Kirkland & Ellis LLP announced today that it has advised Moor Park Capital Partners on the acquisition of Grundstücksgesellschaft Max Bahr Holzhandlung GmbH & Co KG (Max Bahr Real Estate) for an undisclosed sum. Max Bahr Real Estate owns and operates an extensive portfolio of 101 properties, predominantly leased to German DIY giant Max Bahr. The deal marks the first time the Munich team has acted for Moor Park Capital Partners.
Moor Park Capital’s acquisition, which is subject to German regulatory approval, coincided with the purchase of the Max Bahr operation and brand name by Praktiker, the second largest DIY chain in Germany. Praktiker will also have a 24% stake in Moor Park Holdings Luxembourg Sarl, the holding company that will acquire Max Bahr Real Estate.
The Max Bahr real estate portfolio consists of 76 home improvement stores and 25 other properties mainly focused in the northern and western parts of Germany. Max Bahr Real Estate also has a strong property management and development business.
Munich-based partner Frank Becker led the Kirkland team and commented: “This deal represents our first instruction from Moor Park and the size and complexity make it a significant transaction. From what we see, the German property market attracts more and more foreign bidders, therefore this auction process was quite competitive.”
The Kirkland team was led by Mr. Becker and associate Christian Zuleger and included partners Volker Kullmann, Roderic Pagel and Ivo Posluschny with support from associates Sacha Lürken, Jan Schinköth, Wolfgang Nardi, Dominik Stühler and Anja Wagner. Partner John Markland advised on UK financeaspects from the London office.
ABN AMRO provided financing for the acquisition of Max Bahr Real Estate.