S&C Advises Bidder on Voluntary Takeover Offer for Aareal Bank

December 2, 2021

A bidding company with participation by Advent International and Centerbridge Partners as well as other co-investors announced its plan to submit a voluntary public takeover offer for all shares in German commercial real estate lender Aareal Bank. Advent and Centerbridge independently hold minority stakes in the bidder. This is the first-ever public takeover offer led by private equity investors for a listed and regulated German financial institution. The offer values Aareal Bank at €1.74 billion.

Aareal Bank is a leading international property specialist headquartered in Wiesbaden, Germany, that provides real estate, smart financings, software products and digital solutions for the property sector and related industries across Europe, North America and Asia/Pacific.

A Frankfurt-based S&C team is advising the bidder as well as Advent and Centerbridge on all M&A, consortium-related and certain regulatory matters. The joint application of the public takeover and bank regulatory framework makes this a complex matter to navigate for the team. 

The team is led by Carsten Berrar and Max Birke and includes Peter Klormann, Frederic Wuensche, Daniel Roggenkemper, Johannes Pieper and Jannis Rink (all Frankfurt). Michael Rosenthal (Brussels), Axel Beckmerhagen, Richard Bryce and Marielena Doeding (all London) are advising on foreign FDI filings and antitrust matters. Zin Nakam (Frankfurt) is advising on the German FDI filing. Clemens Rechberger (Frankfurt) is advising on questions relating to U.S. tender offer rules.