In a challenging business environment Commerzbank AG managed to sell a portfolio of mainly non-perfoming loans of its subsidiary Hypothekenbank Frankfurt AG (formerly Eurohypo AG). In the transaction the bank once again put its trust in Ashurst. The portfolio of German commercial real estate loans with a nominal value of €700 million was acquired by Oaktree.

The disposal represents a major milestone in Commerzbank's and Hypothekenbank Frankfurt achieving their strategic goals regarding the settlement of former real estate and public sector financier Eurohypo's business in a value-preserving manner.

Partners Dr Stephan Kock (finance) and Lars Jessen (corporate) as well as finance counsel Petra Fendt, all based in Frankfurt, led the transaction and coordinated the Ashurst teams in Frankfurt, Munich, London and New York.

Frankfurt
Finance: Partner Dr Stephan Kock, counsel Petra Fendt, associate Ralph-Tobias Rodrian, transaction lawyers Emilie Veyran-Müller and Julia Probst, transaction manager Dominique Blaurock and paralegals Dimitar Morfov and Anna Jevsejeva.

Derivatives and Structured Finance: Partner Dr Tobias Krug, associate Alexandra Heitmann.

Corporate: Partner Lars Jessen, senior associates Dr Ian M Maywald, Dr Caroline Fenck and Holger Mlynek, associate Julius Heusgen (Munich).

Tax: Partner Heiko Penndorf.

Real Estate: Counsel Nicolas Deuerling, associate Matthias Rüdt von Collenberg.

Data protection: Counsel Dr Anna-Katharina Lohbeck.

Antitrust: Partner Ute Zinsmeister, senior associate Dr Maria Held (both Munich).

London
Finance: Partner Mark Edwards, counsel Shannon Dunstan (also regarding US law).

Corporate: Partner Nick Cheshire, partner Isabelle Lentz and senior associate Francoise Haralamb (both Luxembourg desk), associate Kate Doody.

New York
Finance: Partner Kim Desmarais, counsel Michael Miran.