Noerr advises City of Hamburg’s group holding HGV on €380 million acquisition of PFLEGEN & WOHNEN HAMBURG from Deutsche Wohnen

A Noerr team led by partners Felix Blobel and Clemens Schönemann has advised HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV), the group holding company of the Free and Hanseatic City of Hamburg, on the repurchase of PFLEGEN & WOHNEN HAMBURG GmbH (P&W), a former municipal care provider, including its associated real estate. As part of the transaction, the City of Hamburg is acquiring 13 care homes in Hamburg, comprising approximately 2,000 employees and around 2,400 care places, from Deutsche Wohnen, a subsidiary of Vonovia. The purchase price is €380 million.

The reacquisition of P&W, which was sold in 2007, presents an opportunity for the City of Hamburg to enhance the long-term provision of inpatient care in Hamburg and to alleviate shortages in the availability of care places for its residents. In addition, the transaction is expected to enhance P&W’s appeal as an employer, bolster its capacity for innovation and establish clear transparency in its cost structure.

This transaction, which is still subject to clearance by the German Federal Cartel Office, marks the completion of Deutsche Wohnen’s divestment of its entire portfolio of owner-managed care facilities. 

A large proportion of Hamburg’s public companies and other shareholdings are bundled in HGV. The Noerr team advised HGV comprehensively on the transaction. The assignment included, in particular, legal due diligence, advice on state aid, merger control and tax law issues as well as assisting with contract negotiations.

Advisors to HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement: Noerr

Lead: Felix Blobel (partner, Corporate/M&A), Clemens Schönemann (partner, Real Estate, both Berlin)

Corporate: Vanessa Hoffmann Linhard (associated partner, Hamburg), Karl Uwe Fuchs (senior associate, Berlin), Marcus Braun (associate, Berlin)

Real Estate: Valentina C. Glasa (associated partner, Hamburg), Philipp Bergmann (senior associate, Frankfurt), Laura-Jo Klee (associate, Berlin), Tim Lieder (associate, Berlin)

Employment Law: Patrick Mückl (partner), Nikolaus Polzer (partner,), Yannick Bähr (senior associate), Joshua Streuber (associate, all Düsseldorf)

Public Law: Peter Bachmann (partner, Munich), Hendrik Schlutt (counsel, Berlin), Joachim Rung (senior associate, Munich)

Regulatory: Evelyn Schulz (partner), Theresa Möller (senior associate, both Dresden)

Tax: Elmar Bindl (partner), Steffen Arlich (associated partner, both Munich)

Antitrust/State Aid: Sarah Blazek (partner, Munich), Annika-Kristin Stamer (senior associate, Berlin), Stefanie Gschoßmann (senior associate, Munich)