Since June 2014, Puhl has advised on seven capital
markets and M&A transactions with a total volume of over € 27.5 BN.
| Area | Client | Country | Year | Description | Size (€ MM) |
|---|---|---|---|---|---|
| M&A | Owners of BEOS AG | DE | 2018 | Sale of 100% of BEOS AG, Germany’s leading corporate real estate investment manager, to Swiss Life Group | – |
| M&A | Vonovia SE | DE | 2016 | Takeover of listed residential company Deutsche Wohnen AG (acceptance threshold not reached) | 14,000 |
| Equity | Deutsche Annington Immobilien SE | DE | 2015 | Capital increase with subscription rights | 2,250 |
| M&A | Deutsche Annington Immobilien SE | DE | 2015 | Acquisition of residential company Südewo Group | 1,900 |
| M&A | Deutsche Annington Immobilien SE | DE | 2015 | Takeover of listed residential company Gagfah S.A. | 8,779 |
| Equity | Deutsche Annington Immobilien SE | DE | 2014 | Capital increase (accelerated bookbuilding) | 451 |
| M&A | Deutsche Annington Immobilien SE | DE | 2014 | Sale of a German residential portfolio to LEG Immobilien AG | 484 |
| Debt | Deutsche Annington Immobilien SE* | DE | 2014 | Inaugural hybrid bond offering | 700 |
| M&A | Archstone German Fund* | LU | 2014 | Sale of residential portfolio to Deutsche Annington Immobilien SE | 970 |
| M&A | Deutsche Annington Immobilien SE* | DE | 2014 | Acquisition of Vitus Group | 1,400 |
| Debt | Deutsche Annington Immobilien SE* | DE | 2013 | Inaugural dual-tranche Yankee bond offering ($750 MM (2017), $250 MM (2023)) | 740 |
| Debt | Deutsche Annington Immobilien SE* | DE | 2013 | Unsecured bond offering | 500 |
| Debt | Deutsche Annington Immobilien SE* | DE | 2013 | Inaugural dual-tranche Euro bond offering (€700 MM (2016), €600 MM (2019)) | 1,300 |
| Equity | Terra Firma Capital Partners Limited* | GB | 2013 | IPO of Deutsche Annington Immobilien SE | 575 |
| Debt | Deutsche Annington Immobilien SE* | DE | 2013 | Dual-tranche term loan | 2,500 |
| Debt | Deutsche Annington Immobilien SE* | DE | 2013 | Rating advisory (BBB corporate rating) | – |
| Equity | Globe Trade Centre S.A.* | PL | 2012 | Financial advisor on capital increase | 100 |
| M&A | Not Disclosed* | RU | 2012 | Valuation opinion for an acquisition by a listed real estate company (postponed) | 300 |
| Restructuring | Globe Trade Centre S.A.* | PL | 2012 | Restructuring analysis | – |
| Equity | O1 Properties Group* | RU | 2012 | IPO (postponed) | – |
| Equity | alstria office REIT-AG* | DE | 2012 | Capital increase | 61 |
| Equity | Deutsche Wohnen AG* | DE | 2011 | “At-market” rights issue | 186 |
| Equity | Kardan N.V.* | IL | 2011 | Accelerated bookbuilding (ABO) of a 16% stake in Globe Trade Centre S.A. | 195 |
| Equity | Solidium Oy* | FI | 2010 | Accelerated bookbuilding (ABO) of a 19% stake in Sponda Plc | 176 |
| Restructuring | Morgan Stanley Real Estate Investment GmbH* | DE | 2010 | Restructuring options for P2 Value, a German open-ended real estate fund | – |
| Equity | DIC Asset AG* | DE | 2010 | Capital increase | 47 |
| Restructuring | Immofinanz AG* | AT | 2009 | Financial restructuring, exchange offer, merger with listed subsidiary Immoeast AG | 3,185 |
| M&A | Mayak Real Estate* | RU | 2009 | Creation of a real estate asset management joint venture | – |
| M&A | Federal Ministry of Finance* | DE | 2008 | Privatization of TLG Immobilien GmbH (sold later) | – |
| M&A | RAG-Stiftung and Evonik Industries AG* | DE | 2008 | Sale of a 25.01% stake in Evonik Industries AG to funds advised by CVC Capital Partners | 2,400 |
| Equity | Archstone-Smith Trust* | US | 2008 | Private capital markets equity raise for Archstone German Fund | 456 |
| M&A | Deutsche Annington Immobilien GmbH* | DE | 2008 | Acquisition of German residential company LEG Nordrhein-Westfalen GmbH (outbid) | – |
| M&A | Deutsche Post AG* | DE | 2008 | Sale of German mixed-use portfolio to Lone Star Funds | 1,000 |
| Equity | Immoeast AG* | AT | 2007 | Capital increase | 2,835 |
| M&A | Morgan Stanley Bank AG* | DE | 2007 | Sale of stake in Sireo Real Estate Asset Management GmbH to Corpus Group | – |
| Equity | Investor Group* | DE, US | 2007 | Block trade in DIC Asset AG | – |
| Equity | DIC Asset AG* | DE | 2006 | Capital increase | 192 |
| Equity | Eurocastle Investment Limited* | GG | 2006 | Capital increase | 660 |
| Equity | Fortress Investment Group LLC* | US | 2006 | IPO of Gagfah S.A. | 853 |
| Equity | DIC Asset AG* | DE | 2006 | IPO (“re-IPO”) | 244 |
| Equity | Eurocastle Investment Limited* | GG | 2006 | Capital increase | 385 |
| M&A | E.ON SE* | DE | 2005 | Sale of Viterra AG to Deutsche Annington Immobilien GmbH | 7,000 |
| Equity | Federal Ministry of Finance* | DE | 2004 | Capital markets feasbility study for Deutsche Bahn AG | – |
| M&A | Deutsche Telekom AG* | DE | 2001 | Creation of Sireo Real Estate Asset Management GmbH | – |
| Restructuring | Deutsche Telekom AG* | DE | 2001 | Re-design/ implementation of corporate real estate management strategy | – |
| M&A | Deutsche Telekom AG* | DE | 2000 | Sale of Deutsche Telekom Immobilien und Service GmbH (sold later) | – |
* prior to formation of Puhl GmbH & Co. KG