Global law firm White & Case LLP has advised Deutsche Bank AG in its role as arranger of financing for a real estate portfolio consisting of approximately 4,300 residential units located in Duisburg und Düsseldorf.
The properties have been purchased by Adler Real Estate AG from Immeo Wohnen and were originally part of the ThyssenKrupp real estate portfolio. Adler Real Estate AG's total investment is approximately €210 million.
The financing involved a senior Schuldschein loan, secured by a land charge over the portfolio, and a junior Schuldschein loan. Both loans were successfully placed on the capital market. "This financing instrument is a hybrid between a structured real estate financing and a capital markets transaction and is therefore a novelty in the real estate industry," said Dr. Thomas Flatten, partner at the White & Case office in Frankfurt.
The White & Case team in Frankfurt was led by partner Dr. Thomas Flatten and included local partners Michael Rützel and Daniel Baierlein (all Banking). They were supported by Frankfurt-based counsel Alexander Born (Tax), local partner Dr. Bernd Nelissen and associate Atineh Kuvac-Sardarian (Real Estate). Assistance was also provided by Munich-based associate Dr. Charlotte Kreuzberg (Banking).
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