UK-based fund manager Benson Elliot has raised €175 mln by divesting its controlling stake in German communal housing company, Elstertal Geraer Wohnungsbaugesellschaft (GWB).
The buyer in the transaction was an affiliate of the public German bank, Thueringer Aufbaubank.
The GWB portfolio comprises 6,700 units, totalling 402,000 m2, across 330 buildings in central Germany. Benson Elliot’s share in the housing provider equalled 74.9% and it was acquired in August 2016.
Joseph DeLeo, senior partner at Benson Elliot, said: ‘The entire team has worked closely with the City of Gera and the senior lender to define and execute the business plan effectively. We’re confident that GWB’s new owners will continue the positive work we’ve started, further improving this portfolio responsibly for the local community.’
Benson Elliot was advised by Greenberg Traurig and VictoriaPartners. The purchaser received legal advice from McDermott Will & Emery.