Clifford Chance advised Bank of America Merrill Lynch and Deutsche Bank AG on the third CMBS transaction for GAGFAH in 2013. The proceeds from a bond issue in a total volume of almost EUR 700 million by the special purpose vehicle German Residential Funding 2013-2 Limited were used for refinancing a real estate loan granted to the Nileg Group, which is part of the GAGFAH Group. The bond is collateralized by residential real estate in northern Germany.

Recently, Clifford Chance advised these two banks on two other securitization transactions for GAGRFAH (Taurus 2013 (GMF1) plc and German Residential Funding 2013-1 Limited) and one for BGP Investment Sàrl, Luxembourg, as borrowers, with BGP refinancing part of its real estate portfolio via Monnet Finance Limited. Clifford Chance was thus substantially involved in all CMBS transactions completed this year.

The Clifford Chance team was led by partners Kirti Vasu and Dr. Oliver Kronat (both Banking and Capital Markets, Frankfurt) as well as Christopher Walsh (Capital Markets, London) and consisted of counsel Kerstin Schaepersmann, associates Mathias Wrobel and Charlotte Rau (all Banking and Capital Markets, Frankfurt), partner Christian Trenkel, associate Dorothea Schimmel (both Real Estate, Munich), partner Thorsten Sauerhering (Tax, Frankfurt), partner Dr. André Schwanna and counsel Matthias Will (both Corporate, Frankfurt), as well as associates Adam Craig and Rebecca O'Brien (both Capital Markets, London).