Ashurst advised pbb Deutsche Pfandbriefbank (pbb) on the partial refinancing of the real estate portfolio "Phoenix". The portfolio comprises three shopping centres in the whole of Germany which were acquired by affiliated companies of Cerberus Capital Management, L.P. in August 2013. Existing loans are redeemed through the new financing. Beyond refinancing, pbb is furthermore granting a loan for reconstruction and maintenance measures of individual Phoenix real estate properties.

The Ashurst team was led by the Frankfurt-based banking partner, Dr Stephan Kock, who was supported by senior associate Andreas Mallin, associate Ralph-Tobias Rodrian (both banking, Frankfurt) as well as by senior associate Michael Mehler and paralegal Dimitar Morfov (both real estate, Frankfurt).

Ashurst advises pbb regularly within the context of real estate financing and refinancing in Germany. pbb is a special bank for commercial real estate and public investment financing. The business focus is, in addition to Germany, Great Britain, Frankfurt, the Nordic countries and countries in Middle and Eastern Europe.