please visit www.gtlaw.de.
About Greenberg Traurig, LLP
Greenberg Traurig, LLP (GTLaw) has more than 2,000 attorneys in 38 offices in the United States, Latin America, Europe, Asia and the Middle East and is celebrating its 50th anniversary. One firm worldwide, GTLaw has been recognized for its philanthropic giving, was named the largest firm in the U.S. by Law360 in 2017, and among the Top 20 on the 2016 Am Law Global 100. Web: www.gtlaw.com Twitter: @GT_Law.