August 27, 2014
The Frankfurt office of the international law firm Weil, Gotshal & Manges LLP advised US financial investor Lone Star on the sale of German Düsseldorfer Hypothekenbank AG to an international group of buyers around a fund, managed by Attestor Capital LLP, and Dr. Patrick Bettscheider. The parties agreed not to disclose the purchase price. The transaction is subject to clearance by the relevant regulatory authorities and is expected to close in the near future.
Weil had previously advised Lone Star on the complex takeover of Düsseldorfer Hypothekenbank, a specialist in commercial real estate financing, in 2010 from the Deposit Protection Fund run by the Association of German Banks (Bundesverband deutscher Banken e.V. – Einlagensicherungsfonds, "ESF") and the Auditing Association of German Banks (Prüfungsverband deutscher Banken e.V., "PdB"). The bank, which nearly collapsed in the wake of the global financial crisis, had been taken over by the ESF and PdB in April 2008 in an effort to rescue the credit institution and stabilize the German mortgage market.
Following the sale of Corealcredit Bank AG to Aareal Bank AG in December 2013, this is the second investment of Lone Star in a German credit institution that the financial investor has successfully completed with an exit.
The Weil team included partners Uwe Hartmann (Corporate, Frankfurt (lead)), Jürgen Börst (Tax, Frankfurt) and Heiner Drüke (Corporate, Frankfurt) and the associates Jan Harmjanz, Christian Grahlmann (both Corporate, Frankfurt) as well as Ludger Kempf and Julia Hübner (both Tax, Frankfurt) and paralegal Nikolas Lazaridis.