BLP advises Hatfield Philips International Limited on loan restructuring

International law firm Berwin Leighton Paisner (BLP) advised Hatfield Philips International Limited on a loan restructuring in connection with the sale of the Justizzentrum in Halle (Saale), Germany. Hatfield Philips International Limited is the largest independent primary servicer and special servicer in Europe and the largest CMBS servicer in the world outside the United States.

Ebertz & Partner (E&P) acquired 93.86% of the Wichford Group’s real estate property by means of the Justizzentrum in Halle (Saale) Beteiligungsgesellschaft. The Wichford Group had taken over this share in 2007 from the fund E&P Sachwert Fonds 072, which initially bought the building newly-built in 1998. The Justizzentrum in Halle (Saale) is let to the federal state of Sachsen-Anhalt until at least 2020. The federal state has established several courts of justice there, including the Landesarbeitsgericht (Regional Labour Court), the Landessozialgericht (Regional Social Court) and the Verwaltungsgericht Halle (Administrative Court Halle).

The refinancing of the take-over by the Wichford Group was, then, realised with a loan from Lehman Brothers Bankhaus AG. Subsequently, the loan has become part of the €1.1bn loan portfolio which Lehman Brothers securitised as Windermere XIV CMBS in 2007. Hatfield Philips International Limited has been General Master Servicer and General Special Servicer under the securitization structure.

With regard to this complex restructuring of the borrower group, BLP advised Hatfield Philips International Limited comprehensively on amending the loan and security documentation as well as on tax law related issues.

The mandate has been another one in a now longstanding cooperation of Hatfield Philips International Limited and BLP. At the same time it has illustrated BLP’s fast-growing international network of own offices enabling the firm to advice clients as a one-stop shop across various jurisdictions. In charge of the mandate were London-based partner Eleanor Hunwicks and Frankfurt-based partner Thomas Prüm. Eleanor Hunwicks was supported by associate Simon Reynolds, Thomas Prüm by partner Fabian Hartwich and associate Philipp Johannes Schäfer.

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