Frankfurt,03 July 2013. Linklaters has provided advice to several Promontoria companies (with seat in the Netherlands) on the acquisition of a portfolio consisting of nine shopping centres which were part of insolvency estates of Secur Group (with Dr. Bernsau at BBL appointed as insolvency administrator). The Promontoria companies are entities affiliated to Cerberus Capital Management. The shopping centres are located throughout Germany. The floor space of the commercial units sold is altogether 92,000 square meters.

The sale of the properties was conducted by Wells Fargo  Bank International ("Wells Fargo") as the financing bank  and land charge creditor ; Wells Fargo had  inherited the loans from Wachovia Bank due to merger. In this “cold administration” scenario, the insolvency administrator was able to realise a private sale as an alternative to a foreclosure of land charges by the bank.

Advisors to Promontoria:

A Linklaters’ team lead by Wolfram H. Krüger (Real Estate, Frankfurt) provided advice to Promontoria. Further team members: Dr. Marc Oliver Banzhaf, Daniel Buchinger (both Real Estate, Frankfurt), Dr. Sabine Vorwerk (Restructuring & Insolvency, Frankfurt), Manon Brindöpke, Christina Trebing (both Competition/Antitrust, Düsseldorf), Dr. Janine Nicola Osthoff, Kai Thorben Gassert and Stefanie Emrich-Katzin (all Real Estate, Frankfurt).

Background:

Following the acquisition of a 49 property portfolio out of Luxembourg insolvency in a bidding process triggered by FMSW, the “bad bank” of former Hypo Real Estate, this is the second portfolio transaction within a year in which Linklaters has advised Cerberus Group on the acquisition of assets out of insolvency.

http://www.linklaters.com/News/LatestDeals/2013/Pages/Linklaters-advise…