Herbert Smith Freehills has advised ADO Properties on the sale of a large real estate portfolio to Berlin municipal housing company Gewobag Wohnungsbau Aktiengesellschaft. The portfolio comprises around 5.800 residential apartment units. The purchase price for the shares was 920m Euro (less net debt). The buildings are located in the western and northern part of Berlin in the districts of Spandau and Reinickendorf. The transaction is subject to competition authority approval in Germany.

ADO Properties is a company focused on residential real estate in Berlin with a portfolio of about 24,000 units.

The Herbert Smith Freehills team advising on the transaction was led by Dr. Sönke Becker (Partner, Corporate/M&A) and Dr Markus Lauer (Partner, Corporate/M&A) with Dr. Christian Johnen (Senior Associate), Stefanie Strahl (Associate) and Caroline Schulze-Baek (Professional Support Lawyer, all Corporate/M&A), Dr. Marcel Nuys (Partner) and Dr Florian Huerkamp (Counsel, both Competition), Dr. Katja Lehr (Counsel, Finance), Dr. Steffen Hoerner (Partner, Tax), Moritz Kunz (Partner) and Dr. Tobias Brinkmann (Senior Associate, both Employment).