With a team led by Dr. Anne de Boer from its Stuttgart office, Heuking Kühn Lüer Wojtek advised Parkstadt Center S.A. and Parkstadt Hotel S.A. on issuing a bond of up to EUR 30 million for the continued financing of an existing real estate portfolio in the Munich district of Schwabing-Freimann.
The bond is part of a refinancing package to repay a bank loan, under which a new bank loan by a large German Landesbank is taken out. The bank loan of up to EUR 42.5 million will be secured by a first-ranking mortgage and other collateral. The bondholders are secured by a mortgage in the second rank, various assignments of restitution claims and surplus proceeds claims against the financing bank as well as an interest deposit and interest retentions.
The bond and bank financing are linked by an inter-creditor agreement, with the bond structure reflecting the combined financing. Additionally, the bond's documentation and structure are also more governed by international standards than has been customary at issues of such volumes in the past.
In particular, Heuking Kühn Lüer Wojtek co-developed and advised on the structure of the combination of the two financing types.
equinet Bank AG is the bond's underwriter. Instinctif Partners GmbH is responsible for financial communications. IAT Intertax Asset Treuhand GmbH Steuerberatungsgesellschaft acts as trustee. Bremen Real Estate GmbH
is the asset manager of Parkstadt Center S.A. and Parkstadthotel S.A. and coordinated the financing.
Counsel to Parkstadt Center S.A. and Parkstadt Hotel S.A.
Heuking Kühn Lüer Wojtek:
Dr. Anne de Boer, LL.M. (Lead, Structuring and advising on bond and the structure of the co-financing with the bank),
Dr. Dirk Koch (Tax),
Dr. Juliane Reichelt (Real Estate),
Dr. Hermann Ali Hinderer, LL.M. (Corporate, Collateral Exploitation),
Runa Ruccius (Prospectus Procedure),
Dr. Nicole Grahm (Public Law), all Stuttgart
Dr. Guido Hoffmann, LL.M. (Structure Co-Financing), Düsseldorf