In December 2007 CMS Derks Star Busmann assisted and advised Eurohypo Aktiengesellschaft ('Eurohypo') with the refinancing of the Romanian property investors General Investment SRL and General Building Management SRL ('General'). This refinancing of € 15 million was intended for the repayment of existing debts.
To provide security for the repayment of this loan, the shareholders of General at that time, Oceanis International B.V. ('Oceanis') and Central Eastern European Real Estate Shareholdings B.V. ('CEERES'), part of the Avrig 35 Group, pledged their shares to Eurohypo.
In February 2008 the shares in General were sold by Oceanis and CEERES to New Europe Property investments PLC Group for € 46.3 million. As part of this change of ownership, documentation from the first transaction was modified and security was once again established on behalf of Eurohypo. NE Properties Coöperatief U.A. acted as one of the buyers and a provider of security.
CMS DSB advised Eurohypo in both transactions on the loan documentation and the necessary corporate documents, and issued two legal opinions.
Marcel Groenewegen headed the team, which also comprised Jelle Timmenga, Marcel Janssen, Janneke Braat and Marc Orval. The first transaction was successfully completed at the end of December, and the second was successful completed on 25 February.