Law firm Appleby has acted as Jersey counsel to Euronext Amsterdam and Vienna Stock Exchange listed Atrium European Real Estate Limited (AERE) on its merger with Gazit Hercules 2020 Limited.
Gazit Hercules 2020 Limited is a wholly owned subsidiary of Tel-Aviv listed Gazit Globe Limited.
The merger was implemented by a take private of AERE using the statutory merger process under Jersey company law. This is the first time a publicly listed Jersey incorporated company has been taken private using this mechanism. The merger values AERE’s shares at approximately €1.45 billion.
AERE owns, develops and manages shopping centres across central and eastern Europe, with a c. 809,000 sq m portfolio of 26 properties and a net asset value of approximately €2.5 billion.
The Appleby team was led by Managing Partner James Gaudin and Counsel Kevin McQuillan with support from Group Partner Iain Millar, Senior Associate Paul Worsnop and Trainee Angharad Prescott. Dispute Resolution Group Partners, Jared Dann and Niall MacDonald also assisted. The Appleby team worked alongside Allen & Overy LLP in London and Amsterdam.
Speaking on the transaction, Kevin McQuillan (pictured) commented: “We have been working closely with Atrium for a number of years and are very pleased to assist on this transformative transaction for them. We have acted on numerous take privates in recent years and naturally it was very pleasing for us to advise Atrium on what is a first of its kind transaction in the Jersey market. We look forward to continuing our longstanding relationship as legal advisers to Atrium.”
Neil Flanzraich, Chairman of the Independent Committee of AERE noted: “We are delighted to close out this transaction which marks the end of an intense period of engagement for the Independent Committee. The Appleby team have been available and with us every step of the way on this transaction. They were across all of the legal issues that arose, always available to talk us through the process and generally provided a truly first-class service.”
