Frankfurt, Germany And London (ots/PRNewswire) –
An affiliate of Cerberus Capital Management, L.P. („Cerberus“)
has entered into a definitive agreement to acquire the assets of
distressed company, Speymill Deutsche Immobilien Company plc, from
the Receivers. As a key part of this transaction, Cerberus worked
with the company’s bank lenders to effect the recapitalization of the
assets through a restructuring of the company’s EUR985 million of
distressed bank loans, and the injection of capital in the form of
subordinated debt and equity that will be used primarily to pay down
debt and make improvements to the assets. The transaction is expected
to close later this week.
Ben Cairns, Receiver, of Ernst & Young, said: „This is a landmark
recapitalization and distressed loan restructuring which is to the
mutual benefit of the existing banks, stakeholders of the acquired
assets, and the new capital sponsor, Cerberus.“
Cerberus has been an active investor in Germany since 2002.
Cerberus, along with a co-investor, launched Germany’s largest
initial public offering (IPO) of 2011 with the successful listing of
Berlin-based GSW Immobilien AG, on the Frankfurt Stock Exchange in
April of last year. GSW was acquired from the State of Berlin in
2004, and Cerberus led the restructuring of the company and
improvement of the assets.
Lee Millstein, Senior Managing Director at Cerberus, stated: „We
are pleased to work with Speymill Deutsche Immobilien’s banks to lead
the recapitalization of the assets and the restructuring of its
distressed loans. The banks benefit from this transaction by having a
large portfolio of non-performing loans converted to performing
loans, while stakeholders benefit from Cerberus injecting new capital
for improvements and leading the execution of a turn-around of the
The lenders are a consortium of banks led by Netherlands-based
NIBC Bank N.V. along with German banks HSH Nordbank AG and
Norddeutsche Landesbank (NORD/LB.
Martijn Weinreich at NIBC, said: „Cerberus‘ creative,
knowledgeable approach to restructuring the portfolio’s existing debt
and its established track record in Germany made it the ideal
CORPUS SIREO has been engaged to coordinate asset management.
GOAL will continue to oversee day-to-day management of the assets.
Engel & Volkers has been retained to market individual assets to
private investors in Germany after capital and operational
improvements have been implemented.
Kuna & Co. KG served as Cerberus‘ financial advisor on the
transaction. Freshfields Bruckhaus Deringer LLP provided legal
counsel to Cerberus.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is one of
the world’s leading private investment firms. Cerberus has
approximately US $20 billion under management invested in four
primary strategies: distressed securities & assets; control
investments; commercial mid-market lending and real estate-related
investments. From its headquarters in New York City and large network
of affiliate and advisory offices in the US, Europe and Asia,
Cerberus has the on-the-ground presence to invest in multiple
sectors, through multiple investment strategies in countries around
ots Originaltext: Cerberus Capital Management, L.P
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