Norton Rose Fulbright has advised ADLER Real Estate AG in connection with a recently completed voluntary public takeover bid in form of an exchange offer to the shareholders of ESTAVIS AG. Through the exchange of approximately 21.5 million no-par value bearer shares of ESTAVIS against shares of ADLER Real Estate at a ratio of 25:14, ADLER Real Estate acquired around 92.7 per cent of the share capital of ESTAVIS.

Also in July 2014, Norton Rose Fulbright advised ADLER Real Estate on the increase of its corporate bond 2014/2019, which was issued in April this year, by €50 million to €100 million by way of an international private placement to qualified investors.

The Norton Rose Fulbright team was led by partner Frank Peter Regelin and comprised associates Stefan Kutscheid and Jan-Peter Heise (all capital markets, Frankfurt).

In the past year, the practice already advised ADLER Real Estate on the issuance of two corporate bonds and a capital increase with exclusion of subscription rights.

ADLER Real Estate AG is a listed real estate company which focuses on building up and developing a substantial and profitable portfolio of residential real estates throughout Germany.

ESTAVIS AG, headquartered in Berlin, is a listed real estate company focusing on residential properties in Germany.