LEG Immobilien In Deals To Buy 30.9 Percent Stake In Brack Capital Properties For EUR 328 Mln

German property company LEG Immobilien AG announced separate agreements to acquire 30.9 percent stake in Brack Capital Properties N.V. or BCP, an Israeli real estate company.

The total purchase price for the stake amounts to 328 million euros, corresponding to a discount of 4 percent on NAV as of September 30, 2021.

The company said an LEG unit has entered into agreements with Israeli investors regarding the purchase of 24.1 percent of shares in BCP, with the approval of the boards of LEG Immobilien. The agreement is subject to merger clearance. The investors mostly include institutional minorities led by Brosh Capital Partners.

Further, LEG unit and Adler Real Estate AG have, with the approval of the relevant boards, entered into an agreement to buy 6.8 percent stake in BCP and a tender commitment in case of a public offer for BCP by LEG regarding 63.0 percent of the shares in BCP.

The tender commitment expires after nine months, starting January 1, 2022, whereas Adler is obliged to not otherwise dispose of the relevant shares.

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