A&O Shearman‘s team is led by Olaf Meisen and comprehensively advises on large-volume transaction with frequent cross-border ties; the expertise covers all aspects of real estate financing, such as gap financing, mezzanine financing, preferred equity financing and distressed investments. Traditionally, the practice assists on the lender side, including banks as well as German and international asset and investment managers, insurance companies and funds. Stefan Kuhm is well versed in financing instruments such as mortgage loans and also covers structured financing and restructuring; the latter saw a recent increase in support. Regulatory capacities pertaining to real estate funds and ESG-related matters were strengthened with the addition of Dorothee Atwell from Pinsent Masons Rechtsanwälte Steuerberater Solicitors Partnerschaft mbB in May 2023.
Real estate finance in Germany
A&O Shearman
Praxisleiter:
Olaf Meisen
Weitere Kernanwälte:
Stefan Kuhm; John Coburn; Dorothee Atwell
Kernmandanten
DekaBank Deutsche Girozentrale
Aareal
Ärzteversorgung Westfalen-Lippe
Landesbank Hessen-Thüringen Girozentrale (Helaba)
Landesbank Baden-Württemberg (LBBW)
Natixis
Société Générale
Vonovia SE
Highlight-Mandate
- Advising Vonovia SE as sponsor and borrower in connection with various credit facilities of Berlin Hyp, Bayerische Landesbank, Caixa Bank SA and Landesbank Baden-Württemberg.
Clifford Chance
Clifford Chance is instructed by both lenders and borrowers, which benefit from the close cooperation with the real estate team as well as capacities at the intersections with banking, capital markets and tax law. The team's mainstays include cross-border financing, structured finance transactions, which are often handled by Beda Wortmann and practice head Tobias Schulten, as well as refinancing, bonds and securitisations and, increasingly, alternative financing.
Praxisleiter:
Tobias Schulten
Weitere Kernanwälte:
Melissa Staunton; Beda Wortmann
Referenzen
‘Tobias Schulten: Excellent advice; very high level of expertise in complex financing contracts; very good negotiation skills.’
Kernmandanten
COLCAP
Kohlberg Kravis Roberts & Co L.P.
NATIXIS Pfandbriefbank AG
Goldman Sachs Bank USA
BentallGreenOak
Exeter Europe Industrial Core HoldCo S.a.r.l.
Highlight-Mandate
- Advising COLCAP on the financing of the sustainable building complex EDGE Suedkreuz Berlin.
- Advising Kohlberg Kravis Roberts & Co. LP as lead arranger on the refinancing of several real estate companies in connection with a real estate portfolio and the acquisition of several properties.
- Advising Exeter Europe Industrial Core Holdco S.à rl on the refinancing of the ongoing acquisition of some industrial properties in Germany as part of a Europe-wide refinancing of portfolio debt.
Greenberg Traurig Germany
Greenberg Traurig Germany comprehensively advises on acquisition and development financing as well as financial restructuring, covering all real estate sectors, including office, retail and industrial. The team is instructed by both borrowers and lenders, which the team assists with bond agreements, refinancing, mezzanine structures and overall loan financing and also benefit from the firm's international network in cross-border transactions. Both Anika Mitzkait and practice head Claudia Hard boast similar competencies; Hard also has expertise in bond financing and distressed investments, while Mitzkait is well versed in real estate law.
Praxisleiter:
Claudia Hard
Weitere Kernanwälte:
Anika Mitzkait
Referenzen
‘Very good transaction-related cooperation and competent advice in combination with solution orientation.’
‘Claudia Hard, as the responsible partner, is available and easy to contact at short notice at any time. Very pleasant cooperation.’
‘The team led by Claudia Hard uniquely combines banking and financial law with in-depth real estate law know-how. Paired with the solution-oriented approach, clients receive pragmatic and solution-oriented advice.’
Kernmandanten
LINUS Digital Finance
pbb Deutsche Pfandbriefbank AG
Heimstaden
Dream Industrial REIT
Peakside
Aventos
KKR/Velero
BF.capital
Berlin Hyp AG
Tristan Capital Partners
Pinebridge Benson Elliot
Hanse Merkur
FAP
EDGE Technologies
Activum
Highlight-Mandate
- Advising Peakside on the financing of the acquisition and development of the ‘Hessischer Hof’ in Frankfurt am Main by Hamburg Commercial Bank, a luxury hotel that was closed during the Covid-19 pandemic and is to be renovated and repositioned in the upper luxury segment.
Ashurst LLP
Ashurst LLP focuses on advising banks, debt funds and private equity houses on mezzanine financing structures, practice head Filip Kurkowski regularly takes the lead here; his team also comprehensively covers the entire spectrum of traditional financing instruments, including mortgage financing, as well as structured financing, such as senior structures and bonds. The latter areas are among the competencies of Derk Opitz, who has additional expertise in interfacing project financing matters; this expertise was recently increasingly called upon in connection with project developments. The practice covers all asset classes, including office, residential and commercial properties.
Praxisleiter:
Filip Kurkowski
Weitere Kernanwälte:
Derk Opitz
Referenzen
‘Filip Kurkowski: approachable, likeable, perceptive, pragmatic, solution-oriented.’
‘Filip Kurkowski is a very reliable, knowledgeable and committed partner. We have worked with him regularly over the past few years and will continue to do so.’
‘Filip Kurkowski is an extremely good lawyer for real estate financing law, especially for alternative financiers. He gets the best out of complicated negotiations for his clients.’
Kernmandanten
Berlin Hyp
BNP Paribas
Barings
Flins Capital
ING Bank
Prime Capital
Societé Générale
Highlight-Mandate
- Advising Socíété Générale in connection with the granting of a loan totaling approximately €61 million to finance the acquisition of commercial real estate at various locations in Germany.
- Advising a fund managed by Prime Capital AG on the purchase financing of a property in Frankfurt am Main, which is to be realigned as part of a project development, as well as on the subsequent extension. Prime Capital acted as arranger of various tranches with a total volume of €130 million.
CMS
CMS advises debt funds, insurance companies, real estate funds and banks on syndicated loan agreements, mezzanine capital, portfolio financing and in connection with project developments, including interfacing tax law matters. Advising on real estate financing in the project development context is a particular strength of the team. Recently, ESG topics such as key performance indicators (KPIs) and advice on financing restructuring matters have also played an increasingly important role. André Frischemeier is a key contact for the latter, he jointly heads the team with Kerstin Block (acquisition, project and asset financing).
Praxisleiter:
Kerstin Block; André Frischemeier
Weitere Kernanwälte:
Markus Pfaff; Marc Seibold
Highlight-Mandate
Noerr
Noerr focuses on acquisition financing in connection with ESG-related performance indicators and is regularly instructed by banks, sponsors and other financial institutions. Most recently, the team advised on senior, mezzanine and bridge financing as well as refinancing and joint ventures in the real estate sector, frequently in connection with the construction of logistics centers, although the team covers various asset classes. Practice head Andreas Naujoks routinely assists with national and international financing transactions and has experience in corporate financing and restructuring. Counsel Doreen Pape (real estate and acquisition financing, corporate finance) is another key contact.
Praxisleiter:
Andreas Naujoks
Weitere Kernanwälte:
Karsten Fink; Doreen Pape; Dorian Legel
Kernmandanten
A&T Alpha |Credit SA
Ara Venn Fonds
ATMIRA Gruppe
Berliner Hypo
Berliner Sparkasse
Caerus Debt Investments
DZ HYP
ERGO Group AG
ING Bank
Lenwood
Natixis
NordLB/Deutsche Hypo
Peach Property Gruppe
Postbank- eine Niederlassung der Deutsche Bank AG
Prime Capital Access
TAG Immobilien AG
Highlight-Mandate
- Advising a banking consortium on the construction of a district consisting of ten building plots with diverse uses for different target groups and generations with around 128,800m² of rental space.
- Advising a banking consortium consisting of NordLB, Commerzbank, Landesbank Saar, Sparkasse Bremen AG, Sparkasse Hannover, Stadtsparkasse München and Airbus Bank on the valuation of the T2 financing completed in 2019 (part of the overall project The Four by Groß & Partner in Frankfurt).
- Advising TAG Immobilien AG on a €200 million capital increase with subscription rights and on the extension of the bridge financing.
Norton Rose Fulbright
Norton Rose Fulbright's real estate finance team is integrated into the real estate practice led by Maren Stölting and thus comprehensively advises both lenders and borrowers on financing-related issues, such as real estate, tax and environmental law; clients also benefit from the frequent cross-location cooperation thanks to the international network. Andrea Spellerberg comprehensively covers credit financing matters, while Stefan Schramm is well versed in structured financing.
Praxisleiter:
Maren Stölting
Weitere Kernanwälte:
Veit Sahlfeld; Stefan Schramm; Andrea Spellerberg; Bernhard Fiedler
Referenzen
‘Smooth communication within the team. Instantly available in urgent scenarios.’
‘Perfectly balanced and well-coordinated team.’
‘Extremely goal and solution-oriented. Pragmatic solutions based on in-depth know-how.’
Kernmandanten
Ambridge
Amundi
Bayerische Landesbank
BF.capital GmbH
BNP Paribas Real Estate Investment Management
Europäische Investitionsbank
Hamburg Commercial Bank (HCOB)
HanseMerkur
HYPO NOE Landesbank für Niederösterreich und Wien AG
Invesco
LBBW
LCN Capital Partners
Nuveen
Obotritia Capital
Real I.S. AG
Savills Investment Management
Standard Chartered Bank
Swiss Life
Unibail-Rodamco-Westfield
UniCredit / Wealthcap
Union Investment
Highlight-Mandate
- Advising various funds managed by Invesco in connection with numerous real estate financing, refinancing and restructuring of various assets.
- 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.
- Advising the Bayerische Landesbank in connection with the refinancing of the listed Alte Akademie in Munich.
Taylor Wessing
Taylor Wessing's team cooperates closely with the firm's other practices, including real estate, tax and investment law, and assists both lenders and borrowers with acquisition financing and refinancing. The practice is led by Clemens Niedner (acquisition financing and restructuring) and also advises on project developments across all asset classes; this is complemented by expertise in cross-border matters. Salary partner Jennifer Maiworm is another key contact and comprehensively advises on national and international banking and finance law.
Praxisleiter:
Clemens Niedner
Weitere Kernanwälte:
Hauke Bornschein; Jens Wiesner; Peter Seemann; Jennifer Maiworm
Referenzen
‘Highly professional legal advice. Incredible experience built up over generations of lawyers, pragmatic legal advice, special ability to respond to highly individual situations and to think and act outside of the box.’
‘Peter Seemann is an extremely experienced financing expert who understands how to develop highly individual solutions pragmatically and efficiently and implement them reliably.’
‘Good availability and a strong team in the background.’
‘In-depth legal advice, efficient and very high-quality work, practical solutions in the client’s interests and negotiation and coordination skills in order not to lose sight of the essential legal issues in the interests of all parties and to reach a conclusion quickly.’
‘Jens Wiesner: Outstanding transaction support, which is characterized above all by a quick, high-quality and efficient way of working, with great negotiating skills and a good instinct for negotiating practical solutions in the client’s interests.’
Kernmandanten
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
Highlight-Mandate
- Advising Tishman Speyer on the refinancing of Quartier 205 in Berlin by Helaba.
- Advising Hamburg Commercial Bank (HCOB) on the acquisition financing of €160 million for the International Campus Group.
- Advising Hamburg Commercial Bank (HCOB) on all matters relating to the financing provided by the bank to the investment manager Peakside Capital in the amount of €30.9 million for the purchase and revitalization of a hotel complex, including an office building, in Frankfurt am Main.
White & Case LLP
White & Case LLP 's real estate finance team routinely cooperates with other locations and advises banks and financial institutions as well as real estate investors on cross-border financing; advising at the interface with capital markets law is a core strength. Key contacts include Thomas Flatten (real estate, acquisition and project financing), leveraged finance transactions and structured finance transaction expert Andreas Lischka and Sébastien Seele, who is experienced in mortgage-secured real estate loans, loan and bond financing as well as structured financing.
Weitere Kernanwälte:
Thomas Flatten; Sébastien Seele; Andreas Lischka
Kernmandanten
Adler Group
J.P. Morgan
BNP Paribas
Deutsche Bank
Aggregate Holdings S.A.
Morgan Stanley
HSBC Trinkaus & Burkhardt
Highlight-Mandate
- Advising Adler Group SA and its subsidiaries on financing commitments for a new secured debt financing of €937.5 million to stabilize the business operations and capital structure as well as on a lock-up agreement.
- Advising Aggregate Holdings SA on the financing of the purchase of the Fürst real estate project, including follow-up advice.
- Advising a consortium in connection with the financing of the acquisition of two data centers in Hamburg by 495.Equity Management GmbH and UNA 496.Equity Management GmbH, subsidiaries of Deutsche Beteiligungs AG.
Bryan Cave Leighton Paisner
Bryan Cave Leighton Paisner‘s real estate finance practice significantly increased its visibility in the real estate financing market since the arrival of Frank Schwem (real estate acquisition financing and construction project financing), Torsten Pokropp (real estate acquisitions) and ESG expert Martin Wilmsen from DLA Piper in 2022. The client roster includes banks, pension funds, insurance companies and debt funds, which the team advises on national and cross-border financing transactions, such as acquisition financing across all asset classes and financing in the project development context.
Weitere Kernanwälte:
Frank Schwem; Torsten Pokropp; Martin Wilmsen; Tony Sparing
Referenzen
‘The entire team is highly professional and socially competent.’
‘Torsten Pokropp: Excellent, professional, very hands-on, always friendly and quick response times.’
‘Martin Wilmsen is an ESG expert.’
Kernmandanten
LBBW Landesbank Baden-Württemberg
Helaba Landesbank Hessen-Thüringen Girozentrale
pbb Deutsche Pfandbriefbank AG
FOM Real Estate
Linus Digital Finance
CBRE Global Investors
Collineo Asset Management GmbH
Union Investment
Santander
Norddeutsche Landesbank Girozentrale
Gleiss Lutz
Gleiss Lutz's finance team is integrated into the firm's wider real estate transaction team and thus covers interfacing corporate real estate, real estate finance and real estate tax matters; among the client roster are real estate investors and funds. Burkhard Jäkel (project and real estate financing) and Helge Kortz (banking, finance and capital markets law) frequently take the lead.
Weitere Kernanwälte:
Burkhard Jäkel; Helge Kortz
Referenzen
‘Very well coordinated team, efficient transaction management. Pragmatic approach without lacking legal rigor.’
‘Burkhard Jäkel is very experienced, he offers a solution for every problem, which is satisfactory for all parties.’
GSK Stockmann
GSK Stockmann advises both banks and investors on acquisition and project development financing; the team is experienced in the asset classes commercial and hotel as well as nursing home properties. Core competencies include the advice on mezzanine structures and joint venture agreements as well as internal banking requirements. Practice head Alma Franke is well versed in the financing of special properties such as hotels and shopping centers; Stefan Koser complements this with expertise in financing restructuring.
Praxisleiter:
Stefan Koser; Alma Franke
Weitere Kernanwälte:
Rebecca Comtesse; Mechtild-Maria Siebke
Kernmandanten
ABG Real Estate Group
abrdn Investments Deutschland AG
Alchemy Step Hotel Group
Art-Invest Real Estate
Deutsche Finance International und Cells Property Investors GmbH
DLE Living GmbH
DZ HYP AG
Equilis-Gruppe
FREO GROUP
Groß & Partner Grundstücksentwicklungsgesellschaft mbH
Lakeward Management AG
LaSalle Investment Management Kapitalverwaltungsgesellschaft mbH
Niedersachsen Ports GmbH & Co. KG (NPorts)
Olam Food Ingredients
Oldenburgische Landesbank
Stadtsparkasse München
Highlight-Mandate
- Advising the joint venture of ABG Real Estate Group and HanseMerkur Grundvermögen on the purchase of the main branch of Deutsche Bank.
- Advising the Alchemy Step Hotel Group on the acquisition and financing of various hotels in Dortmund, Bochum, Schwerin and Magdeburg.
- Advising Groß & Partner Projektentwicklungsgesellschaft mbH in connection with the financing of the FOUR project development consisting of four high-rise buildings in Frankfurt am Main.
Hogan Lovells International LLP
Hogan Lovells International LLP's real estate financing team is integrated into the firm's wider corporate & finance practice, thus covering various interfaces, including topics such as green finance and restructuring. The practice is jointly led by Katlen Blocker (banking and financial law), Dirk Debald (real estate transactions and financing) as well as Carla Luh (project financing) and advises banks, investment companies and debt funds on acquisition financing and refinancing, including mezzanine and senior financing as well as project development financing.
Praxisleiter:
Katlen Blöcker; Dirk Debald; Carla Luh
Weitere Kernanwälte:
Christian Herweg; Julian Fischer; Katharina Kranzfelder
Referenzen
‘Very good availability, quick reactions, we felt we were in good hands.’
‘The collaboration with Christian Herweg was excellent.’
‘Very well-coordinated and experienced financing team, which also has excellent knowledge of insolvency and workout topics. Collaboration and coordination with the other teams works flawlessly and without any problems.’
‘Christian Herweg and Katharina Kranzfelder confidently lead through transactions.’
‘Experienced financing lawyers, accurate and rapid transaction processing, good knowledge of the industry.’
Kernmandanten
Bayerische Landesbank
Cresco Real Estate
Deutsche Pfandbriefbank AG
Standard Chartered Bank
UniInstitutional Private Debt SCS SICAV-SIF
Wilmington Trust SP Services (Frankfurt) GmbH
Hillwood
LUWIN Real Estate
Olbos/Trimelon
PROdelocx GmbH
Union Investment
VALUES Real Estate
Highlight-Mandate
- Advising Deutsche Pfandbriefbank on the financing of the purchase of Schlosshof Wandsbek, an office campus measuring approximately 15,600m² in Hamburg.
- Advising Standard Chartered Bank on the financing of a cross-border logistics portfolio with locations in Poland, Germany, France and the Netherlands.
- Advising LUWIN Real Estate on the acquisition of the Amazon distribution center in Nuremberg.
McDermott Will & Emery Rechtsanwälte Steuerberater LLP
McDermott Will & Emery Rechtsanwälte Steuerberater LLP advises on senior, mezzanine and alternative debt capital structures and also has expertise in project development financing and leasehold transactions. Practice head Oliver Lieth and his team primarily advise borrowers, but are also instructed by lenders pertaining to financing across all asset classes, including residential and commercial.
Praxisleiter:
Oliver Lieth
Weitere Kernanwälte:
Christoph Coenen; Dustin Schwerdtfeger
Referenzen
‘Good insight into the economic and entrepreneurial background.’
‘Working with Oliver Lieth was always very pleasant. He is very competent and always easy to contact. He responds and answers instantly. I felt very well advised and supported at all times. I also particularly liked his pragmatism.’
‘Highly professional with an outstanding solution approach and excellent legal expertise.’
Kernmandanten
Bayiko Bamberger 38 GmbH
BE REAL Berlin S.à r.l.
Berlin, Alexanderplatz 9 Immobilien GmbH
Berlin, Passauer Strasse 1-3 Immobilien
Col REO Victoria Office A S.à r.l.
Düsseldorf, Carschhaus GmbH
DWK PropCo 1 S.à r.l.
ERI PropCo 1 S.à r.l.
Frankfurt, An der Hauptwache 1 Immobilie
Hamburg, Elbtower Immobilien GmbH & Co.
IMFARR GROUP
München, Bahnhofplatz Immobilien GmbH
Scannell Deutschland No. 011 GmbH
CV Real Estate AG
Highlight-Mandate
- Advising Hamburg, Elbtower Immobilien GmbH & Co. on project development financing for the Elbtower high-rise and landmark project in Hamburg.
- Advising München, Bahnhofplatz Immobilien GmbH & Co. on the refinancing of a sub-complex on Munich’s Bahnhofplatz.
- Advising Scannell Deutschland No. 011 GmbH on the acquisition of land and the financing of the project development of a logistics center.