Vestigo Capital Advisors LLP is buying ACCENTRO Real Estate AG from ADLER Real Estate AG. The purchase price is about 180 million euros ($211.4 million). ACCENTRO, of Berlin, is a listed residential property company. Kirkland & Ellis advised Vestigo.
MUNICH, October 23, 2017 ––– Kirkland & Ellis is advising an investment company managed by Vestigo Capital Advisors LLP on the acquisition of ACCENTRO Real Estate AG from ADLER Real Estate AG. The purchase price is approx. € 180 million.
The investment company advised by Vestigo Capital will acquire approx. 80% of stakes in ACCENTRO and 92% of the convertibles 2014/2019 issued by ACCENTRO. This represents a total of 82% shares on a fully diluted basis.
The takeover agreement between Vestigo Capital and ADLER provides for a first payment by the buyer at closing, and successive tranches over the next 12 months. In addition, ADLER Real Estate has the option to sell a further holding of up to 6% in ACCENTRO to the fund advised by Vestigo Capital at the same price per share.
The closing of the transaction is scheduled for the end of November at the latest. The closing of the acquisition is expected to trigger a mandatory takeover offer for all shares of ACCENTRO pursuant to the German Securities Acquisition and Takeover Law, unless the buyer launches a qualifying voluntary tender offer for all shares of ACCENTRO.
Vestigo Capital Advisors LLP is a FCA authorized and regulated entity with assets under management of approx. US$ 250 million. The focus is on real estate, energy, infrastructure and hospitality.
ACCENTRO Real Estate AG is a company based in Berlin, specializing in the creation and marketing of residential property. In 2007, the company went public; ADLER Real Estate AG has been the main shareholder since 2014.
Kirkland & Ellis in Munich advises Vestigo Capital with the following team:
Benjamin Leyendecker (Private Equity / Corporate, lead), Attila Oldag (Private Equity, lead), Wolfgang Nardi (Debt Finance), Oded Schein (Tax); Associates: Sebastian Häfele (Private Equity / Corporate), Greta-Josefin Harnisch (Private Equity), Daniel Hiemer (Tax), Katharina Hohmann (Debt Finance)
About Kirkland & Ellis
Kirkland & Ellis LLP (www.kirkland.com) is a 2,000-attorney law firm representing global clients in private equity, M&A and other complex corporate transactions, restructuring and tax, litigation and dispute resolution/arbitration, and intellectual property and technology matters. The Firm has offices in Munich, Boston, Chicago, Beijing, Hong Kong, Houston, London, Los Angeles, New York, Palo Alto, San Francisco, Shanghai and Washington, D.C. In Germany, Kirkland regularly advises renowned private equity investors, their portfolio companies and funds.