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Allen & Overy advises alstria on public takeover by Brookfield

  • alstria and Brookfield conclude comprehensive investment agreement
  • Brookfield to launch a voluntary public takeover offer at a price of 19.50 euros per share in cash

Allen & Overy LLP has advised listed alstria office REIT-AG (alstria) on a comprehensive investment agreement with Alexandrite Lake Lux Holdings S.à r.l. (bidder), a company controlled by real estate private funds of Brookfield Asset Management (Brookfield).

Under the agreement, the bidder will make a voluntary public takeover offer for all of the outstanding shares in alstria that it presently does not own for 19.50 euros per share in cash. The offer values alstria at an equity value of 3.5 billion euros and an implied gross asset value of five billion euros, representing a premium of 6.8 percent to last reported EPRA NTA and 17.3 percent to the closing share price on November 3, 2021. The management board and supervisory board of alstria welcome the long-term partnership with Brookfield and support the offer, with the investment agreement providing the cornerstones of a long-term partnership between Brookfield and alstria.

alstria office REIT AG is the leading real-estate operator focusing solely on German office property in selected German markets. As of September 30, 2021, the firm’s portfolio comprised 111 buildings with a lettable area of 1.5 million square meters and a total portfolio value of 4.7 billion euros.

Brookfield Asset Management is a leading global alternative asset manager with over 625 billion US dollars of assets under management across real estate, infrastructure, renewable power, private equity and credit.

The Allen & Overy team was led by partner Dr Hans Diekmann (Dusseldorf), counsel Dr Jonas Wittgens (Hamburg) and senior associate Dorothée Kupiek (Dusseldorf, all Corporate/M&A) and further comprised partners Dr Udo Olgemoeller (Public Law) and Martin Scharnke (Capital Markets, both Frankfurt). In addition, the team included senior associate Dr Ioannis Thanos (Antitrust, Hamburg) and associate Dr Jana Mansen (Corporate/M&A, Dusseldorf).

Senior Associates Monika Przygoda and Matthew Hamilton-Foyn advised on English law issues (both Corporate/M&A, both London).