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Transactions
JANUARY 2013
WIndREIcH aG SELLS noRtH SEa oFFSHoRE WInd FaRM dEUtScHE BUcHt
Wolfschlugen-based Windreich aG entered into a purchase agreement for its north Sea wind project ‘deutsche Bucht’ with an anglo-Saxon financial investment group. at the same time, Windreich concluded service agreements for the subsequent turnkey erection, commissioning and the expected future operation of the wind farm. British Wind Energy GmbH, an affiliate of Windreich Group, will be the future operator of the 210 MW wind farm in the German north Sea. In this connection, Windreich was advised by a team led by dr. Günther M. Bredow, Partner at Heuking Kühn Lüer Wojtek’s Frankfurt office.
The North Sea wind farm ‘Deutsche Bucht’ comprises the construction of 42 Areva Multibrid 5MW wind turbines with a total capacity of 210 MW. Including foundation structures, farm cabling and substation platform, the project is worth over €1 billion. Windreich also coordinates the shipments to the construction site, which is located about 30 kilometers north-west of Windreich’s initiated project, Global Tech I, currently under construction. ‘Deutsche Bucht’, like its two predecessor projects Global Tech I and MEG I, has an unconditional grid connection approval from the Federal Network Agency.
Established in 1999, Windreich AG is a project developer in the areas of onshore and offshore wind power plants. With project planning, manufacturing, technical and commercial operations and its own stock and distribution of onshore and offshore equipment, Windreich is one of the pioneers in the offshore wind sector and as market leader a pipeline of numerous BSH permits for building offshore wind farms. LM
dMGt SELLS noRtHcLIFFE to LocaL WoRLd
dMGt is to sell northcliffe Media, its regional newspaper business, to Local World, a newly-formed media group that will combine the northcliffe titles with those of Iliffe news & Media Limited.
DMGT will receive consideration of £52.5m in cash and a 38.7% shareholding in Local World, which will allow DMGT to benefit from the potential upside from the evolution of the regional newspaper industry.
The Iliffe family, owners of Yattendon Group, will have a 21.3% shareholding in the new business. Trinity Mirror will have a 20% shareholding in Local World. The remaining Local World shares will be purchased by other investors, including Artefact Group, an Investment Fund associated with Lord Ashcroft, and Odey Asset Management.
Local World will become one of the UK's leading regional newspaper publishers, online content providers and local advertising platforms, with more than 107 print titles and 60 websites. DMGT will contribute more than 80 titles to the new venture, with another 36 coming from Iliffe News & Media.
Steve Auckland, currently Chief Executive of Northcliffe, will become CEO of Local World. Rachel Addison, Group Finance Director of Northcliffe, will assume the same role at the new company alongside a board of directors drawn from the main shareholders. The company will be chaired by David Montgomery.
Steve Auckland has commented: "Local World will be a comprehensive local content provider, offering the best and most trusted source of news, views and advertising in print, online and mobile, to its local audiences in the UK. The new company will be well-resourced, entrepreneurial, and able to respond quickly to the differing requirements of local communities." LM
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Deutsche Bucht
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