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Kirkland & Ellis advises Vestigo Capital on Accentro acquisition

Kirkland & Ellis is advising an investment company managed by Vestigo Capital Advisors on the acquisition of Accentro Real Estate AG from ADLER Real Estate AG. The purchase price is approximately EUR180 million.

The investment company advised by Vestigo Capital will acquire approx. 80 per cent of stakes in Accentro and 92 per cent of the convertibles 2014/2019 issued by Accentro. This represents a total of 82 per cent shares on a fully diluted basis.
 
The takeover agreement between Vestigo Capital and ADLER provides for a first payment by the buyer at closing, and successive tranches over the next 12 months. In addition, ADLER Real Estate has the option to sell a further holding of up to 6 per cent in Accentro to the fund advised by Vestigo Capital at the same price per share.
 
The closing of the transaction is scheduled for the end of November at the latest. The closing of the acquisition is expected to trigger a mandatory takeover offer for all shares of Accentro pursuant to the German Securities Acquisition and Takeover Law, unless the buyer launches a qualifying voluntary tender offer for all shares of Accentro.
 
Vestigo Capital Advisors LLP is a FCA authorised and regulated entity with assets under management of approx. USD250 million. The focus is on real estate, energy, infrastructure and hospitality.
 
Accentro Real Estate AG is a company based in Berlin, specialising in the creation and marketing of residential property. In 2007, the company went public; ADLER Real Estate AG has been the main shareholder since 2014.

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