ADLER Real Estate AG (DB:ADL) signed an agreement to acquire 41.04% stake in Brack Capital Properties NV (TASE:BCNV) from Teddy Sagi for approximately €320 million on February 16, 2018. ADLER will acquire 3.1 million shares for ILS 440 (€99.6028) per share. In a related transaction, ADLER offered to acquire 25.8% stake in Brack Capital for approximately ILS 880 million (approximately €200 million). The acquisition and the offer will be financed from existing cash in ADLER, the proceeds from the recent sale of its stake in ACCENTRO Real Estate AG, the sale of non-core assets for a total of €350 million and by funds provided under an in place bridge loan financing agreement. J.P. Morgan is acting as sole provider of acquisition financing to ADLER. Completion of the agreement is subject to several conditions precedent, the principal of which are approval by the German Federal Cartel Office, completion of a tender offer in such a manner that ADLER will acquire ordinary shares of Brack Capital constituting at least 5% of Brack Capital's Capital, as well as other customary terms. The parties estimate that completion of the transaction under the agreement is expected to take place at the beginning of April 2018. Kempen and J.P. Morgan acted as financial advisor to ADLER. Gregor von Bonin, Mesut Korkmaz, Christoph Dreihus, Michael Hendricks, Jan Willem van der Staay, Bert Spijkervet, Lisa Hees, Adir Waldman, Georg Roderburg, Sandra Auer, Thomas Richter, Bob van Kasteren, Katrin Gaßner, Paul Drößler, Mario Hüther, Alexander Ruschkowski, Nina Heym, Christina Zapf, and Jennifer Maiworm of Freshfields Bruckhaus Deringer acted as legal advisors to ADLER.

ADLER Real Estate AG (DB:ADL) completed the acquisition of 41.04% stake in Brack Capital Properties NV (TASE:BCNV) from Teddy Sagi on April 3, 2018. In a related transaction, ADLER completed the acquisition of 25.8% stake in Brack Capital Properties through the course of special tender offer which ended on March 26, 2018. As a result, Real Estate AG successfully closed the acquisition of 70% of the shares in Brack Capital Properties N. V.