Norton Rose Fulbright Advises Deutsche EuroShop on Takeover Offer by Oaktree and CURA

The global law firm Norton Rose Fulbright advised Shoppingcenter-AG Deutsche EuroShop in the voluntary public takeover offer by US investment company Oaktree Capital Management and CURA Asset Management, the family office of Alexander Otto. Based on the offer price of EUR 21.50 per share plus the Deutsche EuroShop dividend of EUR 1 expected for 2021, the offer values the company at EUR 1.4 billion. The offer is supported by the Executive Board and the Supervisory Board. A delisting of Deutsche Euroshop shares is not planned.

Deutsche EuroShop AG based in Hamburg, Germany, is a German stock corporation that focuses on investments in shopping centres. It has stakes in 21 shopping centres in Germany, Austria, Poland, the Czech Republic and Hungary, all of which are managed by Alexander Otto's ECE Group.

The offer will be made through a bidding company that will be equally controlled by a consortium of Oaktree and Alexander Otto's family office, CURA Vermögensverwaltung. With assets under management of 164 billion US dollars (as of 31 March 2022), Oaktree is, according to its own statements, one of the leading global investment managers specialising in alternative investments. Alexander Otto, and entities controlled by him including CURA, in total hold approximately 20 percent of Deutsche EuroShop’s share capital and is Deutsche EuroShop's largest shareholder. ECE Group, which also belongs to CURA Vermögensverwaltung, is a family-owned and -operated company that is internationally active in the real estate and investment sector and offers asset management, project development expertise, investment management, and other full-service real estate services under one roof.

Norton Rose Fulbright advised Deutsche Euroshop under the lead of Partner Dr. Benedikt Gillessen in connection with the takeover offer, including in relation to the conclusion of the investment agreement with the bidder company and the preparation of the joint reasoned opinion of the Management Board and the Supervisory Board.

The Norton Rose Fulbright team was led by the Frankfurt partner Dr. Benedikt Gillessen (corporate and capital markets law). He was supported by the partners Dr Frank Regelin (Corporate and Capital Markets Law, Frankfurt), Dr Frank Weberndörfer (Labour Law, Hamburg) and Dr Tim Schaper (Antitrust Law, Hamburg) and Counsel Oliver Polster (Corporate and Capital Markets Law , Frankfurt/Hamburg) and Associate Felix Reiner (Corporate and Capital Markets Law , Frankfurt).