Recognised expertise in real estate
Our growing and focused European presence means that we are well equipped to service the real estate finance needs of our clients. We represent leading banks, arrangers, investors and other financial institutions and have a wealth of cross-border experience.
We have an insider's view and perspective on the real estate finance market and our clients benefit from our successful and long standing relationships with the industry's main players.
We have been rewarded for our investment in the real estate sector with wide market recognition that we are changing business: by integrating all our services and skills through a real estate focus, we have been able to support our clients as their trusted advisers not just as lawyers supporting a real estate finance transaction. For example, our commercial acumen when advising on what is "bankable" and our tax structuring expertise are an integral part of what we do - whether we act for a lender or an investor. Our deep property sector expertise enables us to deliver in our day-to-day practices and actions a truly integrated offering that our clients recognise and value.
We have been involved in innovative finance structures and deals that are market-firsts and have an enviable track record for delivering solutions to difficult, complex and novel structures.
We have been involved in many of the significant real estate financings of the last couple of years - both in terms of acting for the major players (specialist real estate banks such as the German pfandbrief banks, UK clearing banks and major international banks with large real estate teams) and in relation to major transactions as our credentials and our client testimonials show.
Real Estate Finance
Recognised expertise in real estate
Advising Eurohypo in its capacities as agent, arranger and underwriter in connection with their 7 year facility to Legal and General UK Property Income Fund. At the heart of this financing deal is the "hunting-licence" facility innovation, in response to the commercial pressure on opportunity funds to act swiftly and demonstrate the availability of funding when pursuing real estate investment opportunities. Another significant innovation of this deal is the structure of leveraged debt secured by a common pool of assets of both geared and ungeared investors resulting in the first property fund offering investors the chance to select their individual level of gearing. As a result of our involvement in this financing, we were short-listed for the 2011 British Legal Awards Banking Team of the year.
Advised for Eurohypo in connection with another three of their major new loans in the last 12 months:
- a £128m facility to AIM-listed Max Property Group PLC to purchase over £200m of property from the administrative receivers of the Dunedin Property Industrial Fund;
- the staged refinancing of a £470m loan securitised via Opera Finance (MEPC) Plc. The CMBS, completed in November 2005 and arranged by Eurohypo, was secured against four business parks; and
- the financing for Max Property Group of the sale and leaseback of 29 freehold pubs let to Enterprise Inns for £42.6m.
Advising a real estate investor with a focus on the London office property market in relation to its investment facility for the purposes of funding, refurbishing, converting and fitting out its London properties and also so as to allow growth of its portfolio by the acquisition of new office space.
Acted for a UK clearing bank in connection with its £356m facilities to a specialist fund with a portfolio of 27 hotels across the UK, including advice on restructuring avenues, best options for warehousing the facility post the restructuring, as well as exit routes and enhancement of management and operational issues and review of the interest rate swap arrangements to make these compliant with the bank's current policy.
Advised the London office of a Pfandbrief bank in connection with its real estate acquisition facility to a borrower wholly owned and managed by a US insurance & annuity association and one of the largest financial services providers in the US.
Advised a real estate fund set up to invest in excess of £500m in UK property on the financing of its first purchase of an office tower in London's West End that it plans to turn into upmarket apartments.
Acted for the London branch of another Pfandbrief bank in connection with its facility to a new boutique equity real estate investment fund for the purposes of purchasing an SPV vehicle and owner of an iconic building in Greater London.
Advised Heron International on its joint venture with a fund advised by AREA Property Partners to construct and develop The Heron, a luxury residential tower in the City of London comprising 284 high-end residential apartments as well as new space for the world-renowned Guildhall School of Music and Drama.
Advised Kaupthing Bank hf in connection with its security over one of the largest development sites in central London, the former Middlesex Hospital site (a 3 acre West End London site which has planning consent for a 900,000 sq ft residential and office mixed use development) and on the formal sales process of the secured asset.
Advised a major student accommodation provider that owns and manages over 15,000 student beds in 17 major university towns and cities across the United Kingdom on its £200,000,000 re-financing with a syndicate of banks.
Advised an international bank in connection with the restructuring of its facility secured on a portfolio comprising French properties on long term lease contracts to names such as Carrefour.
Advised a US real estate investment firm in connection with its £215million refinancing with senior and mezzanine finance of a London office block which it acquired from clients of a real estate fund several years ago.
Acted for a Pfandbrief bank on the financing of the acquisition of a recently developed office and retail building in London, SW1 involving a brand new relationship with an overseas investor.
Advised two real estate lenders in a club deal in connection with a five-year facility to a property opportunity fund designed to allow for a period of acquisition activity in which the opportunity fund assembles a diversified investment portfolio.
Advised a syndicate of international real estate banks on the financing of the Leipziger Platz development project. The mixed-use development has a project volume in excess of EUR 420m financed through a complex structure involving various types of equity and senior debt financing.
Advised a Landesbank in connection with the complex debt restructuring and redevelopment of the Ihme-Zentrum Hannover, an inner-city building complex comprising some 120,000 sqm office and retail space and more than 800 apartments.
Managing Partner, Germany
+49 30 700 171-120
+49 30 700 171-215
+49 30 700 171-146
Structuring a creative funding solution that worked for both the Bank and the Fund is indicative of our commitment to working with our clients to achieve their goals and Olswang has made it possible for us to deliver.
– Max Sinclair, Eurohypo
The depth of Olswang's expertise made them vital partners in the deal. Their strong cross firm real estate capabilities allowed them to take an integrated approach towards advising on the distressed real estate loans and their multi disciplinary team was well positioned to provide seamless advice throughout the transaction.
– Malcolm Shierson, Grant Thornton
Eleni Skordaki is very straightforward and open to sensible dialogue, comment and concerns, and responds very positively.
– Chambers and Partners 2012
Senior Associate Gordon Geiser impresses clients with his "detailed and clear" documentation, and is also known for his commercial outlook and solid technical knowledge
– Chambers and Partners 2012
In Germany real estate investors and lenders face refinancing and restructuring situations which are in many ways unprecedented. This article explores the problems for lenders and borrowers.
01 May 2012