Ashurst advised financial services company Wells Fargo Bank International ("Wells Fargo") in connection with the sale of a portfolio of nine shopping centres out of insolvency to affiliates of Cerberus Capital Management.

Wells Fargo conducted the proceedings as creditor of the security interests in the real property. The purchase of the centres had at that time been financed by Wachovia Bank, which had later on merged with Wells Fargo Bank, N.A. The portfolio sale was carried out of the insolvency proceedings of Secur group by the insolvency administrator Dr Georg Bernsau of law firm BBL Bernsau Brockdorff & Partner.

The Ashurst team was led by Frankfurt-based real estate partner Marc Bohne. His multi-practice team comprised partners Heiko Penndorf (tax) and Dr Ingo Scholz (restructuring). Senior associates Derk Opitz (finance) and Till Buschmann (restructuring) as well as associates Adnan Manzoor (real estate) and Felix Krüger (tax, all Frankfurt) also advised in the matter.

It is the first time Ashurst in Germany advised Wells Fargo on real estate matters.

The nine shopping centres comprising a lettable area of around 92,000 square meters in total are located in the German cities of Bielefeld, Bonn, Buchholz, Constance, Minden, Nurnberg, Radevormwald, Rheine and Viersen. Among the lessees are retailers Edeka, Kaufland, Kaisers, Lidl, REWE and Penny.

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