Hengeler and SullCrom scoop lead roles on £1.5bn German property deal

Hengeler Mueller and Sullivan & Cromwell are leading the legal advice on the proposed €1.75bn (£1.5bn) acquisition of listed German landlord GSW by rival Deutsche Wohnen.

Hengeler is advising longstanding client GSW on the transaction, which was announced last week. 

Meanwhile Sullivan & Cromwell is consolidating its relationship with Deutsche Wohnen, also an existing client, as it provides advice on the potential deal.

The Hengeler team is led by Düsseldorf corporate partner Maximilian Schiessl and capital markets partner Dirk Busch, alongside fellow Düsseldorf partners Gerd Krieger and Christoph Stadler and Frankfurt-based Christof Jäckle.

Sullivan & Cromwell is fielding a team led from Frankfurt, including partners Carsten Berrar, York Schnorbus, Konstantin Technau and Krystian Czerniecki.

Goldman Sachs, Citigroup and Kempen & Co are advising Deutsche Wohnen on the offer. It is understood that the banks are using internal legal resources.

The offer would see Deutsche Wohnen buy all of GSW’s shares. The offer needs to be approved by an extraordinary shareholder meeting at the end of September, and if passed, would create a major German residential real estate company.

The move follows a leadership change at GSW, whose shareholders voted out its CEO and chairman in July. Board members Jörg Schwagenscheidt and Andreas Segal were elected as joint CEOs last week.