LBBW-Led Consortium’s Restructuring of Financing For University Medical Centre Schleswig-Holstein Close

Gleiss Lutz has advised a banking consortium led by Landesbank Baden-Württemberg (LBBW) on the deal.

A banking consortium led by Landesbank Baden-Württemberg (LBBW) completed the restructuring of the project financing for the University Medical Centre Schleswig-Holstein.

This involved extensive contractual amendments, including a sweeping change to the existing PPP project financing as part of the renovation and operation of and construction of new buildings for the University Medical Centre Schleswig-Holstein. The real estate partner UKSH GmbH is providing services in connection with the planning, construction, renovation, financing and operation of properties of the University Medical Centre Schleswig-Holstein at its Kiel and Lübeck campuses as part of a real estate PPP.

In order to swiftly bring the existing buildings up to the level of the new ultramodern clinic buildings, it was agreed that these services would from now on be provided on the basis of a “cost+fee” model. The pro rata PPP project financing already in place will in future apply only to new buildings (that have already been completed). The real estate partner will have the construction and operation services carried out by companies belonging to Royal BAM Group N.V. and VAMED AG.

The commercial banks and the European Investment Bank are making outside funds of around EUR 511 million available for the project.

The University Medical Center Schleswig-Holstein (UKSH), is a university hospitals, located in Kiel and Lübeck in Germany and Europe. Its aim is to ensure medical care in Schleswig-Holstein.

The Gleiss Lutz team comprised Eva Reudelhuber (Picture – partner, Frankfurt, lead, Finance), Dr. Andreas Spahlinger (partner, Restructuring, Stuttgart), Dr. Andreas Neun (partner, Public Law, Berlin), Dr. Tim Weber (partner, Real Estate, Frankfurt), Dr. Alexander Nagel (counsel, Restructuring, Düsseldorf), Dr. Katja Lehr, Anastasia Dressler, Pascal Urban, Dr. Mohamed Assakkali, (all Finance), Maximilian Leisenheimer (Real Estate, all Frankfurt).?

Involved fees earner: Mohamed Assakkali – Gleiss Lutz; Anastasia Dressler – Gleiss Lutz; Katja Lehr – Gleiss Lutz; Maximilian Leisenheimer – Gleiss Lutz; Alexander Nagel – Gleiss Lutz; Andreas Neun – Gleiss Lutz; Eva Reudelhuber – Gleiss Lutz; Andreas Spahlinger – Gleiss Lutz; Pascal Urban – Gleiss Lutz; Tim Weber – Gleiss Lutz;

Law Firms: Gleiss Lutz;

Clients: Landesbank Baden-Württemberg ;

Author: Federica Tiefenthaler