Benson Elliot has extended its German residential activities with the acquisition of a 74.9 stake in GWB Elstertal Geraer Wohnungsbaugesellschaft from its insolvent parent company, Stadtwerke Gera. GWB owns and manages a portfolio of 6,700 residential units, encompassing 402,000 sqm across 330 assets in Gera, the third-largest city in Germany’s Thuringia region. The remaining shares in GWB are owned by the City of Gera. Frank Hirling has been appointed to assist Benson Elliot in overseeing the GWB team that will implement a new value-add strategy. Benson Elliot was advised by Greenberg Traurig, Deloitte and VALTEQ.
