Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised DAX 40 listed Vonovia SE on the sale of a minority stake of around 30% (after taking into account existing minorities) in its “Südewo” portfolio of more than 21,000 flats and on the establishment of the future joint venture. The stake is being acquired for one billion euros by a company managed by U.S. investor Apollo and financed with funds from insurance companies and other long-term investors. The transaction values the portfolio at €3.3 billion (excluding debt and cash), close to its book value as of 31 December 2022.

Closing of the transaction is expected to occur at the end of May 2023 and is subject to further conditions such as the absence of material adverse changes and regulatory clearances.

The Freshfields team was led by Partners Rick van Aerssen (Frankfurt/Düsseldorf) and Gregor von Bonin (Düsseldorf) and also included Partner Kai Hasselbach (Munich), Principal Associates Timo Piller (Düsseldorf) and Max Alles (Munich, all Corporate/M&A) and Associates Julia Mink, Lea Larissa Faltmann and Carolin Compes (all Corporate/M&A, Düsseldorf), Partner Martin Schiessl, Principal Associate Christian Schmidt and Associate Sebastian Jung (all Tax, Frankfurt), Partner Julia Haas and Principal Associate Dr. Sebastian Breder (both Real Estate, Frankfurt), Partner Mario Hüther and Principal Associate Dennis Chinnow (both Finance, Frankfurt) as well as Partner Katrin Gaßner (Düsseldorf) and Associates Malte Symann and David Leuthold (both Berlin, all Antitrust).