International law firm Ashurst has acted as the Hong Kong legal advisers to CHMT Peaceful Development Asia Property Limited on the US$4.1 billion bond issuance to finance the acquisition of Hong Kong skyscraper The Center. The consortium acquired The Center from Li Ka-shing's CK Asset Holdings (SEHK:1113) at a record price of HK$40.2 billion in November 2017. It is the world's most expensive real estate transaction for a single building to date.

Herbert Smith Freehills has advised Deutsche Bank AG, Tokyo Branch, as Co-ordinating Mandated Lead Arranger on an up to US$1.2 billion financing to the Key Safety Systems group (now re-branded Joyson Safety Systems) to fund the acquisition of substantially all of the global assets of Takata Corporation.

A cross-firm Addleshaw Goddard team has successfully completed Cheung Kei Group’s £270 million acquisition and financing of 5 Churchill Place in London’s Canary Wharf. JP Morgan will be the lead tenant at the property, which was purchased from Said Holdings.

The team showcased the AG spirit of innovation to get the deal done, including working with a Korean lender on the provision of mezzanine financing. A UK lender provided the senior debt.

Ashurst LLP advised M&G Real Estate on the acquisition and financing of the Greenwalk property located in Suresnes, France, worth €126.5m. This property, developing a useable surface area of circa 22,500 sq.m. host notably the headquarters of Philips France and Direct Assurances. It has been purchased by M&G Real Estate from a joint-venture formed by Norges Bank REM and AXA France. The acquisition was partly financed by Bayern LB.

Global law firm White & Case LLP has advised Banca IMI S.p.A., as arranger, on the securitization of a portfolio of receivables arising out of fondiari mortgage loans, ipotecari mortgage loans and unsecured loans originated by Farbanca S.p.A., for a total nominal value of €460 million.

Three classes of notes were issued: €322 million senior notes fully subscribed by an institutional investor through a private placement, €46 million mezzanine notes and €96 million junior notes, each subscribed by the originator.

Ashurst advised the investment funds "BVK Europa I-Immobilienfonds-HR" and "BVK Europa II-Immobilienfonds-HR" on the €343 million refinancing of a commercial real estate portfolio. The new financing was granted by Landesbank Baden-Württemberg. The two funds had acquired the portfolio comprising 90 commercial properties in more than 70 German cities in 2017. The funds' investor is Bayerische Versorgungskammer (BVK), Universal Investment acts as fund manager. Asset manager is a company belonging to CORESTATE Capital Holding S.A.

Greenberg Traurig Germany advised Linus Capital (Linus) on a mezzanine financing for the Düsseldorf-based project developer CENTRUM. Linus is providing mezzanine capital of approximately EUR 8 million for the development of retail space at the Alexanderplatz in Berlin.

The project development covers a total area of approximately 7,000 square meters, of which several retail spaces have already been let.

Greenberg Traurig Germany advised Linus comprehensively on all legal aspects of the complex financing structure.

Background:

Watson Farley & Williams (“WFW”) advised a syndicate of lenders comprising Bankia, CaixaBank and Spanish government-owned SAREB on the financing granted to Redevco Iberian Ventures for its acquisition of a majority stake in the Parque Corredor shopping centre in Madrid. The buyer, a joint-venture between Redevco and Ares Management, closed the deal last week, acquiring a 70% stake in the third largest shopping centre in Madrid.

Watson Farley & Williams (“WFW”) advised a syndicate of lenders comprising Bankia, CaixaBank and Spanish government-owned SAREB on the financing granted to Redevco Iberian Ventures for its acquisition of a majority stake in the Parque Corredor shopping centre in Madrid. The buyer, a joint-venture between Redevco and Ares Management, closed the deal last week, acquiring a 70% stake in the third largest shopping centre in Madrid.

Ashurst advised Natixis Pfandbriefbank AG (Natixis) on financing the acquisition of landmark office building "Schicklerhaus" in Berlin-Mitte by Austrian SIGNA Group. The property was sold by Tristan Capital Partners. The parties have agreed not to disclose the purchase price and financing volume.