LAWFUEL – The Legal Newswire – Clifford Chance advises Whitehall in its divestment of a majority participation in, and the subordinated debt of, Deutsche Real Estate AG
The international law firm Clifford Chance advised the real estate fund Whitehall, administered by the investment bank Goldman Sachs, in its divestment of a majority participation in Deutsche Real Estate AG, Hamburg.
Whitehall has transferred its indirect shareholding of approx. 76% and various subordinated loans in Deutsche Real Estate AG to an affiliate of Summit Group. The purchase price was not disclosed. The respective sale and purchase agreement which had been concluded on 16/17 May 2007 subject to certain conditions precedent was completed today.
In 2005 Clifford Chance had already advised Whitehall in its acquisition of the majority participation and the then entire debt of Deutsche Real Estate AG and the subsequent refinancing and corporate restructuring.
Deutsche Real Estate AG holds (including several minority participations) a portfolio of 37 commercial real estate assets in major German cities.
The advisory team of Clifford Chance which was headed by partner Dr. Thomas Krecek (Corporate) comprised counsel Nele Gorny and the associates Dr. Silvia Braun, Jörg Rhiel, Christiane Schreff (all Corporate), partner Dr. Hubert Schmid and the associates Dr. Felix Mühlhäuser and Dr. Marie-Theres Rämer (all Tax) as well as partner Nicole Engesser Means (Labour Law) – all Frankfurt.