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19/08/2019
Düsseldorf – Listed residential property development firm Instone Real Estate Group AG has acquired S&P Stadtbau GmbH, a residential real estate development platform, from Erlangen-based Sontowski & Partner Group. The transaction also includes existing development projects with a total of around 1,000 projected residential units and an expected total sales volume of some EUR 300 million over the next few years. The agreed purchase price for the shares and the total outstanding debt of all the acquired companies, including all transaction costs, amounts to around EUR 74 million. The agreement with the seller includes possible additional payments for identified projects with a total sales volume of a further EUR 250 million, if acquired by Instone within seven months after completion of the purchase agreement. Integration of the development platform into the Instone Group is scheduled for the third quarter of 2019.
A CMS team headed by Dr Jürgen Frodermann and Philipp Schönnenbeck advised Instone Real Estate on all legal aspects of acquiring S&P Stadtbau.
Instone Real Estate is a German residential property developer listed on the Prime Standard of Frankfurt Stock Exchange. The company develops multi-family homes, other residential properties and publicly funded housing. It also designs modern urban districts and renovates heritage-protected buildings. Marketing is chiefly targeted at owner-occupiers, buy-to-let investors and institutional investors. More than 340 people are employed at eight locations across Germany. As at 31 March 2019, Instone Real Estate reported a project portfolio comprising 45 developments with an expected total sales volume of around EUR 4.8 billion.
The Sontowski & Partner Group has been operating as an initiator, project developer, property developer and investor in the real estate market since 1984. It currently has some 100 employees covering the commercial, residential and care home segments.
Dr Jürgen Frodermann, Lead Partner, Corporate/M&A
Philipp Schönnenbeck, Counsel
Dr Christoph Grenz, Counsel, both Real Estate & Public
Dr Nora Zabel, Associate, Corporate/M&A
Thomas Glaesmann, Partner
Judith Cremer, Senior Associate, both Employment
Dr Lena Kleißendorf, Senior Associate, Finance
Philippe Heinzke, Counsel, IP & Data Protection
Dr Hubertus Witte, Head of Legal
Philipp Rüssmann, Head of Mergers & Acquisitions
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