P+P advises EQT on sale of Charleston to KOS and a real estate portfolio to Primovie
The EQT Infrastructure II fund ("EQT") sold Charleston Holding ("Charleston") to KOS and the real estate associated with the operations of Charleston to Primovie, managed by Primonial REIM ("Primonial") respectively. The transactions still require the approval of the antitrust authorities.
KOS is a leading Italian healthcare group generating EUR 545 million in revenue by offering integrated nursing care services with more than 8,150 beds.
Primonial is a major European real estate investment manager with EUR 17.2 billion in assets under management, focused on healthcare and education.
EQT founded Charleston in 2014. Headquartered in Füssen, Germany, Charleston operates 47 nursing homes with 4,050 beds and seven out-patient nursing locations. The company generates more than EUR 160 million in revenue and has around 3,400 employees. In the pursuit of a buy-and-build strategy in the German nursing home sector, Charleston has executed nine add-on acquisitions, which also encompass related real estate. Thus, a high-quality and diversified portfolio of 20 nursing homes was acquired.
P+P Pöllath + Partners advised EQT Infrastructure and Charleston on all legal matters with the following multidisciplinary team across all locations:
- Jens Hörmann (partner, lead, M&A, private equity, Munich)
- Stefan Lebek (partner, real estate, Berlin)
- Hardy Fischer (partner, tax law, Berlin)
- Jens Linde (associated partner, financing, Frankfurt)
- Thies Jacob (associate, M&A, private equity, Munich)
- Sebastian Pasch (counsel, real estate, Berlin)
- Matthias Werner (counsel, real estate, Berlin)
- Jasmin Wagner (senior associate, M&A, private equity, Munich)
- Lena Hummel (associate, M&A, private equity, Munich)
- Sebastian Rosentritt (senior associate, M&A, private equity, Munich)
- Tim Junginger (senior associate, M&A, private equity, Munich
- Benjamin Letzler (senior associate, private funds, Frankfurt)
- David Hötzel (senior associate, tax law, Berlin, Munich)
- Andrea Streifeneder (associate, M&A, private equity, Munich)
- Franziska Albrecht (associate, real estate, Berlin)
- Malte Zessin (associate, real estate, Berlin)
- Lion Sander (associate, real estate, Berlin)
- Jochen Schöfthaler (associate, real estate, Berlin)
P+P has supported EQT and Charleston right from the start in their successful growth strategy and provided legal advice on all add-on transactions.