Aareal Bank AG’s €1 billion pan-European real estate loan to Invesco Real Estate

DLA Piper and Norton Rose Fulbright have advised Aareal Bank AG on the transaction

The facility comprises initial loans totalling €610 million, which will be used to refinance a portfolio of properties located in UK, Spain, France, Germany, Italy, the Netherlands and Poland. The financing also provides Invesco with an accordion facility of up to another €390m, which is yet uncommitted, to enable it to expand the portfolio throughout those jurisdictions.

The financing follows a number of other high value multi-jurisdictional real estate finance transactions which DLA Piper has advised Aareal Bank AG on in the last two years, including the €630 million loan to Northstar Realty’s circa €1.1 billion to finance the acquisition of a pan-European office portfolio, and the €215 million acquisition of a pan-European hotel acquisition by a Benson Elliot and Walton Street Capital joint venture, both of which completed in 2015.

Toby Barker (Picture), who was assisted by DLA Piper’s international Finance, Tax, Real Estate and Regulatory groups in the Frankfurt, Munich, Amsterdam and Cologne offices. Toby was assisted in the London Finance team by senior associate Christopher Chan. Frankfurt based Finance partner, Torsten Pokropp, led the German team and partner Lex Oosterling led the Finance team in the Netherlands.

The London Real Estate team was led by partner Richard Crossfield and the German Real Estate team was led by Munich based partner Martin Haller.

The Tax team was led by partner Richard Woolich in London working with partner Martin Heinsius in Frankfurt and partner Paulus Merks in Amsterdam. Regulatory advice was provided by Dr Christian Schneider, partner, and Dr Volker Lemmer, both from the firm’s Cologne office.

Invesco was advised by Norton Rose Fulbright with a team led by Duncan Hubbard.

Involved fees earner: Duncan Hubbard – Norton Rose Fulbright; Toby Barker – DLA Piper; Christopher Chan – DLA Piper; Torsten Pokropp – DLA Piper; Lex Oosterling – DLA Piper; Richard Crossfield – DLA Piper; Martin Haller – DLA Piper; Richard Woolich – DLA Piper; Paulus Merks – DLA Piper; Martin Heinsius – DLA Piper; Christian Schneider – DLA Piper; Volker Lemmer – DLA Piper;

Law Firms: Norton Rose Fulbright; DLA Piper;

Clients: Invesco Real Estate; Aareal Bank;

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