BERLIN – April 29, 2024 – Global Law firm Greenberg Traurig advised municipal housing companies HOWOGE and berlinovo on their purchase of approximately 4,500 apartments and a 40-hectare potential development area from Vonovia for a total of EUR 700 million. The transaction was executed as a share deal.
The residential buildings, predominantly located in Berlin Lichtenberg, are mainly renovated structures. Until now, Vonovia has held the real estate properties under Prima Wohnbauten Privatization Management GmbH and the 40-hectare plot under Stadtentwicklungsgesellschaft Buch mbH (SEG Buch). The plot managed by SEG Buch, located within the “Buch - Am Sandhaus” master plan area, includes green spaces, compensation areas and seven hectares of prospective building land.
HOWOGE Wohnungsbaugesellschaft, one of Berlin’s six municipal housing companies, owns around 76,400 apartments. Berlinovo Immobilien Gesellschaft, a Berlin-based state-owned housing company, holds approximately 32,000 rental units. The seller, Vonovia, with around 550,000 apartments, is one of Germany’s largest real estate companies.
Greenberg Traurig provided legal advice to HOWOGE and berlinovo on all aspects of the transaction. The legal team performed legal due diligence, supported the negotiation of purchase agreements, and advised on the planned acquisition of photovoltaic systems and fiber optic networks within the scope of the overall transaction.
Background:
The Greenberg Traurig team regularly assists berlinovo with real estate transactions, mainly involving individual and portfolio sales. HOWOGE is also a longstanding client, with the lawyers providing support for transactions and project developments, as well as addressing broadband supply issues.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: www.gtlaw.com.