P+P advises WCM on acquisition of retail center in Jena
The publicly listed company WCM Beteiligungs- und Grundbesitz-AG (WCM AG) is acquiring 94.9 percent of the shares in a retail center with an area of approximately 12,304 square meters in Jena and shareholder loans, equaling a total gross purchase price of almost EUR 21 m.
The acquisition is effected by way of mandatory convertible bond with a term until the end of June 2017 and a coupon of 1.5%. The mandatory convertible bond entitles and obligates the owners to acquire approx. 2.1 m new no-par-value share certificates from existing conditional capital at a conversion price of EUR 2.90 per share. The share capital of the company will thereby increase to approximately EUR 134 m. The remainder of the purchase price will be paid in cash. In addition, WCM AG has also assumed already existing financing in the amount of EUR 13 m.
The new shares will then listed for trade on the regulated market on the Frankfurt Stock Exchange, with concurrent listing in the Prime Standard on the Frankfurt Stock Exchange, as well as on the regulated market on the Hamburg and Stuttgart Stock Exchanges.
The Frankfurt-based WCM AG is a commercial real estate firm with a focus on long-term leasing of premium office and retail real estate in Germany. Its shares are listed on the Prime Standard on the German Stock Exchange and also on, inter alia, SDAX, CDAX and DIMAX.
P+P Pöllath + Partners advised WCM AG on all legal aspects of the transaction, in particular on corporate, capital markets and real estate issues, as well as in regard to assumption of the financing.
WCM AG:
- In-house counsel: Timo Thömmes (general counsel/lead)
P+P:
- Dr. Eva Nase (partner/lead, corporate/capital markets, Munich)
- Dr. Stefan Lebek (partner, real estate, Berlin)
- Raphael Söhlke (associated partner, real estate, Berlin)
- Dr. Jens Linde (counsel, financing, Frankfurt am Main)
- Philipp Opitz (associate, corporate/capital markets, Munich)
- Sebastian Pasch (senior associate, real estate, Berlin)
