PwC Legal advised SAX Group on joint venture with TERRAGON AG

Cologne, 27 September 2018

PricewaterhouseCoopers Legal AG Rechtsanwaltsgesellschaft (PwC Legal) has advised the SAX Group on the launch of a joint venture company with TERRAGON AG.

TERRAGON AG and the SAX Group have launched a joint venture company in order to invest between EUR 500 to EUR 600 million in premium segment, serviced accommodation for senior citizens over the next three to five years. The leased properties are then to be placed with institutional investors and family offices via a fund yet to be established, with both partners wishing to remain on board as long-term portfolio holders. By this strategic partnership, the joint venture partners hope to take a leading role in the market segment of service housing for senior citizens. TERRAGON AG will provide project development and construction management services, as well as being responsible for commissioning care and operational service providers. The SAX Group will handle the joint venture’s financial and commercial management aspects.

The SAX Group is an independent, family-run company co-investing in real estate projects in Germany. TERRAGON AG, together with its subsidiaries, is one of Germany’s leading property developers in the senior housing segment and has developed more than 2,000 serviced housing units across Germany since 2001.

The PwC Legal team was headed by Dr. Michael Burg, PwC Legal partner in Germany, and advised the SAX Group not only on the negotiations for the launch of the joint venture, but also on the structuring as well as the financing structures of the joint venture.

Advisers SAX Group

PwC Legal

Dr. Michael Burg (Team Head), Maren Beneke, Henrike Bauschmann, Maximilian Strauß (all Corporate/M&A, Cologne)


Gehrke Zumbroich & Partner

Matthias Gehrke (Team Head), Jörn Zumbroich

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