Building Site

WFW advises Deutsche Annington on the employment law aspects of their portfolio expansion by more than 41,000 residential units and corporate restructuring

28 February 2014


Watson, Farley & Williams (“WFW”), a leading international law firm, is pleased to announce that it has comprehensively advised Deutsche Annington Immobilien SE („Deutsche Annington“) on the employment law aspects of the acquisition of approximately 11,500 residential units managed by DeWAG, the integration of around 30,000 residential units owned by Vitus group and the internal restructuring of Deutsche Annington group.

Deutsche Annington has reached an agreement on the integration of a combined portfolio of approximately 30,000 residential units for a consideration of €1.4 billion. The units are owned by Vitus group, a leading residential corporation in Northern and Western Germany.

Deutsche Annington also acquired a residential portfolio of around 11,500 units for approximately €970 million from DeWAG, a German real estate investor and asset manager.

WFW has comprehensively advised Deutsche Annington on the employment law aspects of both transactions.

In 2013, Deutsche Annington agreed on extensive restructurings to simplify and streamline existing corporate structures and business units within the group. A reconciliation of interests has been concluded with the group works council, the SE-investment contract has been amended and a new collective labour agreement has been negotiated with the trade union Vereinigte Dienstleistungsgewerkschaft. Furthermore, numerous group works agreements have been renegotiated and concluded.

Deutsche Annington is one of the leading housing companies in Germany with approximately 179,000 own flats, 30,000 managed flats for third parties and 2,670 employees.

The WFW team was led by partner Dr. Nikolaus Krienke (Employment, Hamburg and Munich). He was supported by partners Anne Kleffmann (Employment, Munich) and Dr. Christian Ulrich Wolf (Corporate, Hamburg) as well as associates Dr. Frederik Martell, Dr. Jan Beckmann (both Employment, Hamburg) and Dr. Joachim Heinemann (Corporate, Hamburg).

Lead partner Dr. Nikolaus Krienke says: ”We are proud to have advised Deutsche Annington on the employment aspects of their ambitious employment law projects, working in close cooperation with our client’s in-house counsel and human resources department.”