CMS Hasche Sigle advises Allianz, Aareal Bank and Hessische Landesbank on CentrO refinancing

Stuttgart – Germany’s largest shopping and leisure centre, the CentrO in Oberhausen, has completed its refinancing. Total borrowing amounted to EUR 650 million, making it the largest amount raised for a single property this year. The borrower is a joint venture between British property developer Stadium Group and the Canadian Pension Plan Investment Board. 
A team led by real estate expert Dr Volker Zerr and finance law expert Dr Peter Ruby advised Allianz Real Estate GmbH, Aareal Bank AG and Landesbank Hessen-Thüringen Girozentrale on the refinancing of CentrO, which is located in the heart of the Ruhr region. The refinancing arrangers were Barclays and Santander. 
The legal challenge consisted in reconciling the different interests and distinct regulatory rules covering financing by insurance companies (Allianz: share of financing EUR 325 million) and banks (Aareal Bank as facility agent and Landesbank as security and co-agent, each contributing EUR 162.5 million). This financing consortium constellation is a new departure in the German market. 
The CMS team regularly advises Allianz on property transactions and finance. At the beginning of 2012, CMS Hasche Sigle advised Allianz on acquisition of the shares in Europa Passage in Hamburg, as well as on the financing of Gropius Passagen shopping centre in Berlin.
CentrO opened in 1996 and is valued at around EUR 1.3 billion. It boasts 160,000 sq m of rental space and 17,000 sq m of expansion space, divided into different sections: the shopping centre with 200 retail outlets plus 22 bars and restaurants, a 12,000-seat arena, a leisure park and a business park.

Advisers CMS Hasche Sigle

Dr Volker Zerr, Real Estate, Lead Partner 
Dr Peter Ruby, Banking and Finance, Lead Partner 
Dr Marc Seibold, Banking and Finance 
Dr Simon Marschke, 
Carsten Giersch, LL.M., 
Martin Filip, 
Dr Franziska Rösch, all Real Estate 
Robert Blickle, LL.M., MBA, Banking and Finance 
Dr Winfried Schnepp 
Dr Frank Püttgen, both Insurance Regulatory Law

Inhouse at Allianz Real Estate

Joachim Herpell (Head of Legal) 
Lars Thomas

Inhouse at Aareal Bank

Frederick Schönig 
Katrin Schellberg

Inhouse at Helaba

Dr Ralf Verwiebe

Advisers to CentrO

Orrick Hölters & Elsing

Press Contact
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