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White & Case advises Adler Real Estate on sale of BCP shares to LEG

Global law firm White & Case LLP has advised ADLER Real Estate AG, a subsidiary of ADLER Group, on the sale of approximately 7 percent of the shares in Brack Capital Properties N.V. (BCP) to a subsidiary of LEG IMMOBILIEN SE (LEG).

An Irrevocable Tender Commitment was also signed for the additional 63 percent of BCP shares held by ADLER Real Estate. Under the terms of the agreement, ADLER Real Estate is obliged to tender its remaining shares if LEG makes a public takeover offer for BCP at a price per share of at least €157.00 and the (first) acceptance period ends no later than September 30, 2022. Under such an acquisition offer, the price for the shares held by ADLER Real Estate would be approximately €765 million. This is in addition to the €75 million initial stake and above the European Public Real Estate Association net asset value per share as of September 30, 2021.

The White & Case team which advised on the transaction was led by partners Gernot Wagner and Andreas Lischka (both Frankfurt) and included partners Roger Kiem, Bodo Bender and Rebecca Emory (all Frankfurt), local partners Sebastian Pitz, Tim Bracksiek (both Frankfurt) and Mathis Rust (Düsseldorf) and associates Patrick Schoelles, Agmal Bahrami, Nane Jütting and Gürkan Akbaba (all Frankfurt).

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