The investment company x + bricks has acquired 120 retail properties all over Germany. The seller is the real estate group TLG, to which x + bricks paid almost 500 million euros. The company only caused a stir in February when it bought the supermarket chain Real together with the Russian SCP Group.
Andreas Lischka
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Specifically, a portfolio of retail properties worth around 190 million euros and another portfolio for 300 million euros have been sold. Due to the tight timeframe in which the transaction took place, the buyer has a right of withdrawal for the second portfolio, which he can exercise until the end of August. The majority of the properties are located in the greater Berlin area, in Dresden and in Leipzig. With the latest acquisitions, x + bricks is increasing its real estate portfolio to a total of 220 properties. According to the company, the value of the portfolio will rise to around one billion euros.
Aroundtown took over TLG at the beginning of the year. In the course of this, the company is selling properties that do not fit into the investment strategy of the new owner. Aroundtown is mainly active in the office and hotel market, and occasionally invests in logistics real estate. Since retail real estate is not in the focus, TLG claims to have launched additional retail properties worth around 100 million euros.
Consultant x + bricks
White & Case (Frankfurt): Andreas Lischka (capital markets law / M & A), Rostyslav Telyatnykov (real estate law; both lead), Dr. Murad Daghles (M & A / Corporate; Düsseldorf), Endrik Lettau (real estate law), Gernot Wagner (capital market law), Dr. Bodo Bender (Taxes), Dr. Thyl Hassler (M & A / Corporate; Düsseldorf), Sebastian Pitz (M & A / Corporate), Dr. Sebastién Seele (real estate finance), Dr. Tim Bracksiek (Taxes); Associates: Sandra D’Ascenzo, Anne-Sophie von Koester, Behnam Yazdani (all real estate law), Markus Fischer (capital market law), Marianna Frenkel (M & A / Corporate), Jeffrey Miller, Irina Sichwardt, Guglielmo Ziani (all capital market law), Kathrin Ahting, Christian Crohn, Mathilda Xu (all public law; all Berlin), Dr. Philipp Kynast (Düsseldorf), Gabriele Stark (Hamburg), Kira Kuhnert, Giulia-Francesca Meyer, Laura Steyer, Alexander Hansen-Díaz (all Frankfurt; all M & A / corporate law)
Görg: Andreas Peter (Taxes; Munich), Oliver Nobel (Real Estate Law; Frankfurt)
Adviser to TLG Immobilien
In-house law (Berlin): Dr. Thorsten Deblitz (General Counsel), Dr. René Schober (Senior Legal Counsel)
In-house taxes (Berlin): Sebastian Prischmann (Head of Taxes)
Jung & Schleicher (Berlin): Dr. Mathias Jung (lead), Dr. Dominik Schneider; Associate: Gregor Noack (all real estate law)
P+P Pöllath + Partners (Berlin): Dr. Hardy Fischer, Sören Reckwardt; Associate: Dr. David Hötzel (all tax law)
Uses: Dr. Olaf Gerber (Faust Gerber Haines)
Background: White & Case’s contact with x + bricks came about through capital market lawyer Lischka, who advised the company during his time at Hengeler. His team then prevailed against other law firms in a pitch. Both Lischka and real estate lawyer Telyatnykov, with whom he shared the lead, were appointed partners at the beginning of the year. In addition, Görg was again in the mandate of the investment company. A team led by the Frankfurt partner Nobel recently advised x + bricks on the purchase of the Real supermarket chain.
In addition to General Counsel Deblitz, Senior Legal Counsel Schober played a key role in managing the sale. TLG also relied on the Berlin real estate boutique Jung & Schleicher. Their name partner Jung got to know TLG when he advised his long-standing client Aroundtown on the takeover of TLG at the beginning of the year. The real estate company also relied on a proven team for tax purposes. Tax chief Prischmann relied on the Pöllath consultants, with whom TLG already worked on the merger with Aroundtown. (Laura Bartels, Daniel Lehmann; with material from dpa)
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