x+bricks Group’s €500 Million Property Acquisition

White & Case LLP has advised x+bricks group (x+bricks) on the deal.

x+bricks group (x+bricks) executed the acquisition of 120 grocery-anchored properties from TLG Immobilien AG and its subsidiaries.

The approximately €500 million acquisition is one of the largest portfolio transactions of grocery-anchored properties ever executed in Germany. It is subject to customary and statutory conditions and is expected to close in the fourth quarter of 2020.

The acquired portfolio, which has a total lettable space of around 290,000 square metres, is spread across Germany with a focus on the metropolitan regions of Berlin/Potsdam (21 percent), Dresden (19 percent) and Leipzig (9 percent). The existing tenants include all major German grocery operators.

Founded in August 2018, x+bricks invests in food-anchored real estate such as supermarkets, discounters or specialty shopping centers. The focus is on the purchase of portfolios and individual properties in prospering cities throughout Germany.

The White & Case team which advised x+bricks on the transaction was led by partners Andreas Lischka (Picture) and Rostyslav Telyatnykov (both Frankfurt), and included partners Murad Daghles (Düsseldorf), Endrik Lettau, Gernot Wagner and Bodo Bender (all Frankfurt), local partners Thyl Hassler (Düsseldorf) Sebastian Pitz, Sebastién Seele and Tim Bracksiek (all Frankfurt), associates Sandra D’Ascenzo, Anne-Sophie von Koester, Behnam Yazdani, Markus Fischer, Marianna Frenkel, Jeffrey Miller, Irina Sichwardt, Guglielmo Ziani (all Frankfurt), Kathrin Ahting, Christian Crohn, Mathilda Xu (all Berlin), Philipp Kynast (Düsseldorf) and Gabriele Stark (Hamburg), portfolio lawyers Kira Kuhnert, Giulia-Francesca Meyer and Laura Steyer (all Frankfurt) and transaction lawyer Alexander Hansen-Diaz (Frankfurt).

Involved fees earner: Kathrin Ahting – White & Case; Bodo Bender – White & Case; Tim Bracksiek – White & Case; Christian Crohn – White & Case; Sandra D’Ascenzo – White & Case; Murad Daghles – White & Case; Markus Fischer – White & Case; Marianna Frenkel – White & Case; Thyl Haßler – White & Case; Philipp Kynast – White & Case; Endrik Lettau – White & Case; Andreas Lischka – White & Case; Sebastian Pitz – White & Case; Sébastien Seele – White & Case; Irina Sichwardt – White & Case; Gabriele Stark – White & Case; Rostyslav Telyatnykov – White & Case; Anne-Sophie von Koester – White & Case; Gernot Wagner – White & Case; Behnam Yazdani – White & Case; Guglielmo Ziani – White & Case;

Law Firms: White & Case;

Clients: x+bricks Group;