Overview
Frankfurt, August 27, 2024 – McDermott Will & Emery has advised the Munich-based project developer CV Real Estate Group on the entry of a new main investor in the CANYON office real estate project in Frankfurt am Main. The new majority shareholder is a joint venture with Tite Street Capital (London) as co-investor. CV Real Estate is withdrawing from the project.
As part of a restructuring agreement, the project’s capital structure has been reorganized to reflect current market conditions. The existing senior debt will be fully maintained and extended on a long-term basis. A qualified subordinated shareholder loan from the new majority shareholder will provide continuity of funding during the prolongation period. A particular challenge was the complex financing structure of the project company, the large number of financiers and investors and the resulting need to balance the interests of the various stakeholders.
The City of Frankfurt granted planning permission for CANYON at Mainzer Landstrasse 23 just over a year ago. The CANYON will have 15 floors with approx.. 36,000 sqm of lettable space and is expected to achieve LEED Platinum and Wired Score certification.
The CV Real Estate Group is an owner-managed group of companies based in Munich that has been operating throughout Germany in the field of real estate project development and investment for many years.
McDermott advised CV Real Estate with a team led by Christoph Coenen and Kian Tauser and the support of Sebastian Bonk, Benedikt Schulz, Marcus Fischer and Michael Spirk.
