German Finance Ministry Hires White & Case For $2.3 Billion Privatization

March 15, 2012 4:40 PM

German Finance Ministry Hires White Case For $2.3 Billion Privatization

Posted by Brian Baxter

White Case’s hefty German practice has been hired by Germany’s finance ministry to advise on the proposed $2.3 billion privatization of the government-owned TLG Immobilien real estate unit, Bloomberg reports.

Jörg Kraffel, cohead of White Case’s MA and private equity practice in Germany, and MA partner Carsten Rodemann, both of whom are in Berlin, are leading the legal team representing the German government on the matter, according to a spokeswoman for the firm.

Reuters reports that parties interested in participating in the auction for TLG and its housing subsidiary, TLG Wohen-Finmin, must submit bids to the country’s finance ministry by April 16. Together, the two entities own a substantial number of hotels, office buildings, apartment complexes, and retail outlets in the former East Germany, many of them located near large cities.

With the proposed privatization of TLG, which was valued at $2.3 billion in 2010, the German government hopes to take advantage of an uptick in real estate transactions in the country, according to Bloomberg.

White Case has five offices in Germany located in Berlin, Düsseldorf, Frankfurt, Hamburg, and Munich, having merged with Frankfurt-based Feddersen Laule Ewerwahn Scherzberg Finkelberg Clemm in 2000. The combined firm dropped the Feddersen name in 2004 and opened in Munich in 2005 after picking up a team of lawyers from disbanding German firm Haarmann Hemmelrath.

German legal publication Juve picked White Case—whose German practice is one of the country’s ten largest—as its firm of the year for 2011.

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