Paul Hastings Advises Servicer on Restructuring of Largest CMBS ever issued in Europe

December 21, 2012

London, UK - Paul Hastings (Europe) LLP, a leading global law firm, announced today that it represented Capita Asset Services, as servicer of the EUR 4.3 billion CMBS transaction issued by German Residential Asset Note Distributor plc (the "GRAND CMBS"), the largest CMBS ever issued in Europe, with respect to the restructuring of the GRAND CMBS.

Unusually, the restructuring of the GRAND CMBS has been implemented by a solvent scheme of arrangement, a first for a CMBS restructuring.

Collectively the GRAND CMBS debt is serviced by approximately 180,000 properties across Germany.

London Finance partner Charles Roberts led the Paul Hastings team, which also included Tax partner Arun Birla, Frankfurt Finance partners Edouard Lange and Karl Balz, assisted by Ed Bellamy, Jennie Dorsaint, Jiten Tank, Angela Morgan, Polly Blenkin, Roland Arlt, Uwe Halbig, Fritz Kleweta, Finn Lubberich and Erdem imangil.

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