Ashurst advised French bank Societe Generale on the refinancing of a property portfolio comprising 70 retirement and nursing homes in Germany. The new real estate financing in the amount of €545 million replaces existing individual loans which are provided by ten different banks. The portfolio, held by special purpose vehicles of an international investor, is known in the market as "Panacea".

Ashurst's multi-practice team was led by Frankfurt-based banking partner Dr Stephan Kock. He was assisted by counsel Christiane Bestgen from the Munich office, as well as by senior associate Andreas Mallin, transaction lawyer Emilie Veyran-Müller and paralegal Anna Jevsejeva (all banking). Partner Heiko Penndorf and senior associate Felix Krüger advised on tax law, while partner Marc Bohne, senior associate Michael Mehler and associate Vivien Jöst advised on real estate law (all Frankfurt).

Ashurst regularly acts for Societe Generale within the framework of financings. Both parties continue their successful co-operation with this new transaction.