Ashurst has advised French commercial bank Société Générale S.A. and real estate fund manager AXA Real Estate Investment Managers SGP ("AXA REIM") on the refinancing of two real estate portfolios owned by subsidiaries of Deutsche Annington SE. The portfolios, known in the market under the names of "Hoover" und "Adams", comprising approx. 4,700 and 2,600 units respectively, are two out of a total of 18 portfolios of Deutsche Annington SE's so-called "GRAND" real estate portfolio.

Société Générale and AXA REIM are providing up to a total of €180 million for the refinancing of Hoover and Adams.

Ashurst advised with a team led by Frankfurt-based finance partner Dr Stephan Kock and senior associate Derk Opitz. Their team comprised associate Denis Sattler as well as transaction manager Kerstin Sponer and paralegal Emilie Veyran (all finance). Moreover, partners Peter Junghänel and Heiko Penndorf advised on real estate respectively on tax aspects.

The Deutsche Annington Immobilien Group is Germany's leading housing company with over 210,000 let and managed apartments (as of March 2013). The Group was acquired in 2001 by London-based private equity firm Terra Firma Capital Partners.