Frankfurt am Main – LAWFUEL – Legal News Network – Allen & Overy has advised Deutsche Bank AG, London, and Goldman Sachs in connection with the financing and subsequent securitisation of a € 2.66 billion loan to GAGFAH, Germany’s fourth largest owner of multi-family residential property. The loan is secured on GAGFAH’s approximately 92,000 multi-family units in Germany. GAGFAH was acquired by U.S.-based Fortress Investment Group in 2004.
“A particularly innovative aspect of this transaction was the establishment of a Commercial Paper (CP) programme within a Commercial Mortgage-Backed Securities (CMBS) structure. This is the first time that a programme of this type was used in conjunction with a European CMBS structure”, said Matthew Howard, a partner based in Allen & Overy’s Frankfurt office. He added: “Under the CP programme, Euro- and U.S. commercial paper notes are issued, which repackage the cashflows on the senior class A1 notes through a complex swap and repurchase structure.”
“Again, this approach proves one of our team’s core strengths – that is, offering customised and innovative solutions to our clients”, adds partner Dr Johannes Bruski. “Our client’s choice also shows that Allen & Overy belongs to the top players in this market when it comes to property finance.”
The Frankfurt refinancing team was led by partners Dr Johannes Bruski (capital markets) and Cathy Bell-Walker (banking and finance). They were supported by Dr Gabriele Röhl (capital markets), Karen Zöttl, Vanessa Pfeiffer, Isabel Garner (all banking and finance) and Dr Werner Gumpp. Partner Dr Asmus Mihm advised on tax aspects. In addition, partner Pierre Schleimer provided advice on aspects under Luxembourg law. The Frankfurt securitisation team was led by partners Matthew Howard and Dr Johannes Bruski. The team also included Dr Gabriele Röhl, as well as Jennifer Foley-Plepelits and Caroline Jagemann (all capital markets). Counsel Dr Martin Bünning advised on tax aspects.
Allen & Overy’s London team consisted of partner Christopher Bernard and Jennifer Kang (U.S. law and generally on the CP programme), as well as partner Richard Tredgett and Julia Barker (derivatives). The trustee, Deutsche Trustee Company Ltd., was advised by Malcolm Charles. Pierre Schleimer and Bénédicte Kurth advised on aspects under Luxembourg law.
For further information, please contact Dr Johannes Bruski ([email protected]) in Frankfurt on 069 2648 5714, Matthew Howard ([email protected]) on 069 2648 5750 or Steffen Müller ([email protected]) on 069 2648 5479.