DLA Piper advises Helaba and pbb on the financing of the Highlight Towers in Munich
DLA Piper has advised Helaba and pbb Deutsche Pfandbriefbank (pbb) on the senior financing of the acquisition of the landmark Highlight Towers building in Munich by a joint venture between IMFARR Beteiligungs GmbH and SN Beteiligungen Holding AG.
The loan amount of the senior financing is in the mid three-digit million range, which Helaba and pbb will underwrite in equal parts. In addition to the senior financing provided by Helaba and pbb, the financing was also provided through a structurally subordinated mezzanine line.
The Highlight Towers are located in Parkstadt Schwabing, one of Munich's most important business locations. The 126m and 113m skyscrapers are among the tallest in the city and are connected by glass and steel building bridges on the ninth/tenth and 20th floors. In addition to the two office towers, the ensemble with around 80,000 m2 of gross floor space includes two plaza buildings, which contain a hotel and a restaurant in addition to further office space. Among the main tenants are the internationally active tech companies Fujitsu Technology Solutions and IBM Germany.
With around 6,200 employees and total assets of EUR217 billion, the Helaba Group is one of the leading banks in the Frankfurt financial centre. It offers companies, banks and institutional investors comprehensive financial services from a single source. pbb Deutsche Pfandbriefbank is a leading specialist bank for real estate financing in Europe and the USA and is one of the largest issuers of Pfandbriefe.
The DLA Piper team was led by partner Frank Schwem and further included counsel Eike Neugebauer, senior associate Tony Sparing and foreign associate Dr Zsuzsanna.Somogyi-Csizmazia (all Finance, Projects & Restructuring, Frankfurt) as well as partners Xavier Guzmann and Tiziana Olivetti (both Finance, Projects & Restructuring, Luxembourg). The Real Estate aspects were handled by partner Christian Lonquich and associate Sascha Ryssok (both Real Estate, Frankfurt). Of counsel Martin Heinsius (Tax, Frankfurt) advised on the tax aspects.
