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Freshfields advises Vonovia on JV and sale of minority stake in "Norddeutschland" portfolio to Apollo for €1bn

Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has again advised DAX40-listed Bochum-based Vonovia SE, Europe's leading private housing company, on the sale of a minority stake in one of Vonovia’s real estate portfolios to a company managed by Apollo for certain insurance companies and other long-term investors and the resulting joint venture. The c. 31,000 flats of the "Norddeutschland"-portfolio are mainly located in Kiel, Bremen and Lübeck. The purchase price for the c. 30%-share in the entity holding the portfolio amounts to €1 billion.

Closing of the transaction is expected to occur at the end of December 2023 and is subject to further conditions such as regulatory clearances and the absence of material adverse changes.

The Freshfields team was led by Partners Gregor von Bonin and Rick van Aerssen (both Corporate/M&A) as well as Julia Haas (Real Estate) with support by Principal Associates Timo Piller, Max Alles, Julia Mink, Sandra Jung (all Corporate/M&A) and Sebastian Breder (Real Estate) and Associates Carolin Compes and Lewin Klusmann (all Corporate/M&A) and Esther von Bronk, Marcel Blumör, Christina Puhl and Florian Schröder (all Real Estate), Partner Martin Schiessl, Principal Associates Christian Schmidt and Sebastian Jung (all Tax), Partner Mario Hüther and Principal Associate Dennis Chinnow (both Finance), Partner Katrin Gaßner and Associate David Leuthold (both Antitrust) as well as partner Gerrit Beckhaus (Freshfields Lab).