"Clifford Chance Advises Aareal Bank on €2 Billion Synthetic SRT Securitisation of Commercial Real Estate Loans"

"Clifford Chance has advised Aareal Bank AG on its first synthetic SRT securitisation of €2 billion in commercial real estate loans. This transaction allows Aareal to free up capital for new business opportunities. The deal was highly oversubscribed and involved a financial guarantee with insurers and a credit-linked note issued to an asset manager. Clifford Chance's Frankfurt team provided legal and tax expertise for the transaction."

Clifford Chance advised Aareal Bank AG on its first synthetic SRT securitisation of commercial real estate loans, while insurers and an asset manager were also involved in the transaction. The transaction involved the securitisation of a €2 billion reference portfolio of performing commercial real estate loans. Aareal Bank executed the deal through a competitive bidding process, entering into a financial guarantee with insurers and issuing a credit-linked note to an asset manager. The transaction was significantly oversubscribed and enabled Aareal Bank to free up capital for new business opportunities. The Clifford Chance team included partner Oliver Kronat, senior counsel Kerstin Schaepersmann (lead), senior associates Antonia Walter and Moje Salzmann (all Global Financial Markets, Frankfurt). Partner Olaf Mertgen and counsel Steffen Waadt (both Tax, Frankfurt) advised on tax matters.

"Clifford Chance Advises Aareal Bank on €2 Billion Synthetic SRT Securitisation of Commercial Real Estate Loans"

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