Pirelli Real Estate (RE) has acquired a 96.83 interest in Deutsche Grundvermogen AG (DGAG), one of Germany's leading real estate enterprises with officies in Hamburg and Kiel.
Pirelli RE also agreed to buy a further 2.54% and will in the end spend a total of some 465 million euros for 100% of DGAG, in an operation which carries an enterprise value (EV) of some 1.4 billion euros.
The EV of an acquisition is the market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.
A statement from Pirelli RE said it intended to expand even further in Germany and has already pinpointed other investment opportunities.
