TPG Real Estate Partners (TREP), the dedicated real estate equity investment platform of alternative asset firm TPG, has signed an agreement to acquire a significant stake in Studio Babelsberg.
TREP will acquire the stake from Studio Babelsberg’s main shareholder, Filmbetriebe Berlin Brandenburg GmbH, which is controlled by Dr Carl L Woebcken and Christoph Fisser, CEO and COO of Studio Babelsberg, respectively. Woebcken and Fisser will maintain ownership in Studio Babelsberg. The transaction is subject to the satisfaction of several closing conditions.
As part of the transaction, TREP intends to launch a public tender offer to the shareholders of Studio Babelsberg for the acquisition of all outstanding shares in Studio Babelsberg against a payment of a cash offer price of EUR4.10 per Babelsberg Share.
“On behalf of the management board, we are pleased to welcome and support TREP’s investment in Studio Babelsberg,” say Woebcken and Fisser. “The TREP team’s track record of building and operating high-quality real estate platforms, paired with TPG’s deep expertise and network in the media and entertainment industry, will allow Studio Babelsberg to further its position as a studio of choice in Europe and across the globe.”
“As consumers across the globe continue to demand content, local and international producers alike are in search for high-quality, accessible, and versatile studio space,” says Michael Abel, Partner at TREP. “Studio Babelsberg operates as Germany’s premier Hollywood-level studio. Situated close to Berlin’s city centre and airport, the studio benefits from a metropolitan city setting with a strong presence of local talent and experienced crews. We look forward to partnering with Carl and Christoph, two deeply experienced operators, to support and grow the Company.”
Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor to Woebcken and Fisser. Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft is acting as financial and tax advisor and Kirkland & Ellis International LLP as legal advisor to TREP.
