DLA Piper has advised Landesbank Baden-Württemberg (LBBW) on the financing of two residential property portfolios owned by the future ADLER Real Estate Group with a total volume of EUR426 million.
The two real estate portfolios consist of approximately 365,000 m2 lettable area with an annual net rent of around EUR30 million and are spread over eight federal states and 23 locations.
ADLER Real Estate Group will result from the merger of Adler Real Estate AG and ADO Properties S.A., making it the third largest housing company in Germany.
LBBW is the largest German Landesbank and a leading provider of financing solutions for companies in the real estate industry.
The DLA Piper Frankfurt-based team was led by partners Frank Schwem and Dr Torsten Pokropp (both Finance & Projects) and also comprised partner Fabian Mühlen (Real Estate), senior associate Tony Sparing (Finance & Projects), associate Konstantin Decker-Horz (Real Estate) as well as transaction lawyers Dr Zsuzsanna Somogyi-Csizmazia and Merve Schmitte (both Finance & Projects). In The Netherlands, partner Lex Oosterling and associate Cindy Van Rossum (both Finance & Projects, Amsterdam) also advised on the transaction.
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