Supported by Heuking Kühn Lüer Wojtek, led by Dr. Anne de Boer, Cloud No 7 GmbH took out interim financing in the form of a secured bond. Cloud No. 7 GmbH is building the Cloud No 7 residential and hotel complex in Stuttgart's Europaviertel sector behind the main railway station; the hotel is leased to Steigenberger Hotels AG. Construction is funded by a project development bond that was issued in 2013 and will be due in July 2017. Since delays in completion caused purchase price instalments to fall due later, the company decided to bridge this period with the interim financing.
The bond was issued as a private placement to a well-known institutional investor.
Cloud No 7 GmbH continues to be advised on matters relating to capital market law. The team led by Dr. Anne de Boer had also accompanied the structuring and issue of the project development bond in 2013.
Counsel to Cloud No 7
Heuking Kühn Lüer Wojtek:
Dr. Anne de Boer (Finance/Capital Markets),
Sarah Dupont (Finance/Capital Markets), both Stuttgart