Ashurst advised a consortium of lenders led by Societe Generale in relation to the financing of the acquisition of the 'Panacea' portfolio by Primonial Real Estate Investment Management (Primonial REIM), a French asset management company. The portfolio comprises of 68 retirement and nursing homes in Germany.

The parties have agreed not to disclose the financing volume and purchase price.

The Ashurst team was led by finance partner Derk Opitz and real estate counsel Nicolas Deuerling (both Frankfurt). They were assisted by counsel Christiane Bestgen (finance, Munich) and associate Juliane Deveci (finance, Frankfurt).

The acquisition of Panacea was, according to market information, one of the largest transactions in the German real estate market in 2016.
Ashurst already advised Societe Generale in relation to Panacea in October 2015.

Societe Generale and Ashurst continue their successful co-operation with this new transaction.