Wies\u00adba\u00adden \u2014 Aareal Bank and Advent Inter\u00adna\u00adtio\u00adnal (\u201cAdvent\u201d) have announ\u00adced that they have ente\u00adred into an agree\u00adment with TPG and CDPQ to acquire Aareon, a Euro\u00adpean provi\u00adder of Soft\u00adware-as-a-Service (SaaS) solu\u00adti\u00adons for the real estate indus\u00adtry. The finan\u00adcial terms of the sale were based on an enter\u00adprise value for Aareon of around \u20ac 3.9 billion, which corre\u00adsponds to a valua\u00adtion of Aareal Bank\u2019s stake in Aareon of around \u20ac 2.1 billion. The closing of the tran\u00adsac\u00adtion is expec\u00adted to take place in the second half of 2024, subject to the usual condi\u00adti\u00adons and regu\u00adla\u00adtory approvals.<\/p>\n
The tran\u00adsac\u00adtion and part\u00adner\u00adship with TPG will provide Aareon with access to addi\u00adtio\u00adnal specia\u00adli\u00adzed resour\u00adces and exper\u00adtise to drive inno\u00adva\u00adtion and future growth. TPG will invest in Aareon through TPG Capi\u00adtal, the company\u2019s US and Euro\u00adpean private equity plat\u00adform, in a consor\u00adtium with CDPQ, a global invest\u00adment group. CDPQ will acquire a mino\u00adrity stake in Aareon along\u00adside TPG as a co-inves\u00adtor. Advent will conti\u00adnue its invest\u00adment in Aareon and invest new equity for a mino\u00adrity stake in the inde\u00adpen\u00addent company.<\/p>\n
With its property manage\u00adment system, Mainz-based Aareon promo\u00adtes the effi\u00adci\u00adent and sustainable manage\u00adment and main\u00adten\u00adance of real estate. The Aareon port\u00adfo\u00adlio enables seam\u00adless, auto\u00adma\u00adted end-to-end proces\u00adses that connect property mana\u00adgers and owners in the resi\u00adden\u00adtial and commer\u00adcial real estate sectors.<\/p>\n
Jochen Kl\u00f6s\u00adges<\/strong>, Chair\u00adman of the Manage\u00adment Board of Aareal Bank<\/strong> and Chair\u00adman of the Super\u00advi\u00adsory Board of Aareon AG, said: \u201cWe are deligh\u00adted to have found new owners for Aareon, whose finan\u00adcial strength and exten\u00adsive indus\u00adtry expe\u00adri\u00adence put them in a good posi\u00adtion to take Aareon to the next major stage of its deve\u00adlo\u00adp\u00adment. In recent years, we have deve\u00adlo\u00adped Aareon into a \u2018Rule of 40\u2019 company that has grown orga\u00adni\u00adcally and inor\u00adga\u00adni\u00adcally in an impres\u00adsive manner. We will conti\u00adnue our successful coope\u00adra\u00adtion via our joint venture First Finan\u00adcial Soft\u00adware. This not only streng\u00adthens our long-term part\u00adner\u00adship with Aareon, but also opens up further growth pros\u00adpects for all parties involved.\u201d<\/p>\n Flavio Porciani, Part\u00adner at TPG<\/strong>, said: \u201cWe have been enthu\u00adsi\u00ada\u00adstic about Aare\u00adon\u2019s role as one of the leading compa\u00adnies in the Euro\u00adpean real estate manage\u00adment indus\u00adtry for many years. We look forward to working in part\u00adner\u00adship with the Aareon team and our co-inves\u00adtors to conti\u00adnue the company\u2019s busi\u00adness success in its future inde\u00adpen\u00addence. The need for compre\u00adhen\u00adsive property manage\u00adment solu\u00adti\u00adons is growing in view of the incre\u00adasing digi\u00adta\u00adliza\u00adtion of work\u00adflows and the ever more complex regu\u00adla\u00adtory requi\u00adre\u00adments in the property indus\u00adtry. Aare\u00adon\u2019s offe\u00adring responds to this deve\u00adlo\u00adp\u00adment by provi\u00adding owners and decis\u00adion-makers in the property indus\u00adtry with an inte\u00adgra\u00adted, modern system that impro\u00adves connec\u00adti\u00advity and opti\u00admi\u00adzes busi\u00adness processes.\u201d<\/p>\n Jeff Paduch, Mana\u00adging Part\u00adner of Advent Inter\u00adna\u00adtio\u00adnal<\/strong> and member of the Aareon Super\u00advi\u00adsory Board, commen\u00adted: \u201cWe are proud to have supported Aare\u00adon\u2019s manage\u00adment team and employees in the successful trans\u00adfor\u00adma\u00adtion leading to one of the largest corpo\u00adrate sales in the Euro\u00adpean soft\u00adware indus\u00adtry in 2024. The company is well posi\u00adtio\u00adned to conti\u00adnue to act as an inno\u00adva\u00adtion leader for its custo\u00admers in the Euro\u00adpean housing indus\u00adtry ecosys\u00adtem. Aareon is on a sustainable growth path and offers exci\u00adting future oppor\u00adtu\u00adni\u00adties for all stakeholders.\u201d<\/p>\n Harry Thom\u00adsen, CEO of Aareon<\/strong>, said: \u201cThis tran\u00adsac\u00adtion is a mile\u00adstone in Aare\u00adon\u2019s deve\u00adlo\u00adp\u00adment. Thanks to the strong support of our owners Aareal Bank and Advent Inter\u00adna\u00adtio\u00adnal, the company has made excel\u00adlent progress in recent years. Now we can take the next step in our deve\u00adlo\u00adp\u00adment. We are in an ideal posi\u00adtion to take advan\u00adtage of further growth oppor\u00adtu\u00adni\u00adties and welcome TPG and CDPQ as expe\u00adri\u00aden\u00adced and strong new partners.\u201d<\/p>\n Even after the tran\u00adsac\u00adtion, Aareal Bank and Aareon will conti\u00adnue their close coope\u00adra\u00adtion and support their clients toge\u00adther via the First Finan\u00adcial Soft\u00adware joint venture. First Finan\u00adcial Soft\u00adware offers custo\u00admers specia\u00adlist exper\u00adtise in payment tran\u00adsac\u00adtion soft\u00adware solu\u00adti\u00adons for the real estate indus\u00adtry and rela\u00adted sectors.<\/p>\n Signi\u00adfi\u00adcant gain on dispo\u00adsal after tran\u00adsac\u00adtion-rela\u00adted costs expec\u00adted in 2024<\/p>\n The sale of Aareon will result in a signi\u00adfi\u00adcant gain on dispo\u00adsal for Aareal Bank Group, after tran\u00adsac\u00adtion-rela\u00adted costs of around \u20ac 2 billion. This will be reco\u00adgni\u00adzed upon comple\u00adtion of the tran\u00adsac\u00adtion (closing), which is expec\u00adted in the second half of 2024. Howe\u00adver, the majo\u00adrity of the costs asso\u00adcia\u00adted with the tran\u00adsac\u00adtion, amoun\u00adting to around \u20ac 150 million, will alre\u00adady be reco\u00adgni\u00adzed in the second quar\u00adter when the tran\u00adsac\u00adtion is signed. The gain on dispo\u00adsal less the costs asso\u00adcia\u00adted with the tran\u00adsac\u00adtion was not included in Aareal Bank Group\u2019s previous fore\u00adcast for the 2024 finan\u00adcial year. This will now be adjus\u00adted upwards. In addi\u00adtion, Aareon will be repor\u00adted as a discon\u00adtin\u00adued opera\u00adtion in accordance with IFRS 5 from the second quar\u00adter until closing.<\/p>\n Aareal Bank is well on track to achieve its opera\u00adting target of \u20ac 250 million to \u20ac 300 million for the 2024 finan\u00adcial year in the banking busi\u00adness exclu\u00adding Aareon. The bank alone gene\u00adra\u00adted a conso\u00adli\u00adda\u00adted opera\u00adting result of around \u20ac 92 million in the first quar\u00adter of 2024 and an opera\u00adting result of \u20ac 221 million in the 2023 finan\u00adcial year. The Common Equity Tier 1 capi\u00adtal ratio (Basel IV phase-in) was 19.7% at the end of the first quar\u00adter of 2024.<\/p>\n Arma Part\u00adners<\/strong> acted as lead finan\u00adcial advi\u00adsor and Gold\u00adman Sachs<\/strong> acted as finan\u00adcial advi\u00adsor to Advent Inter\u00adna\u00adtio\u00adnal and Aareal Bank, CMS<\/strong> acted as legal coun\u00adsel to Aareal Bank.<\/p>\n Weil, Gotshal & Manges LLP<\/strong> advi\u00adsed Advent Inter\u00adna\u00adtio\u00adnal on legal matters.<\/p>\n Morgan Stan\u00adley & Co. Inter\u00adna\u00adtio\u00adnal Plc<\/strong> acted as finan\u00adcial advi\u00adsor to TPG and CDPQ and Kirk\u00adland & Ellis LLP<\/strong> acted as legal counsel.<\/p>\n About Aareal Bank Group<\/strong><\/p>\n Aareal Bank Group, head\u00adquar\u00adte\u00adred in Wies\u00adba\u00adden, is a leading inter\u00adna\u00adtio\u00adnal real estate specia\u00adlist. The Bank uses its exper\u00adtise to iden\u00adtify trends, chal\u00adlenges and oppor\u00adtu\u00adni\u00adties at an early stage and exploit them for the bene\u00adfit of its stake\u00adhol\u00adders. Aareal Bank Group offers smart finan\u00adcing, soft\u00adware products and digi\u00adtal solu\u00adti\u00adons for the property sector and rela\u00adted indus\u00adtries, and is repre\u00adsen\u00adted on three conti\u00adnents \u2014 in Europe, North America and Asia. Aareal Bank Group\u2019s busi\u00adness stra\u00adtegy is geared towards sustainable busi\u00adness success, with ESG (envi\u00adron\u00admen\u00adtal, social and gover\u00adnance) aspects as key components.<\/p>\n Aareal Bank AG compri\u00adses the Struc\u00adtu\u00adred Property Finan\u00adcing, Banking & Digi\u00adtal Solu\u00adti\u00adons and Aareon segments. The Struc\u00adtu\u00adred Property Finan\u00adcing segment compri\u00adses Aareal Bank Group\u2019s property finan\u00adcing and refi\u00adnan\u00adcing acti\u00advi\u00adties. Here she assists clients with large-volume invest\u00adments in commer\u00adcial real estate. In the Banking & Digi\u00adtal Solu\u00adti\u00adons busi\u00adness segment, Aareal Bank Group offers compre\u00adhen\u00adsive advi\u00adsory services and product solu\u00adti\u00adons to compa\u00adnies from the housing and property indus\u00adtries, as well as the energy sector, as a digi\u00adta\u00adliza\u00adtion part\u00adner, bund\u00adling these with tradi\u00adtio\u00adnal corpo\u00adrate banking and depo\u00adsit-taking busi\u00adness. The subsi\u00addiary Aareon, Euro\u00adpe\u2019s proven provi\u00adder of SaaS solu\u00adti\u00adons for the property indus\u00adtry, forms the third busi\u00adness segment.<\/p>\n About Advent International<\/strong><\/p>\n Foun\u00added in 1984, Advent Inter\u00adna\u00adtio\u00adnal is one of the largest and most expe\u00adri\u00aden\u00adced global private equity inves\u00adtors. The company has inves\u00adted in over 420 private equity invest\u00adments in 43 count\u00adries and had assets under manage\u00adment of EUR 84 billion as of Decem\u00adber 31, 2023. With 15 offices in 12 count\u00adries, Advent has built a globally inte\u00adgra\u00adted team of over 302 private equity invest\u00adment profes\u00adsio\u00adnals in Europe, North America, Latin America and Asia. The company focu\u00adses on invest\u00adments in five core sectors, inclu\u00adding busi\u00adness and finan\u00adcial services, tech\u00adno\u00adlogy, health\u00adcare, indus\u00adtry and retail, consu\u00admer goods and leisure. After 40 years in the inter\u00adna\u00adtio\u00adnal invest\u00adment busi\u00adness, Advent conti\u00adnues to pursue the approach of working with manage\u00adment teams to achieve sustainable sales and earnings growth for its port\u00adfo\u00adlio compa\u00adnies. www.adventinternational.com<\/p>\n About TPG<\/strong><\/p>\n Foun\u00added in 1992 in San Fran\u00adcisco, TPG is a globally active alter\u00adna\u00adtive asset mana\u00adger. The company mana\u00adges US$ 224 billion in assets and has invest\u00adment profes\u00adsio\u00adnals and opera\u00adti\u00adons around the world. The spec\u00adtrum of TPG\u2019s invest\u00adment stra\u00adte\u00adgies is broadly diver\u00adsi\u00adfied and includes private equity, impact inves\u00adt\u00ading, credit, real estate and market solu\u00adti\u00adons. Our unique stra\u00adte\u00adgic approach is based on colla\u00adbo\u00adra\u00adtion, inno\u00adva\u00adtion and inclu\u00adsion. Our teams combine in-depth product and sector expe\u00adri\u00adence with broad exper\u00adtise and distinc\u00adtive skills. This gives us diffe\u00adren\u00adtia\u00adted insights and crea\u00adtes value for our fund inves\u00adtors, port\u00adfo\u00adlio compa\u00adnies, manage\u00adment teams and stake\u00adhol\u00adder groups. You can find out more about TPG at www.tpg.com.<\/p>\n About CDPQ<\/strong><\/p>\n CDPQ pursues a cons\u00adtruc\u00adtive invest\u00adment approach in order to gene\u00adrate sustainable returns over the long term. As a global invest\u00adment mana\u00adger, we manage funds for public pension and bene\u00adfit funds; toge\u00adther with our part\u00adners, we build compa\u00adnies that drive perfor\u00admance and progress. We are active in the most important finan\u00adcial markets as well as in private equity, infra\u00adstruc\u00adture, real estate and private debt. As at Decem\u00adber 31, 2023, CDPQ had net assets of CAD 434 billion. For more infor\u00adma\u00adtion, visit cdpq.com, our presence on Linke\u00addIn and Insta\u00adgram, or follow us on X. \u2014 CDPQ is a regis\u00adtered trade\u00admark of Caisse de d\u00e9p\u00f4t et place\u00adment du Qu\u00e9bec and licen\u00adsed for use by its subsidiaries.<\/p>\n About Aareon<\/strong><\/p>\n Aareon is Euro\u00adpe\u2019s estab\u00adlished provi\u00adder of SaaS solu\u00adti\u00adons for the real estate indus\u00adtry and a pioneer for the digi\u00adtal future of the sector.<\/p>\n By connec\u00adting people, proces\u00adses and proper\u00adties, Aareon is crea\u00adting a closely networked real estate ecosys\u00adtem. Our property manage\u00adment system offers intel\u00adli\u00adgent soft\u00adware solu\u00adti\u00adons for effi\u00adci\u00adently mana\u00adging and main\u00adtai\u00adning proper\u00adties and digi\u00adtally inte\u00adgra\u00adting all stake\u00adhol\u00adders. As a relia\u00adble and inno\u00adva\u00adtive part\u00adner, we are passio\u00adna\u00adtely commit\u00adted to sustainable living and working spaces.<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Wies\u00adba\u00adden \u2014 Aareal Bank and Advent Inter\u00adna\u00adtio\u00adnal (\u201cAdvent\u201d) have announ\u00adced that they have ente\u00adred into an agree\u00adment with TPG and CDPQ to acquire Aareon, a Euro\u00adpean provi\u00adder of Soft\u00ad\u00adware-as-a-Service (SaaS) solu\u00adti\u00adons for the real estate indus\u00adtry. The finan\u00adcial terms of the sale were based on an enter\u00adprise value for Aareon of around \u20ac 3.9 billion, [\u2026]<\/p>\n","protected":false},"author":2,"featured_media":51735,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wp_typography_post_enhancements_disabled":false,"footnotes":""},"categories":[886,1364,1365,1366,1367,1368,1369],"tags":[],"class_list":["post-51737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en","category-featured-en","category-private-equity-en","category-news-en","category-lawyers-tax-advisors-auditors-en","category-lawyers-tax-consultants-auditors","category-investors"],"yoast_head":"\n