Benson Elliot had acquired a majority interest in GWB in August 2016 following the insolvency of the municipal utility Geraer Stadtwerke. At that time, GWB owned and managed a portfolio of approximately 330 buildings with 6,700 residential units and 402,000 sqm of rentable space. Since then, GWB’s portfolio has been upgraded through targeted investments, sales of vacant spaces and optimized management processes. Today it comprises around 5,000 residential and commercial units.
The acquisition of the majority stake in GWB is the first large-volume transaction in Germany in which formerly privatized residential space is returned to public ownership.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. With 20 locations on three continents, our team works seamlessly across practices, industries and geographies to deliver highly effective – and often unexpected – solutions that propel success. More than 1,100 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.