Instone Real Estate Group N.V. Completes IPO Transaction

February 19, 2018

Instone Real Estate Group N.V., a leading German residential real estate developer with a focus on key metropolitan regions, successfully completed its IPO transaction, executed through an international private placement with institutional investors and a listing of its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse).

Instone placed approximately 20 million shares, comprised of 7 million new shares from a capital increase and approximately 13 million existing shares from the holdings of the current shareholders, funds established by private equity owner ActivumSG Capital Management Limited. Subject to exercise of the greenshoe option, aggregate gross proceeds amounted to approximately €430 million with a free float of approximately 54 percent.

S&C acted as German and U.S. counsel to the issuer and also advised on the conversion of the issuer from a Dutch public company (naamloze vennootschap (N.V.)) into a German stock corporation (Aktiengesellschaft) following the listing.

The S&C core IPO team was led by Carsten Berrar and Krystian Czerniecki, along with Philipp Kloeckner and Karoline Koenig. York Schnorbus and Philipp Kloeckner advised on the planned cross-border conversion of the issuer into a German stock corporation (Aktiengesellschaft). Michael Rosenthal and Elisa Hauch advised on certain antitrust matters. Jeffrey Hochberg, Michael Orchowski and Slki Hong advised on U.S. tax aspects.