€1.5 billion public offer for German real estate company Brack Capital properties Financial adviser to ADLER Real Estate

Kempen is pleased to announce the successful €1.5 billion public offer for Brack 

  • Brack Capital Properties (BCP) owns a real estate portfolio consisting of more than 11,000 residential units which complement the existing ADLER portfolio. The complementary nature of the transaction is expected to generate c.€3 million of synergies annually
  • The price of ILS 440 per BCP share represents a 12.3% premium to last unaffected closing price as of 16 February 2018 and a 15.2% premium to last reported EPRA NAV
  • The transaction is structured as an all-cash offer for 41.04% of the share capital of BCP from Teddy Sagi and a special tender offer to acquire up to 25.80% in BCP in cash
  • The offer implies a fully consolidated enterprise value of ILS 6,598 million (c.€1,492 million)
  • ADLER acquired a total of c.70% of the shares in BCP after the successful special tender offer
  • Combined portfolio value of ADLER post BCP takeover transaction amounts to c.€3.6 billion
  • This transaction enables ADLER to become one of the top 5 largest residential companies in Germany and larger than any pure commercial player in Germany 
  • Kempen acted as financial adviser to ADLER Real Estate



ADLER Real Estate, listed on the Frankfurt stock exchange, is the 7th largest listed German residential company and owns a €2.7 billion German residential portfolio. In recent years, the company has grown rapidly by making acquisitions. ADLER owns almost 50,000 residential units which are mostly located in northern and western Germany and offer affordable homes to tenants with medium to low incomes. Most of this portfolio is held and managed on a permanent basis. To this end, ADLER has established a professional, central asset management department and also proprietary property management companies that, from 2018 onwards, manage the entire portfolio. As group companies have also taken over facility management in most locations, ADLER has become an integrated property group offering its tenants all relevant services from a single source.

ADLER Real Estate AG was formed out of Frankfurter Adlerwerke.




Brack Capital Properties is a Dutch BV with assets located in Germany and listed on the Tel-Aviv stock exchange. The company’s real estate assets comprise of residential and commercial properties in large cities in Germany with a GAV of €1.4 billion. BCP has more than 11,000 residential units in Germany with an annualized rental income of c.€45 million and exposure to A-locations.


Dick Boer
Thomas ten Hoedt