PwC Legal advises Aareal Bank on sale of credit portfolio to Deutsche Pfandbriefbank
Frankfurt am Main, 26th November 2015.
PwC Legal advised Aareal Bank AG, a real estate and mortgage bank which is listed on the MDAX index, concerning the sale of a credit portfolio to Deutsche Pfandbriefbank AG. Our main activities lay in the contractual negotiations.
Credit engagements, originally finalised by Corealcredit Bank AG, formed part of this credit portfolio. Corealcredit Bank had transferred its banking operations, including the now sold credit portfolio, over to Aareal Bank as per a demerger and acquisition agreement in May 2015. As part of the transaction, all rights and obligations of Aareal Bank relating to the existing loan agreements, securities, hedging contracts, as well as the business relations these created, were passed over to Deutsche Pfandbriefbank by way of a contract transfer. The registered land charges were entered into the refinancing register of Aareal Bank for the benefit of Deutsche Pfandbriefbank.
The MDAX-listed Aareal Bank is affiliated with the globally active Aareal Bank Group, which is headquartered in Wiesbaden. As the parent corporation of the affiliated group, it consolidates all group companies within the fields of structured property financing (particularly the financing of office buildings, hotels, shopping malls, logistics facilities and residential properties) and consulting/services (for the housing and commercial property industries, as well as for the power and waste management industries). With a workforce of around 2,500 people, the Aareal Bank Group generated a consolidated operating profit of €436 million in 2014.
Deutsche Pfandbriefbank specialises in financing commercial real estate investments and public investment projects across Europe. It issues mortgage and covered bonds and is listed on the Frankfurt Stock Exchange.
Advisors for Aareal Bank AG:
In-house:
Marcus Flügel, Legal Department
PwC Legal (Frankfurt):
Dr Jörg Wulfken (team lead), Dr Danielle Schmidt (both banking, insurance and investment law)
About PwC Legal Business Solutions:
In our global, rapidly changing business world, cooperation, restructuring, transactions, financing and social responsibility are topics that increasingly concern our clients. They need legal certainty for a wide range of complex tasks. That is why we advise them holistically and in close cooperation with PwC’s tax, human resources and finance experts and our international legal network in over 100 countries. Whether a globally active company, a public corporation or a wealthy private individual, every client has a personal contact at our firm who supports them responsibly in all matters of commercial law. In this way, we help our clients to secure their economic success in the long term.
PwC Legal Business Solutions in Germany. More than 370 lawyers at 18 locations. Integrated, tech-powered legal advice.
About PwC Germany:
Our clients face diverse challenges, strive to put new ideas into practice and seek expert advice. They turn to us for comprehensive support and practical solutions that deliver maximum value. Whether for a global player, a family business or a public institution, we leverage all of our assets: experience, industry knowledge, high standards of quality, commitment to innovation and the resources of our expert network in 149 countries. Building a trusting and cooperative relationship with our clients is particularly important to us – the better we know and understand our clients’ needs, the more effectively we can support them.
PwC Germany. More than 15,000 dedicated people at 20 locations. €3.05 billion in turnover. The leading auditing and consulting firm in Germany.
