Gleiss Lutz has advised Union Asset Management Holding AG (Union Investment) on the acquisition of a 49.9 percent participation in the newly established ZBI Partnerschafts-Holding GmbH (ZBI Partnerschafts-Holding). The ZBI group’s extensive experience and competence in the area of residential property will be concentrated and continued in the form of an independent unit specialising in residential property investments. An agreement to that effect was signed on 6 March 2017. Closing is subject to the requisite regulatory approvals and expected to be completed in the second quarter of 2017.
At the end of 2016 Union Investment managed assets worth more than EUR 34 billion in the real estate asset class. Union Investment intends to expand its existing portfolio of open-ended real estate funds by the residential property sector and to further increase its share in ZBI Partnerschafts-Holding in the long term as part of its collaboration with ZBI Group.
The ZBI Zentral Boden Immobilien AG is a real estate undertaking focusing on German residential property and employing around 270 staff at twelve locations. It is an issuing house for real estate funds investing in residential and commercial real estate in Germany.
Union Investment was represented by a Gleiss Lutz team headed by Dr. Jan Bauer (lead, partner), Dr. Rüdiger Schmidt-Bendun and Dr. Konstantin von Dryander (all corporate/M&A), which included the following lawyers: Vanessa J. Carduck, Andreas Knossalla (both corporate/M&A, Frankfurt), Dr. Birgit Colbus (counsel), Saskia Marie Kirchgeßner (both competition/antitrust, Frankfurt), Dr. Stefan Mayer (partner), Melanie Nadler-Jagers (both tax, Frankfurt), Dr. Herwig Lux (counsel, Stuttgart), Dr. Alexander Molle (counsel, Berlin) (both IP/IT), Christian Mathias (employment, Frankfurt), Sebastian Tusch (counsel), Dr. Benjamin Herz, Nikolos Tsagareli (all banking and finance, Frankfurt), Dr. Maximilian Hoffmann (dispute resolution, Munich).
Union Investment´s in-house legal team consisted of Jochen Riechwald, Dr. Carsten Fischer and Marcus Herrmanns.
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