Henderson Park has agreed to acquire a majority stake in German living assets operator GBI Holding AG, on behalf of one of its funds for an undisclosed price. The transaction is subject to standard market conditions and is expected to close before the end of the year.
GBI’s management team will remain in place and Henderson Park intends to build on the €1.5bn portfolio of diversified living assets that ABI has built up across Germany over the last six years, with a specific focus on sustainable and ESG-compliant real estate projects in subsidised and private market residential, serviced apartments, student housing and senior living concepts, under its established SMARTments brand.
Reiner Nittka, CEO of GBI, said: “We welcome Henderson Park as our new majority shareholder. We share the same vision as Henderson Park, who is investing on behalf of institutional clients with a strong focus on ESG. Equally, we are pleased that the Moses Mendelssohn Foundation, GBI’s former majority shareholder, will stay invested in the company with a minority stake and our existing cooperation will continue.”
Christophe Kuhbier, managing director at Henderson Park, added: “GBI’s management team has built an impressive business and we are looking forward to supporting its continued growth and to further cementing the SMARTments brands as a leading operator of living accommodation in the German market. There is clear demand for the ESG-compliant real estate that GBI has a track record of delivering and we’re confident in our ability to jointly scale the platform, whilst working in close coordination with GBI Capital’s investors to accelerate quality new home developments.”
Rothschild & Co acted as financial adviser to GBI on the transaction.
