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White & Case Advises ADO on Acquisition of Control over Consus

Global law firm White & Case LLP has advised Luxembourg-based real estate company ADO Properties S.A. (ADO) on a further step towards its planned acquisition of leading real estate developer Consus Real Estate AG (Consus). 

On December 15, 2019 ADO had announced that it had entered into an agreement with Aggregate Holdings S.A. (Aggregate) to acquire a majority stake in Consus. ADO has now exercised the call option to acquire control of Consus and has completed the settlement. 

In the course of the acquisition, ADO had announced that it would submit a voluntary public tender offer to all minority shareholders in Consus. ADO has received irrevocable commitments to accept the tender offer, which will lead to a stake of more than 80 percent. 

White & Case previously advised ADO on offers for ADLER Real Estate Aktiengesellschaft (ADLER) and WESTGRUND. Following ADO’s takeover of ADLER, the acquisition of Consus will create the fourth largest listed residential real estate company in Europe by total property value.

The White & Case team which advised on the transaction included partners Roger Kiem, Tobias Heinrich, Lutz Krämer, Gernot Wagner, Rebecca Emory, Thilo Diehl (all Frankfurt), Stefan Bressler (Frankfurt & Hamburg), Bodo Bender, Karsten Wöckener, Andreas Lischka, Alexander Kiefner and Holger Wolf (all Frankfurt), local partners Sebastian Pitz and Tim Bracksiek (both Frankfurt), and associates Nico Frehse (Hamburg). Patrick Schoelles, Marianna Frenkel, Robert Nachama and Sandra D’Ascenzo (all Frankfurt).

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