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)
Advisers TERRAGON AG
Gehrke Zumbroich & Partner
Matthias Gehrke (Team Head), Jörn Zumbroich
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 300 lawyers at 18 locations. Integrated, tech-powered legal advice.
About PwC:
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 151 countries with over 364,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.
