Ashurst advised affiliates of Cerberus Capital Management L.P on refinancing their Metro wholesale-retail properties portfolio. Citigroup in London provided the loan.

Cerberus Gruppe acquired the 42 Metro Cash & Carry wholesale-retail properties and three further retail properties in April 2011 from the family offices of the majority shareholders of Metro AG, the Beisheim, Haniel and Schmidt-Ruthenbeck families. At the time, the transaction was considered one of the largest property acquisitions in Germany since 2007.

Ashurst which had already advised Cerberus on the acquisition of the portfolio was now supporting the finance investor on the transaction's refinancing. The team was led by Frankfurt-based Finance partner Dr Stephan Kock. Finance Partner Sarah Watkinson (London) advised on English law aspects, partner Marc Bohne (Frankfurt) on real estate law. Senior associate Jessica Jenner (Finance, London), associate Andreas Mallin and transaction manager Dominique Blaurock (both Finance, Frankfurt) as well as senior associate Dr Hendrik Theismann (Real Estate, Frankfurt) assisted.