Brookfield’s Public Takeover Of alstria

Allen & Overy LLP has advised listed alstria office REIT-AG on the deal. Noerr advised Alexandrite Lake Lux Holdings S.à r.l., a company controlled by a real estate private fund of Brookfield Asset Management. Kirkland & Ellis advised Brookfield Asset Management.

alstria signed a comprehensive investment agreement with Alexandrite Lake Lux Holdings S.à r.l. (bidder), a company controlled by real estate private funds of Brookfield Asset Management (Brookfield).

Under the agreement, the bidder will make a voluntary public takeover offer for all of the outstanding shares in alstria that it presently does not own for 19.50 euros per share in cash. The offer values alstria at an equity value of 3.5 billion euros and an implied gross asset value of five billion euros, representing a premium of 6.8 percent to last reported EPRA NTA and 17.3 percent to the closing share price on November 3, 2021. The management board and supervisory board of alstria welcome the long-term partnership with Brookfield and support the offer, with the investment agreement providing the cornerstones of a long-term partnership between Brookfield and alstria.

alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. As of September 30, 2021, the firm’s portfolio comprised 111 buildings with a lettable area of 1.5 million square meters and a total portfolio value of 4.7 billion euros.

Brookfield Asset Management is a leading global alternative asset manager with over 625 billion US dollars of assets under management across real estate, infrastructure, renewable power, private equity and credit.

The Allen & Overy team was led by partner Dr Hans Diekmann (Picture – Dusseldorf), counsel Dr Jonas Wittgens (Hamburg) and senior associate Dorothée Kupiek (Dusseldorf, all Corporate/M&A) and further comprised partners Dr Udo Olgemoeller (Public Law) and Martin Scharnke (Capital Markets, both Frankfurt). In addition, the team included senior associate Dr Ioannis Thanos (Antitrust, Hamburg) and associate Dr Jana Mansen (Corporate/M&A, Dusseldorf). Senior Associates Monika Przygoda and Matthew Hamilton-Foyn advised on English law issues (both Corporate/M&A, both London).

The Noerr team included Dr. Thomas Schulz, Sebastian Diehl (joint lead, both Private Equity, London), Dr. Tim Behrens, Dr. Henrik Dornscheidt (real estate joint lead), Christoph Brenzinger, Dr. Zoltán Nádasdy, Dr. Szilvia Andriska, Valentina Glasa, Raphaël Hebecker, Hanna Pirlich, Dr. Enno Stange, Luca Marie Toth, Evelin Moini, Dr. Virág Ablonczy, Dr. Barbara Herczegfalvi, Mareike Götte (Employment law), Dr. Michael Brellochs, Dr. Georg Langheld (Capital Markets), Dr. Till Steinvorth, Prof. Dr. Christian Pelz, Dr. Dalma Drótos (Compliance), Dr. Daniel Rücker, Dr. Korbinian Hartl (Data Privacy), Patrick Neidinger, Julian Monschke (Digital Business), Katja Schmitt, Dr. Christoph Rieken, Natalie Oei, Manuela Wickenhöfer (IP).

Kirkland & Ellis advised Brookfield Asset Management with a team led by M&A/Private Equity partners Benjamin Leyendecker, Philip Goj and Matthew Elliott and included capital markets partner Anna Schwander, tax partner Daniel Hiemer, debt finance partners Stefan Arnold-Soulby and Jonathan Birks and derivatives partner Scott J. Gordon as well as M&A/Private Equity associates Thomas Diekmann, Tamara Zehentbauer, Johannes Rowold, tax associate Tobias Stuppi and debt finance associate Maurice Walsh.

Involved fees earner: Hans Diekmann – Allen & Overy; Matthew Hamilton-Foyn – Allen & Overy; Dorothée Kupiek – Allen & Overy; Jana Mansen – Allen & Overy; Udo Olgemoller – Allen & Overy; Monika Przygoda – Allen & Overy; Martin Scharnke – Allen & Overy; Ioannis Thanos – Allen & Overy; Jonas Wittgens – Allen & Overy; Stefan Arnold-Soulby – Kirkland & Ellis; Jonathan Birks – Kirkland & Ellis; Thomas Diekmann – Kirkland & Ellis; Matthew Elliott – Kirkland & Ellis; Philip Goj – Kirkland & Ellis; Scott Gordon – Kirkland & Ellis; Daniel Hiemer – Kirkland & Ellis; Benjamin Leyendecker – Kirkland & Ellis; Johannes Rowold – Kirkland & Ellis; Anna Schwander – Kirkland & Ellis; Tobias Stuppi – Kirkland & Ellis; Maurice Walsh – Kirkland & Ellis; Tamara Zehentbauer – Kirkland & Ellis; Szilvia Andriska – Noerr; Tim Behrens – Noerr; Michael Brellochs – Noerr; Christoph Brenzinger – Noerr; Sebastian Diehl – Noerr; Henrik Dornscheidt – Noerr; Valentina Catharina Glasa – Noerr; Mareike Götte – Noerr; Korbinian Hartl – Noerr; Raphaël Hebecker – Noerr; Barbara Herczegfalvi – Noerr; Georg Langheld – Noerr; Evelin Moini – Noerr; Julian Monschke – Noerr; Zoltán Nádasdy – Noerr; Patrick Neidinger – Noerr; Christian Pelz – Noerr; Hanna Pirlich – Noerr; Christoph Rieken – Noerr; Daniel Rücker – Noerr; Katja Schmitt – Noerr; Thomas Schulz – Noerr; Enno Stange – Noerr; Till Steinvorth – Noerr; Luca Marie Toth – Noerr; Manuela Wickenhöfer – Noerr;

Law Firms: Allen & Overy; Kirkland & Ellis; Noerr;

Clients: alstria office REIT-AG ; Brookfield;

Giulia Di Palma

Author: Giulia Di Palma