Global law firm White & Case LLP has advised Summit Group on the sale of a major part of its German commercial real estate portfolio to Tristan Capital Partners for an initial purchase price of €1 billion.
The closing of the transaction is subject to customary closing conditions, in particular antitrust clearance, and is expected to take place by the end of June 2021.
The target companies hold a total of 69 properties with net leasable space of 630,000 square meters, with the portfolio including office properties in the top seven cities in Germany. The portfolio of the listed Deutsche Real Estate AG, whose majority shareholder is Summit Group, was not part of the transaction.
Summit Group has been active in the German real estate market since 2004 and, through its subsidiaries, has assembled a portfolio of commercial properties with a market value of €1.5 billion.
The White & Case team which advised on the transaction was co-led by partners Andreas Lischka, Roger Kiem and Gernot Wagner (all Frankfurt) and included partners Rebecca Emory, Bodo Bender, Sebastién Seele, Rostyslav Telyatnykov, Tomislav Vrabec (all Frankfurt), Stefan Bressler (Frankfurt & Hamburg) and Tilman Kuhn (Düsseldorf), local partners Patricia Galts and Jochen Hoerth (both Frankfurt) and associates Sandra D’Ascenzo, Anne-Sophie von Koester, Marco Siemers, Jan Lampert, Sina Reck, Micha Gersdorf, Patrick Schoelles, Nane Juetting, Heinrich Nemeczek, Lukas Hackmann and Markus Fischer (all Frankfurt).
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