Deals/M&A

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:

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