Clifford Chance advised Goldman Sachs International and Bank of America Merrill Lynch on the largest CMBS transaction in Europe since the beginning of the financial crisis. The bonds issued by the Irish special purpose vehicle German Residential Funding 2013-1 Limited are secured by real estate loans secured on residential real estate granted to two limited partnerships which are companies in the GAGFAH group, the largest listed residential company in Germany.

All in all, bonds in the total amount of more than Euro 2.1 billion with a maximum term until 2024 were issued. The fact that investors displayed a huge interest in the transaction can be seen as an indication that the market for the securitisation of residential property portfolios has overcome the refinancing crisis of recent years.

The Clifford Chance team was led by partners Emma Matebalavu (Banking & Finance, London) and Dr. Arne Klüwer (Banking & Capital Markets, Frankfurt) and included partners Christian Trenkel (Real Estate, Munich), Dr. Hubert Schmid (Tax, Frankfurt), counsels Dr. Marie-Theres Rämer (Tax, Frankfurt) and Nele Gorny (Corporate, Frankfurt), senior associates Paige Gaston-Thiery and Zak Ikponmwosa (both Banking & Finance, London) and the associates Mortimer Berlet (Banking & Capital Markets, Frankfurt) und Dorothea Schimmel (Real Estate, Munich).

http://www.cliffordchance.com/news/news/2013/06/clifford_chance_advised…