Gleiss Lutz has advised GE Capital Real Estate, a division of US group General Electric, on the sale of an extensive residential real estate portfolio. The portfolio was purchased by Austrian ATX-listed conwert Immobilien Invest SE, which intends to use the acquisition to expand its operations in Germany. The purchase price of approx. 179 million euros includes planned investments of 32,9 million euros over the next three years.
With a total of 265,815 m² in rented space the portfolio features an overall 4,016 residential units, most of which are located in Berlin, Leipzig and North Rhine-Westphalia. GE Capital is currently selling its entire housing stock in Germany for strategic reasons. conwert is financing the deal with one-thirds equity, and two-thirds borrowed capital.
The following team of Gleiss Lutz lawyers advised GE Capital Real Estate on the transaction: Dr. Tim Weber (partner, real estate/M&A), Dr. Christian Vocke (corporate/M&A, both lead), Dr. Burkhard Jäkel (partner, finance), Dr. Thomas Winzer (partner, employment), Dr. Carsten Walter (corporate), Dr. Linda Schlegel, Jessica Baumann, (all Frankfurt), Konrad H.J. Discher (Berlin, all real estate), Vanessa Maier (corporate), Verena Hechenblaikner (employment, both Frankfurt) and Dr. Jacob von Andreae (state aid, Düsseldorf).
GE Capital Real Estate Deutschland’s in-house legal team consisted of Timo Thömmes (general counsel) and Frank Partl (senior legal counsel).
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