A&O and Freshfields take top roles on €4.3bn Euro real estate refinancing
Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Sidley Austin have advised on the €4.3bn (£3.4bn) refinancing of German property portfolio Deutsche Annington, in what is thought to be the largest-ever European real estate refinancing. A&O led for Terra Firma-owned Deutsche Annington with a team including global restructuring and insolvency head Mark Sterling, City restructuring partner Ian Field and Frankfurt banking partners Mark Manson-Bahr and Olaf Meisen.
July 18, 2012 at 07:55 AM
2 minute read
Allen & Overy (A&O), Freshfields Bruckhaus Deringer and Sidley Austin have advised on the €4.3bn (£3.4bn) refinancing of German property portfolio Deutsche Annington, in what is thought to be the largest-ever European real estate refinancing.
A&O led for Terra Firma-owned Deutsche Annington with a team including global restructuring and insolvency head Mark Sterling (pictured), City restructuring partner Ian Field and Frankfurt banking partners Mark Manson-Bahr and Olaf Meisen.
Freshfields acted for a group of bondholders comprising JPMorgan Chase & Co, Pacific Investment Management Company, BayernLB and Standard Life Investments, with a team led by City restructuring and insolvency partner Richard Tett, alongside London banking partner Jeffrey Rubinoff and Hamburg finance partner Lars Westpfahl.
Meanwhile, US law firm Sidley advised securitisation company GRAND led by global finance co-head Graham Penn.
The deal has seen Deutsche Annington set up a five-year refinancing plan with an initial €504m (£400m) injection from its shareholders this year, with the property company aiming to repay €1.24bn (£983m) within the first year of the plan.
The refinancing comes after Deutsche secured an original financing package of €5.8bn (£4.6bn) in 2006. The deal will allow it to apply for funding for modernisation projects and invest in its assets.
The news comes after Terra Firma acquired Four Seasons Health Care for £825m in April this year, with Slaughter and May, Macfarlanes and Latham & Watkins taking the key advisory roles on the transaction.
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