German residential property company Vitus Group has clinched the restructuring of its EUR 754 mln German multi-family CMBS in what is said to be the first such euro-denominated refinancing since the beginning of the financial crisis.
German residential property company Vitus Group has clinched the restructuring of its EUR 754 mln German multi-family CMBS in what is said to be the first such euro-denominated refinancing since the beginning of the financial crisis.
Vitus acquired the portfolio in 2007 from Round Hill Capital and a private consortium of investors. The portfolio includes 30,000 apartments located in Northern and Western Germany.
Vitus has been working with Deutsche Bank’s London office for months to refinance the Barclays Capital-issued CMBS which matured on 15 September, in an agency-style securitisation. Law firm Paul Hastings represented Deutsche Bank as arranger and lead manager in connection with the CMBS. Freshfields Bruckhaus Deringer advised Vitus Group.
In addition to senior and junior credit facilities which were securitised for a total volume of EUR 754 mln, the refinancing featured senior subsidised and mezzanine debt facilities from a major institutional investor.
Vitus is a consortium owned by Aviva, Blackstone, Round Hill Capital and Deutsche Bank.
