Global law firm White & Case LLP has advised Deutsche Trustee Co. Ltd. as security agent and trustee on the early repayment and refinancing of Deutsche Annington's CMBS securitization German Residential Asset Note Distributor P.L.C. (GRAND).
The transaction, with a total value of approximately €5.5 billion in 2006, was the largest of its kind with the refinancing of the residential real estate portfolio accounting for around €2.3 billion today.
Securitization issues at the beginning of 2012 had presented the refinancing with a serious challenge. However a 'scheme of arrangement' – an instrument not often used in the German market – under which the transaction's due dates were able to be postponed, was implemented successfully and sufficient time was generated for the refinancing to be completed.
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), and worked in close cooperation with London-based Capital Markets partners David Barwise and Christian Pilkington.
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