Düsseldorf, September 3, 2008—Shearman & Sterling advised IVG Immobilien AG on the sale of its cavern business. In the course of a parallel proceeding, IVG Immobilien AG assessed the sale of its cavern business in an auction process as well as, alternatively, the sale of the caverns to a fund. Upon completion of the auction process, IVG’s management board and supervisory board decided to implement the fund solution.

The specialized fund, structured by IVG Institutional Funds GmbH, will acquire 40 operational caverns as well as 30 additional caverns that are still under construction within the framework of an asset deal. The purchase price amounts to approximately €1.7 billion.

The following Shearman & Sterling attorneys advised IVG Immobilien AG on the sale: partners Harald Selzner (Düsseldorf-M&A) and Johannes Frey (Frankfurt-Tax), as well as associates Joachim Grittmann (Frankfurt-Public Law), Christoph Neven, Carlos Robles y Zepf, Giuseppe Sferrazza, Martin Greiser (all Düsseldorf-M&A) and Corinna Class (Frankfurt-M&A).

For additional information contact:
Hans Jürgen Meyer-Lindemann | Düsseldorf | T +49.211.17888.719 |