Baker McKenzie advised the real-estate company CV MK23 Frankfurt GmbH as borrower and owner of the property in the financial restructuring. The advice focused on negotiating and drafting the notarized restructuring agreement and advising the management on its rights and obligations. Some particular challenges were the project company’s complex financing structure, the large number of financiers and investors and the resulting need to balance the various stakeholder interests.

London-based investment manager Tite Street Capital is taking over the CANYON office property project in Frankfurt as the new majority shareholder.

“With the successful restructuring of the CANYON property project, we were able to support our client in ensuring a future for its property project even in a challenging environment,” comments Joachim Ponseck, R&I partner at Baker McKenzie.

CV MK23 Frankfurt GmbH is a Munich-based project company specializing in the acquisition, development and management of real estate.

The CANYON will offer around 36,000 square metres of rental space on 15 floors. In addition to office use, retail and catering are planned for the ground floor. Just over a year ago, Frankfurt granted planning permission for the project at Mainzer Landstrasse 23. The planned new building will include 105 car parking spaces and 445 bicycle parking spaces as well as LEED Platinum and WiredScore certifications. The plans were drawn up by KSP Engel Architekten.

Baker McKenzie’s restructuring and insolvency team regularly advises a large number of German and international companies and financial institutions in complex restructuring and insolvency mandates. Recent notable mandates include providing legal advice to Gienanth Group in connection with restructuring in self-administration, and BMW in connection with Allgaier’s insolvency proceedings; advising Microvision on the acquisition of Ibeo Systems out of insolvency; and advising a banking consortium on Woco Group’s financial restructuring.