Global law firm Clifford Chance has advised Aareal Bank AG on its first synthetic SRT (significant risk transfer) securitisation of a reference portfolio of performing commercial real estate (CRE) loans with a total volume of €2 billion. With the transaction, Aareal frees up capital allowing it to invest in new business opportunities.
The transaction was significantly over-subscribed and was executed following a competitive bidding process through Aareal Bank simultaneously entering into a financial guarantee with insurers and issuing a credit-linked note to an asset manager.
The Clifford Chance team consisted of 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.
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