Leg Grundstücksverwaltung Gmbh signed a share purchase agreement to acquire an additional 52.68% stake in Brack Capital Properties N.V (TASE:BCNV-M) from Adler Real Estate AG for approximately ?180 million on November 4, 2024. A cash consideration valued at ?45 per share will be paid by Leg Grundstücksverwaltung Gmbh. Together with its 35.52% stake in BCP already acquired in 2021/2022, LEG initially increases its stake to 88.20% upon completion of the share purchase agreement. In addition, Adler has committed to tender its remaining 10.1% of the shares in case of a public offer by LEG regarding BCP (tender commitment). In the event that no public offer is made, LEG grants Adler a put option for the 10.1% stake in BCP at a certain point in time. The cash-financed purchase price for Adler?s entire 62.78% % stake in BCP amounts to approximately ?219 million. The completion of the transaction regarding the 52.68% stake is planned for early 2025; merger control clearance has already been granted. The full acquisition (including a squeeze-out of remaining minority shareholders and a delisting) is expected in the following months thereafter.

Van Lanschot Kempen N.V. acted as Sole Financial Adviser, Andreas Lischka and Stefan Bressler, Roger Kiem, Gernot Wagner, Rebecca Emory, Yannick Adler, Bodo Bender, Alisa Preissler and Markus Fischer, White & Case LLP acted as Sole Legal Adviser to Adler Group S.A.