Noerr advises City of Hamburg’s group holding HGV on €380 million acquisition of PFLEGEN & WOHNEN HAMBURG from Deutsche Wohnen
Noerr has advised HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement (HGV), the group holding company of the City of Hamburg, on the €380 million repurchase of PFLEGEN & WOHNEN HAMBURG GmbH (P&W) from Deutsche Wohnen, a Vonovia subsidiary
The acquisition includes 13 care homes in Hamburg, with around 2,000 employees and 2,400 care places.
The reacquisition of P&W, which the city previously sold in 2007, offers the City of Hamburg the opportunity to enhance inpatient care provisions and address care place shortages. It also aims to improve P&W’s appeal as an employer and foster innovation, alongside providing greater transparency in its cost structure.
This acquisition, subject to clearance by the German Federal Cartel Office, follows Deutsche Wohnen’s divestment of its entire portfolio of owner-managed care facilities. The transaction also marks a significant step for HGV, which manages a substantial portion of Hamburg’s public companies and shareholdings.
The Noerr team, led by partners Felix Blobel and Clemens Schönemann, provided comprehensive legal support, including due diligence, advice on state aid, merger control, tax law, and assistance with contract negotiations.
Advisors to HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement included:
- Corporate: Vanessa Hoffmann Linhard, Karl Uwe Fuchs, Marcus Braun
- Real Estate: Valentina C. Glasa, Philipp Bergmann, Laura-Jo Klee, Tim Lieder
- Employment Law: Patrick Mückl, Nikolaus Polzer, Yannick Bähr, Joshua Streuber
- Public Law: Peter Bachmann, Hendrik Schlutt, Joachim Rung
- Regulatory: Evelyn Schulz, Theresa Möller
- Tax: Elmar Bindl, Steffen Arlich
- Antitrust/State Aid: Sarah Blazek, Annika-Kristin Stamer, Stefanie Gschoßmann