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CMS advises bidder consortium formed by x+bricks and SCP on successful acquisition of real,- Group

19/02/2020

Düsseldorf – Madrid Acqui-Co GP GmbH, a joint venture between x+bricks AG and SCP Group S.à r.l., has acquired the entire real,- Group from Metro AG. The consortium is acquiring the entire operational business with annual sales of around EUR 7 billion, as well as the supermarket chain’s complete real estate portfolio, comprising 80 directly owned properties and 219 leased ones. This represents the largest deal in Germany to date involving major supermarkets and retail stores. The transaction is currently awaiting approval from the competition and regulatory authorities.

A CMS team headed by lead partner Daniel Kamke advised Madrid Acqui-Co GP GmbH on all legal aspects of the transaction. In addition to extensive legal due diligence and co-drafting of the transaction documentation, services also included further advice to the client regarding the restructuring measures to be implemented in connection with the transaction.

CMS was instructed to provide transactional support at short notice in December last year. The law firm had been short-listed by the bidder consortium as a potential advisor in April 2019, but Metro AG then chose real estate investor Redos as sole bidder. When negotiations between Metro AG and Redos broke down, Madrid Acqui-Co GP was able to return to the transaction process as the sole bidder. Once CMS had been instructed, a highly specialised team with broad-based expertise was quickly assembled. This CMS team played a considerable part in bringing the demanding transaction with its high level of legal complexity to a successful conclusion within just two months.

Frankfurt-based x+bricks AG invests in grocery-anchored properties such as supermarkets, discounters and retail parks. The focus is on acquiring portfolios and single properties in prosperous cities throughout Germany. According to the company’s own figures, x+bricks had acquired grocery-anchored properties worth over EUR 400 million by the end of 2019. CMS has advised x+bricks AG on a regular basis in the past and provided support for a number of transactions.

SCP Group S.à r.l. is an investment company based in Luxembourg. It focuses on asset-heavy investments in the US and Europe, where it specialises in acquiring commercial real estate.

CMS Germany

Daniel Kamke, Lead Partner
Dr Maximilian Hacker, Counsel
Dr Georg Faude, Senior Associate
Dr Artur M Swierczok, Senior Associate
Eduard Baron von Hahn, Associate
Max Joachim, Associate
Dr Fabian Schumann, Associate
Julia Hellberg, Senior Legal Consultant, all Restructuring

Christopher Freiherr von Lilien-Waldau, Counsel
Dr Florian Plagemann, Counsel
Katharina Mareike Franitza, Senior Associate
Nico Hannemann, Associate
Dr Thomas Jansen, Associate
Nicole Mundhenke, Associate
Dr Nora Zabel, Associate, all Corporate/M&A

Heinz Joachim Kummer, Partner
Philipp Schönnenbeck, Partner
Dr Jakob Steiff, Partner
Dr Rajiv Chandna, Counsel
Dr Christoph Grenz, Counsel
Katharina Haidas, Counsel
Dr Benjamin Schirmer, Counsel
Tina Karakurt, Senior Associate
Dr Daniel Krey, Senior Associate
Dr Thomas Langer, Senior Associate
Dr Michael Nauta, Senior Associate
Dr Julius Städele, Senior Associate
Dr Franz Maurer, Associate
Cihan Cömert, Associate
Babak Miller, Associate
Désirée Oberpichler, Associate
Sarah Rafiqpur, Associate
Christopher Schmeckel, Associate
Christoph Schröer, Associate
Dr Tobias Sdunzig, Associate
Darina Baltadjieva, Legal Consultant, all Real Estate & Public

Thomas Glaesmann, Partner
Dr Andreas Hofelich, Partner
Dr Sören Langner, Partner
Dr Michael Rein, Principal Counsel
Dr Martina Jentsch, Counsel
Amelie Schäfer, Counsel
Judith Cremer, Senior Associate
Neil Yeats, Senior Associate
Katharina Janzen, Associate
Dr Richard Lauer, Associate
Verena Oechslen, Associate
Dr Elin Reiter, Associate
Luisa Wangler, Associate, all Labor, Employment & Pensions

Markus Deck, Partner
Dr Heike Freund, Counsel
Philippe Heinzke, Counsel
Sven Krause, Associate
Robert Steiniger, Associate, all Intellectual Property

Dr Ulrich Becker, Partner
Björn Waterkotte, Counsel
Sinje Maier, Senior Associate
Meike Neumeier, Associate
Dr Lisa Stiller, Associate, all Commercial 

Dr Joachim Natterer, Partner, Banking & Finance

Thomas Gerdel, Partner
Dr Martin Friedberg, Counsel
Tobias Schütz, Associate, all Tax

Conrad Gräwe, Legal Consultant
Stephanie Schulz, Legal Consultant, both Smart Operations

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