White & Case advises Adler Group on sale of 62.78 percent stake in Brack Capital Properties to LEG Immobilien

Global law firm White & Case LLP has advised Adler Group S.A. (Adler Group) on the sale of its 62.78 percent stake in Brack Capital Properties N.V. (BCP), held by Adler Real Estate GmbH, to LEG Immobilien SE (LEG) for €219.3 million.

The transaction will be concluded in a two-stage closing process. The sale of the first tranche of 52.68 percent of the share capital is expected to complete in the first week of January 2025. The sale of the second tranche of the remaining 10.10 percent of the share capital is expected to complete on January 1, 2026. The net proceeds will further stabilize Adler Group’s balance sheet and underpin the renewed business plan.

Adler Group manages around 25,000 residential units, the majority of which are located in Berlin and North Rhine-Westphalia.

BCP’s total portfolio now comprises 9,101 residential units in Germany. In addition, BCP owns the Grafenberg and Gerresheim development projects in Germany, which together cover an area of approximately 200,000 square meters and offer the potential to develop approximately 1,650 apartments.

The White & Case team which advised on the transaction was led by partners Andreas Lischka and Stefan Bressler (both Frankfurt) and included partners Roger Kiem, Gernot Wagner, Rebecca Emory, Yannick Adler, Bodo Bender (all Frankfurt), local partners Alisa Preissler and Markus Fischer (both Frankfurt) and associates Tobias Zuendorf, Moritz Schneider, Maximilian Eichhorn (all Hamburg), Pia Berger, Lina Fiedler and Markus Stelzig (all Frankfurt).

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