Deutsche Post in €1 Billion Real Estate Sale
April 15, 2008
Cleary Gottlieb is representing Deutsche Post in its €1 billion sale of a portfolio of real estate to U.S. investor Lone Star Funds. The portfolio comprises about 1,300 assets located mainly in Germany. After the transfer of the properties to Lone Star, Deutsche Post will lease most of them back under an innovative lease agreement. The deal is expected to close successively as assets are ready for transfer, beginning on July 1.
Deutsche Post is part of the Deutsche Post World Net, one of the world’s leading logistics companies with over 467,000 employees in more than 220 countries and territories worldwide. In 2007, it had €63.5 billion in revenues.
Lone Star Funds are headquartered in Dallas, Texas. They are closed-end, private-equity limited partnerships that include as partners corporate and public pension funds, university endowments, foundations, bank holding companies, family trusts and insurance companies.