Taylor Wessing has advised Grand City Properties S.A. on its successful placing of EUR 500 million fixed-rate secured bonds with a coupon of 2 per cent, which was over-subscribed. Grand City Properties S.A. is a specialist real estate company focused on investing in and managing turnaround opportunities in the German real estate property market. It is using the proceeds of the bond issue to refinance its series B bonds (as described below) and for other corporate purposes.

Morgan Stanley & Co. International plc was acting as Sole Global Co-ordinator and the Joint Bookrunners were Morgan Stanley & Co. International plc, J.P. Morgan Securities plc and Deutsche Bank AG, London Branch.

Taylor Wessing also advised Grand City Properties S.A. on its invitation to holders of its outstanding EUR 350 million fixed-rate secured series B bonds to tender their bonds for purchase. Grand City Properties S.A. has accepted for purchase all valid tenders of series B bonds in full, with total purchase funds available of approximately EUR 372 million.

The Taylor Wessing team advising Grand City Properties S.A on the bond issue and tender offer comprised Russell Holden (Partner, Corporate/Capital Markets, London), Marc-Oliver Kurth and Dr. Norman Röchert (Partners, Corporate/Capital Markets Berlin), Katie Bennett (Senior Associate, Corporate/Capital Markets, London) and Sebastian Klabunde (Associate, Corporate/Capital Markets, Berlin).

Russell Holden, Head of Corporate Finance at Taylor Wessing in London commented:

"Grand City Properties S.A. are a longstanding client of the firm and, within the last two years, we have advised them on numerous capital market transactions, raising approximately €1.4 billion in total. The need to manage the tender offer and bond issue simultaneously made this a complex transaction, and we're very pleased to have reached this successful outcome in a very tight timeframe."