Ashurst advised financial investor Cerberus Capital Management (Cerberus) on the sale of a portfolio of 39 wholesale markets, rented to retail and wholesale group Metro AG, and its existing senior and mezzanine financing to Aroundtown Property Holdings (Aroundtown). The real estate investor acquired the portfolio by way of a share deal.

Cerberus had acquired the portfolio in 2011, together with three other commercial properties, from the largest shareholders of Metro AG, the Beisheim, Haniel and Schmidt-Ruthenbeck families.

The Ashurst team was led by real estate partner Dr Hendrik Theismann and corporate partner Jan Krekeler (both Frankfurt). They were assisted by:

Real estate, Frankfurt: counsel Nicolas Deuerling, senior associate Michael Mehler and associate Daniela Kowalsky.

Corporate, Frankfurt: associates Markus Hiebel and Anna-Maria Krekeler.

Finance, Munich: partner Sebastian Schoon and counsel Christiane Bestgen.

Ashurst once again advised its long-standing client Cerberus in relation to a real estate transaction. The firm has, for example, supported the financial investor both on the acquisition of the wholesale markets portfolio in 2011 and in 2015 when it was refinanced by a lender consortium led by Citigroup in London.