Deutsche Annington Immobilien SE, Bochum, Germany (“DAIG”), has been awarded European Real Estate Finance Deal of Year 2013 for its GRAND refinancing by The Banker.
Arjan Breure, Financial Managing Director at Terra Firma, said: “Regardless of the strong financial and operating performance of Deutsche Annington over the last seven years, DAIG was the largest real estate refinancing in Europe in 2012. It was an extraordinarily complex transaction, due to its size and the nature of the debt markets. We are delighted to be recognised in this way.”
The Banker is a leading international banking and finance magazine, read in more than 100 countries around the world. The judging committee for its Deals of the Year 2013 evaluated hundreds of applications and selected 10 winning deals in five global regions. The deal’s execution, appropriateness to the market, its pricing performance were key metrics in its selection.
DAIG, which was bought by Terra Firma in 2001, is the largest residential real estate and integrated housing company in Germany. It is the largest privately owned residential landlord in Germany. In December 2012 DAIG successfully closed the €4.3 billion refinancing of GRAND, Europe’s largest Commercial Mortgage Backed Securitisation (CMBS) to date, initially issued in 2006.
As part of the restructuring, the outstanding GRAND debt was reduced from €4.3bn to €3.8bn and the profile of the CMBS bonds was extended by 5 years until 2018. It enables DAIG to execute a series of partial refinancings of the underlying portfolio.
About Deutsche Annington
The Deutsche Annington Immobilien Group is one of Germany's leading housing companies with over 200,000 let and managed apartments. The company offers flats to let and purchase at around 600 locations throughout Germany, complemented by customer-oriented services.