International law firm Freshfields Bruckhaus Deringer has advised Barclays Bank PLC on its sale of the BauBeCon portfolio consisting of approx. 23,500 residential properties based throughout Germany to Deutsche Wohnen AG. Barclays had acquired the portfolio from Prelios and RREEF in October 2011 following a loan restructuring. Deutsche Wohnen valued the portfolio at an enterprise value exceeding 1.2 billion EUR.
Freshfields real estate partner Markus Fisseler, who worked on the transaction together with corporate partner Wessel Heukamp, comments: ‘We are proud we were given the opportunity to successfully support Barclays Bank on this complex transaction. It encompassed the acquisition of shares in a number property companies by Barclays Bank late in 2011, the subsequent restructuring, vendor due diligence, invitation to place offers to a small group of distinguished bidders, and the completion of a fast sale in a limited auction within a few months.’
The Freshfields team comprised Munich-based partners Markus Fisseler, Wessel Heukamp and associates Peter Haberrecker, Jessica Wiegand, Stephan Werner, Ramya Tiller, Carsten Endres, Anette Maier, Jacques Großkreuz and Katrin Menhart. Cologne-based partners Adalbert Roedding and Hans-Joachim Kummer and associates Franziska Bühring, Michael Rohr, also advised.
The Barclays in-house team consisted of John W. Evans and Jarlath Pratt.
