GÖRG advises on the sale of Real hypermarkets

Frankfurt am Main, 24.02.2020

GÖRG Partnerschaft von Rechtsanwälten mbB, led by its Frankfurt partner Oliver Nobel, advised a Joint Venture of x+bricks AG and SCP Group S.à r.l. on the acquisition of the supermarket chain Real from Metro AG. The acquisition of the supermarket chain comprises the total of 276 Real stores with around 34,000 employees and around 80 properties as well as the online shop real.de.

The GÖRG team around Oliver Nobel mainly advised on real estate law, corporate law, tax law, antitrust law and labor law. Due to the high complexity of this transaction, close coordination took place with the law firm Skadden Arps Slate Meagher & Flom, which was responsible for the negotiations with the Metro Group on the share purchase agreement, antitrust law and the legal securing of the financing.

GÖRG's legal advice focused largely on negotiations with the potential subsequent users of the Real stores, namely, Kaufland, Edeka and Rewe, as well as on individual issues in connection with the financing. The economic parameters of these preliminary negotiations formed the basis for the successful signing of this transaction, as concrete offers of interest from the subsequent users are already available for more than 50 percent of the total 276 locations. So there is a very high probability that these locations can be transferred to the respective subsequent users after the closing of the main transaction and the thereafter following antitrust approvals. Similarly, solutions and takeovers for the majority of the affected employees have been pre-negotiated in advance.

GÖRG Rechtsanwälte has been providing legal support to x+bricks AG since its foundation in summer 2018. Oliver Nobel and his Hamburg colleague Ferdinand Petersen were responsible for the establishment of the underlying joint venture vehicle consisting of x+bricks AG and SCP Group S.à r.l.

x+bricks invests in food-anchored real estate such as supermarkets, discounters or specialty shopping centres. The focus is on the purchase of portfolios and individual properties in prospering cities throughout Germany. They have internalised the entire value-added chain, with a clear focus on digitalization and optimisation of processes. The aim is to manage the homogeneous asset class more efficiently through standardisation, thereby strengthening tenant relationships and minimising unapportionable ancillary costs.

SCP Group S.à r.l. is an investment company based in Luxembourg, which focuses on so-called asset-heavy investments in the USA and Europe. It specialises in the acquisition of commercial real estate.

GÖRG Partnerschaft von Rechtsanwälten mbB
Oliver C. Nobel, MBA (Wales), Partner, Real Estate, Frankfurt / Cologne
Andreas Peter, Solicitor (England & Wales), Partner, Tax/Corporate, Munich
Dr. Christian Schröder, Partner, Corporate, Munich
Dr. Thomas Lange, Partner, Corporate, Cologne
Dr. Markus Heider, Partner, Real Estate, Cologne
Dr. Damian Tigges, Partner, Real Estate, Cologne
Dr. Thomas Christner, Partner, Public Law, Cologne
Dr. Christian Bürger, Partner, Antitrust, Cologne
Dr. Marcus Richter, Partner, Employment, Cologne
Dr. Michael Heise, LL.M., Partner, IT, Frankfurt
Dr. Adalbert Rödding, LL.M., Partner, Tax, Cologne
Dr. Holger Dann, LL.M., Counsel, Tax, Cologne
Dr. Franziska Kramer, Associated Partner, Real Estate/Restructuring, Frankfurt
Sarah Theus, Associated Partner, Real Estate, Cologne
Hanna Jansen, Associated Partner, Employment, Cologne
Dr. Raul Taras, Associated Partner, Restructuring, Cologne
Katharina Meeser, Associate, Real Estate, Cologne
Malik Djouah, LL.M., Maître en Droit, Associate, Real Estate, Cologne
Moritz Windheuser, Associate, Real Estate, Cologne
Dr. Justus Kortleben, Associate, Restructuring, Cologne
Tobias Schäfer, Associate, IT, Frankfurt
Charlotte Rommel, Associate, Corporate, Munich
Dr. Karl-Georg Küsters, LL.B./LL.M., Associate, Tax, Cologne
Ferdinand Petersen, Associate, Tax, Hamburg
Sebastian Schäfer, Associate, Employment, Cologne
Dr. Ilka Mainz, Associate, Real Estate / Energy, Cologne
Tamara Schwarz, LL.M., Business Lawyer, Real Estate Economist (EBS), Real Estate, Frankfurt

Further Advisors Buyer
Skadden Arps Slate Meagher & Flom
CMS Hasche Sigle
Evercore
EY

Advisors Seller
Hengeler Mueller
Oppenländer
Bird & Bird
Clifford Chance
PricewaterhouseCoopers

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