Allen & Overy LLP
Allen & Overy LLP remains a popular address for large-scale cross-border real estate transactions and acts primarily for (alternative) lenders. These include debt funds, asset managers, insurance companies and banks, although the team also acts on behalf of individual borrowers (including real estate companies, real estate developers and players from the asset management sector). Practice head Olaf Meisen, who is supported by counsel Stefan Kuhm, regularly takes the lead here. The advice covers senior and mezzanine financing, CMBS transactions and unsecured financing matters. Recent asset classes include the areas office, residential and logistics. The team covers both individual properties and portfolio transactions.
Testimonials
‘Balance between advocacy and pragmatism; Availability and speed.’
‘They are in a position to provide equally good advice on both German and Europe-wide transactions.’
‘Dr. Olaf Meisen, Stefan Kuhm: Excellent industry and specialist knowledge, very good availability and speed of implementation, high level of consulting services, appropriate degree of pragmatism, very collegial and pleasant interaction.’
Key clients
Aurelis Asset GmbH
CPPIB Credit Investments
DekaBank Deutsche Girozentrale
Aareal
Ärzteversorgung Westfalen-Lippe
Landesbank Hessen-Thüringen Girozentrale (Helaba)
Landesbank Baden-Württemberg (LBBW)
Natixis
Société Générale
Vonovia SE
Work highlights
- Advising Generali and Helaba as lenders on senior/mezzanine development financing for the Treptowers office building in Berlin with a volume of around €630 million.
- Advising various lenders in connection with the acquisition and expansion of the Velero platform by KKR.
- Advised a US financial institution as lender on the financing for Apollo to refinance the step-up residential portfolios with a volume of approx. €287 million.
Clifford Chance
Clifford Chance offers cross-practice and cross-locational cooperation and has increasingly been instructed by asset managers, real estate companies and investment banks on financing and refinancing in the office, commercial, logistics and healthcare sectors. Frequently, these are (pan-European) portfolio transactions, although the team also advises on the financing of individual properties. Clients also benefit from the close cooperation of the firm’s fund and technology practices on alternative financing matters. The capital markets interface is covered by practice head Beda Wortmann, while key contact Tobias Schulten is well versed in structured financing.
Other key lawyers:
Tobias Schulten; Christof Häfner
Testimonials
‘The team is up-to-speed when it comes to the financing market. The legal quality is excellent anyway.’
‘Clifford Chance’s financing practice enjoys an excellent reputation with financing banks.’
‘We are very satisfied with the accessibility of our contact persons and also with the transparency of the billing.’
‘They are quick, uncomplicated and very commercial in pricing.’
‘Beda Wortmann is very quick to understand and implement, represents the interests suaviter in modo, fortiter in re, remains calm and friendly (even when the opponent gets difficult).’
‘Beda Wortmann: Because of his engaging, constructive manner coupled with his wealth of experience and interdisciplinary thinking, he is an absolute top choice.’
Key clients
Tristan Capital Partners
BentallGreenOak
RFR
EVP II Panattoni Berlin City
Goldman Sachs
Arax Properties
Partners Group
Midas International Asset Management
L’etoile Properties
Ivanhoé Cambridge
Greenberg Traurig Germany
With practice head Claudia Hard
as well as key contact Anika Mitzkait (real estate law and financing), Greenberg Traurig Germany 's financing and banking division impresses with its female partner team. The advice covers a wide array of financing matters, including acquisition and development financing as well as financial restructuring and green loans. The team is regularly instructed by borrowers as well as lenders; here, advising on loan funds is considered a particular strength. The practice covers various asset classes – including commercial, office, logistics and mixed-use properties – with a traditionally strong focus on residential construction projects and residential portfolios. The team frequently cooperates with other locations on cross-border matters.
Practice head(s):
Claudia Hard
Other key lawyers:
Anika Mitzkait
Testimonials
‘Extremely competent, pragmatic and solution-oriented.’
‘Personal contact, quick reaction, goal-oriented negotiation in the interests of the client.’
‘Anika Mitzkait: Strong in the implementation of content, calm and extremely precise, solution-oriented.’
‘Claudia Hard is very fast and is characterized by her perfectly coordinated team.’
‘Claudia Hard has excellent knowledge of the market and is well connected. She quickly recognizes what the client needs and delivers a tailor-made product. Very good cooperation with the firm’s offices in other countries. This is a real advantage for the client. On time.’
Key clients
Linus Digital Finance
Dream Industrial REIT
Aventos
Heimstaden
KKR/Velero
Berlin Hyp AG
pbb Deutsche Pfandbriefbank AG
BF.direkt
Edge
Tristan Capital Partners
PineBridge Benson Elliot
Work highlights
- Advising Dream Industrial REIT on approval and waiver proceedings and on the restructuring of existing financings in connection with the acquisition of a pan-European logistics portfolio for €882 million.
- Advice to Linus Digital Finance on the strategic partnership with Bain Capital Credit and financing of up to €183 million to expand real estate financing in the UK and Germany.
- Advising the investment manager Aventos on the financing of the OSRAM location in Berlin.
Noerr
Noerr regularly acts for banks and other lenders, investors, capital investment companies and real estate managers on matters pertaining to acquisition financing of (cross-border) real estate portfolios and individual properties in the residential, office and commercial sector. The team’s most recent instructions have frequent ties to the greater Berlin area, although the practice covers various other German cities, and included advice on construction-related financing for mixed-use building complexes. Practice head Andreas Naujoks (who is well versed in corporate finance and debt restructuring in addition to real estate financing) regularly takes the lead here, he is supported by counsel Doreen Pape (real estate and acquisition financing, corporate finance).
Key clients
Caerus Debt Investments
DZ HYP
NordLB/Deutsche Hypo
Lenwood
Berliner Hypo
Postbank- eine Niederlassung der Deutsche Bank AG
Berliner Sparkasse
PRIME CAPITAL ACCESS SA, SICAV-FIS
Natixis
ING Bank
Work highlights
- Advising a banking consortium on upgrading the financing of T2, which was completed in 2019, part of the overall project The Four by Groß & Partner in Frankfurt.
- Comprehensive advice to DZ Hyp AG as agent and lender on the financing of a residential construction portfolio in Berlin (Gropiusstadt). DZ Hyp AG is providing a loan with a volume of €325 million, with which the companies holding the portfolio can refinance existing liabilities over the long term and have free liquidity for acquisitions and renovation measures.
- Advice to Postbank – a branch of Deutsche Bank AG on the acquisition financing of the New York office tower at 100 Pearl Street.
Ashurst LLP
Integrated into its real estate practice, Ashurst LLP ‘s real estate finance team offers extensive expertise in transactions and project developments, including related financing services. The client base consists of banks, private equity investors, asset managers and debt funds. In addition to advising on the financing of real estate developments, the firm recently assisted clients with national and cross-border portfolio transactions, each of which covers all asset classes, although a strong focus remains on logistics, residential and office. Filip Kurkowski and managing partner Derk Opitz regularly take the lead here.
Testimonials
‘Excellent professional advice; very good value for money; very good industry knowledge; fast reaction speed, also thanks to a large and very experienced team.’
‘Very committed team, good spirit and a high degree of economic understanding.’
‘Filip Kurkowski: Outstanding professional competence; superior service approach; very good accessibility and fast processing times; pragmatic and solution-oriented with a strong understanding of business.’
Key clients
BNP Paribas S.A.
TAURECON Real Estate
Domicil Real Estate AG
UniCredit Bank AG
x+bricks S.A.
Société Générale
Patron
Work highlights
- Advising BNP Paribas in connection with loan agreements for the acquisition of a logistics real estate portfolio with properties in Germany, France, Italy and Spain.
- Advising Domicil Real Estate on financing the acquisition of a residential real estate portfolio with a total volume of over 2,500 units.
- Advising Société Générale on the financing of the acquisition of a large residential real estate portfolio through a joint venture between Ares and Forte Capita.
CMS
CMS recently increasingly advised on the financing of logistics real estate, whereas the team covers various other asset classes, such as hotel, residential and office. Additionally, the experienced team regularly assists with project developments. Practiceheads Kerstin Block and André Frischemeier also lead the superordinate practice Banking & Finance and thus cover not only real estate financing but also project and asset financing (Block) as well as restructuring and refinancing (Frischemeier). Frischemeier is also a key contact for insurance companies, which form the client base alongside other institutional investors, project developers and financial institutions.
Taylor Wessing
In addition to its traditional advice to banks, Taylor Wessing increasingly acts for sponsors and investors in close cooperation with the real estate practice, thus covering real estate financing and refinancing matters as well as interfacing real estate law issues. This combined expertise has recently been increasingly requested in the context of project and district developments, while the team covers all other asset classes. Practice head Clemens Niedner is well versed in financing as well as restructuring, he is supported by salary partner Jennifer Maiworm, who has extensive expertise in the financing area.
Practice head(s):
Clemens Niedner
Testimonials
‘Always personal contacts. Replacement situations were solved excellently.’
‘Even with many parallel mandates or closings, e.g. at the end of the quarter, I feel sufficiently appreciated as a client. Another plus I see is that they also know how to present our point of view with good arguments in all-party talks and do so in a specific, yet very pleasant way and are therefore also able to maintain a good basic negotiating mood. I am always happy to work with them again.’
‘Jennifer Maiworm: Outstanding specialist knowledge, responds to all client requests in a considerate manner.’
‘I see Jennifer Maiworm and Jens Wiesner as very reliable and competent contacts who proactively address issues instead of first preparing a draft based on assumptions. Their work is above average.’
Key clients
DZ Hyp AG
Hamburg Commercial Bank AG
Covivio Immobilien SE
Helaba – Landesbank Hessen-Thüringen Girozentrale
NATIXIS Pfandbriefbank AG
PGIM
HYPO NOE Landesbank für Niederösterreich und Wien AG
Bayerische Landesbank
Investec Bank Plc
Tishman Speyer
Work highlights
- Advising Hamburg Commercial Bank on the refinancing of the Christie portfolio by Redos and Madison of over €320 million.
- Advising the buyer consortium York Capital Management, Dunman Capital Partners GmbH and the company Castlelake on the financing of the acquisition and later project development of the Boulevard Berlin shopping center by the debt fund Bental Grean Oak.
- Advising Tishman Speyer on the financing of the acquisition and subsequent project development of the Galeries Lafayettes property in Berlin through several debt funds advised by Starwood.
The regular close cooperation of the real estate and capital market teams forms a cornerstone of ‘s real estate financing and acquisition advice. In addition to cross-practice cooperation, lenders and real estate investors benefit from the international network, including the new Luxembourg location which opened in March 2022. Thus, the team is well positioned to advise on Luxembourg-linked structured financing and transactions. Key contacts include Thomas Flatten (real estate, acquisition and project financing as well as restructuring) and Sébastien Seele (various forms of financing in the real estate sector).
Key clients
Aggregate Holdings S.A.
Greenman OPEN
Morgan Stanley
D.V.I. Deutsche Vermögens- und Immobilienverwaltungs GmbH
J.P. Morgan
Summit Group
Adler Group S.A.
BNP Paribas
Deutsche Bank
HSBC Trinkaus & Burkhardt
Jefferies
Work highlights
- Advising Aggregate Holdings S.A. on the €1 billion acquisition financing of the Fürst real estate project.
- Advising Adler Group S.A. on the sale of a real estate portfolio to LEG IMMOBILIEN SE. The real estate portfolio includes 15,362 residential and 185 commercial units in small and medium-sized cities in northern Germany. The transaction will be carried out as part of a share deal, in which LEG will acquire 100% of the shares in the target companies. The purchase price is almost €1.3 billion.
- Advising the banking consortium consisting of J.P. Morgan, BNP Paribas and Deutsche Bank on the refinancing of the Peach Property Group, a real estate investor with an investment focus on rental apartments in Germany.
Gleiss Lutz
Gleiss Lutz is experienced in advising banks and also assists borrowers with real estate financing in various asset classes, including most recently office, commercial, residential and hotel. Due to the close cooperation with the real estate group, the team also advises on property-related transaction risks. Here, Burkhard Jäkel (project and real estate financing) and Helge Kortz (banking, finance and capital market law) frequently take the lead.
Key clients
A1 Mobil
GmbH & Co. KG
Alpha Trains Luxembourg
ara AG
ASML
Bausch & Lomb
DBAG
DZ Bank
eterna Mode GmbH
Finpair GmbH / NordLB
Falcon
HORNBACH Holding AG & Co. KGaA
JP Morgan
Karlsberg
Lindsay Goldberg / PACCOR
Lindsay Goldberg/ Schur Flexibles
Landesbank Baden-Württemberg (LBBW)
Morgan Stanley
Mitteldeutsche Flughafen AG
MM Warburg
Morabanc
Pradera
Papierfabrik Jass
Potential Seguradora
Powder Metal Goldschmidt (PMG)
STEAG GmbH
Sunexpress Deutschland
Triton / dogado
Van Oord
VNG AG
Work highlights
- Advising Morgan Stanley on the takeover bid to the shareholders of Aareal Bank by a consortium of financial investors including Centerbridge and Advent.
- Advising Lindsay Goldberg and his portfolio company PACCOR on the financing of the add-on acquisition of the Miko Pac Group through a term loan B under English law and on the sale of the Paccor Group.
- Advising VNG AG on taking out a revolving credit line provided by KfW.
Goodwin
Goodwin expanded its real estate financing team at the end of 2021 with the additions of Anke Johann, who previously worked at a German bank and has extensive experience in supporting German and Europe-wide financing, and counsel Jochen Schnepper (previously at HauckSchuchardt), who is experienced in acquisition financing of individual properties and real estate portfolios. Both are part of the team headed by Stephan Kock, which recently advised banks and investors on various acquisition and restructuring financings as well as refinancings. In addition, the team frequently cooperates with the real estate experts on financing matters in the transactional space.
Practice head(s):
Stephan Kock
GSK Stockmann
GSK Stockmann's team combines experience in real estate with expertise in acquisition and project development financing as well as interfacing investment law issues, where it acts for both banks and investors. The two practice heads Stefan Koser and Alma Franke boast similiar competencies as well as Mechtild-Maria Siebke, who made local partner in January 2022; she specialises in syndicated financing, financing-related building lease arrangements and the asset class hotel.
Practice head(s):
Stefan Koser; Alma Franke
Other key lawyers:
Rebecca Comtesse; Mechtild-Maria Siebke
Key clients
Aberdeen Standard Investments Deutschland AG
ABG Capital
Art-Invest Real Estate
AXA IM Alts
Becken Holding GmbH
Cells Property Investors GmbH
DZ HYP AG
FREO GROUP
Groß & Partner Grundstücks-entwicklungsgesellschaft mbH
Kommunale Versorgungsverbände
LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH
Nuveen Real Estate
Oldenburgische Landesbank
Patron Capital Advisers
Pembroke Real Estate
Stadtsparkasse München
VP Bank AG
Work highlights
- Ongoing advice to the project developer Groß & Partner in connection with the financing of the FOUR project in Frankfurt am Main.
- Advising ABG Capital on financing the acquisition of the ART 155 office building in Munich.
- Advising Pembroke Real Estate on the refinancing of Maximilianhöfe in Munich.
Hogan Lovells International LLP
Hogan Lovells International LLP's real estate financing team acts integrated into the practice corporate & finance, which is also evident at practice head level in banking and finance expert Katlen Blöcker, real estate specialist Roland Bomhard and project finance expert Carla Luh. Among the clients are banks and debt funds, which the group advises on the acquisition and development financing of individual properties and real estate portfolios.
Other key lawyers:
Christian Herweg; Julian Fischer
Testimonials
‘Top professional, international team that covers all areas of real estate financing up to restructuring and is always solution-oriented.’
‘Christian Herweg: Confident but never arrogant, leaves the deal management to his experienced associates in the foreground, but is always present and intervenes immediately if necessary.’
Key clients
Deutsche Pfandbriefbank
BayernLB
DekaBank
Ferox
Olbos HS I Grundbesitz-verwaltung GmbH & Co. KG
UniInstitutional Private Debt SCS SICAV-SIF
Standard Chartered Bank
Elite Partners Capital
pbb Deutsche Pfandbriefbank
Work highlights
- Advising a banking consortium including Deutsche Pfandbriefbank, BayernLB and DekaBank Deutsche Girozentrale on financing the acquisition of the landmark property Uptown Tower in Munich by way of a share deal.
- Advising pbb Deutsche Pfandbriefbank on the financing of the acquisition of Schlosshof Wandsbek, an office campus with a size of approx. 15,600m² in Hamburg.
- Advising Ferox Spitzbergenweg GmbH on the sale of the Meiendorfer Höfe district development in Hamburg Rahlstedt.
recently advised borrowers on acquisition and development financing of individual properties and real estate portfolios, whereas the group also acts on behalf of lenders. In addition to the expertise in senior and mezzanine structures as well as leasehold structures, clients benefit from the firm’s real estate and tax law capacities. Oliver Lieth heads the finance practice and is also among the key contacts for real estate financing.
Practice head(s):
Oliver Lieth
Other key lawyers:
Christoph Coenen; Dustin Schwerdtfeger
Testimonials
‘Pragmatic approach. Always trying to make the transaction a success.’
‘Very competent, pragmatic and practice-oriented team members who respond quickly and reliably to inquiries. Always deliver very high quality.’
‘Tremendous knowledge which is utilised well; reliable; good negotiating partners. Working together is really fun.’
‘Always collegial interaction. They always know what is needed when; proactive.’
‘The McDermott team, led by Oliver Lieth, is a guarantee for a successful and, above all, efficient transaction – hands-on, pragmatic, solution-oriented and highly collegial with the ability to keep calm in the process even in complicated negotiation situations. This is exactly what makes the team a good advisor, especially in complex real estate transactions.’
‘I appreciate Oliver Lieth very much. A real recommendation, both professionally and personally.’
Key clients
Annexum
BECM
CV Real Estate AG
IMFARR Group
Oldenburgische Landesbank
Work highlights
- Advice to the IMFARR Group on various financings, including the financing of the purchase of the Frankfurt high-rise Silberturm together with the adjacent building Gallusanlage 8, and the financing of the acquisition of the Munich twin tower Highlight Towers.
- Advising the Landesbank Hessen-Thüringen Girozentrale on several refinancings; including the refinancing of a wholesale market real estate portfolio that was acquired as part of a share deal.
Norton Rose Fulbright
The real estate financing team at Norton Rose Fulbright covers the interface between real estate law and banking & finance and is headed by Andrea Spellerberg. The group significantly expanded its advisory capacities during the reporting period: in addition to the partner appointment of Veit Sahlfeld (real estate, acquisition and project financing) in January 2022, the team previously welcomed the two banking and financial law experts Stefan Schramm and counsel Carolin Glänzel from Eversheds Sutherland in the summer of 2021. The practice comprehensively advises financial institutions, capital management companies, insurance companies, debt funds and borrowers on various national and cross-border acquisition and development financing and refinancing matters.
Testimonials
‘Reliable, very competent, solution-oriented and they always offer suitable alternatives.’
‘Pragmatic hands-on approach paired with high professional quality.’
‘Dr. Andrea Spellerberg: Great know-how in loan agreement documentation, strong negotiator, solution-oriented.’
‘Andrea Spellerberg is accessible at all times, pragmatic and solution-oriented.’
‘Andrea Spellerberg is very flexible when it comes to finding solutions and likes to go the extra mile to get there.’
‘Dr. Stefan Schramm has been my trusted lawyer for years. He is experienced in traditional German real estate matters and is more capable than anyone else when it comes to debt or mezzanine funds.’
‘Stefan Schramm: Excellent know-how, excellent negotiator, solution-oriented.’
‘Carolin Glänzel: Very high quality in drafting contracts, enthusiastic.’
Key clients
Amundi
BF.capital GmbH
BNP Paribas / BNP Paribas Real Estate Investment Management
Corpus Sireo
HanseMerkur / HanseMerkur Real Estate Assets
Horizon Capital
HYPO NOE Landesbank for Lower Austria and Vienna AG
IntReal
Invesco Real Estate
Landesbank Baden-Württemberg
Real I.S.
Sirius Real Estate
Standard Chartered Bank
Swiss Life
UniCredit / Wealthcap
Work highlights
- Advice to Invesco Real Estate on various real estate financing transactions in Germany and other European countries with volumes of up to €650 million per transaction.
- Cross-border advice to Sirius Real Estate on the partial refinancing of the Titanium portfolio, which is a joint venture with AXA, and on a second bridge-to-bond transaction totaling over €225 million.
- Advising a German initiator and manager of real estate funds with regard to the restructuring of its loan portfolio consisting of more than 120 loans in ten jurisdictions with a total volume of more than €1.2 billion in connection with regulatory and fund law requirements.
