Global law firm White & Case LLP has advised Deutsche Trustee Company Ltd in its capacity as security agent in a CMBS issuance by GAGFAH.
The purpose of the transaction, which has been completed via German Residential Funding 2013-1 Ltd, is to refinance a large credit facility falling due this year. The total refinancing amount and, therefore, the issuance is approximately €2.1 billion.
"Transactions of this kind show that securitizations are again in demand as a refinancing instrument", said Michael Rützel, local partner at the White & Case office in Frankfurt. "In particular, Multifamily CMBS benefit from the lower issuance of other securitized assets, such as British RMBS."
The White & Case team in Frankfurt was led by local partner Michael Rützel and partner Dennis Heuer, and included local partner Daniel Baierlein (all Banking). They were supported by Singapore-based partner David Barwise (Capital Markets).
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