The Freshfields team was led by partners Patrick Cichy and Alexander Glos

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised HSH Nordbank on the sale of a loan portfolio worth €1.6bn. The overall portfolio comprises an aviation finance portfolio, which was sold to Macquarie Bank, and a portfolio of loans for European commercial real estate, which was sold to Bank of America Merrill Lynch.

The transaction was preceded by a competitive process that attracted interest from international banks and debt investors. Freshfields supported HSH Nordbank in parallel negotiations with various interested parties for different portfolios.

The transaction forms part of an agreement between the European Union and Germany on the pending change of ownership at HSH Nordbank. It is subject to the approval by the oversight and cartel authorities and other conditions and is expected to close in the second quarter of 2017. Further sales of legacy portfolios are expected by mid-year.

The Freshfields team was led by partners Patrick Cichy and Alexander Glos.