Hengeler Mueller advises GSW on long-term refinancing of securitised loans

21. February 2011

The Berlin based residential real estate company GSW Immobilien AG (“GSW”) has successfully completed the refinancing of its CMBS-loan (Commercial Mortgage Backed Securities) in an amount of approximately EUR 890 m. The CMBS-loan (securitised through the entities Fleet Street Finance Three PLC and Windermere IX CMBS (Multifamily) S.A.) was repaid by loan facilities in an amount of approximately EUR 875 m as well as available cash of the company.

The new bilateral facility agreements were entered into with six leading banks, including, inter alia, Berlin Hannoversche Hypothekenbank, Deutsche Genossenschafts-Hypothekenbank, Deutsche Pfandbriefbank, Münchener Hypothekenbank and UniCredit Bank.

Hengeler Mueller advised GSW on the legal aspects of this refinancing. The Hengeler Mueller team included the two London resident partners Daniel Kress and Martin Geiger (both Real Estate/Structured Finance) and the associates Thomas Fräbel (London) and Bernhard Quensel (Frankfurt).