Clifford Chance Banking & Finance team advised CTP, the biggest industrial developer in the CEE, on €1.9 billion financing arranged and underwritten by a consortium of six leading banks. The refinancing of the existing CTP’s Czech industrial portfolio and financing of new development comprised of 200 buildings, covering 2.7 million m2 of premium industrial space.
In this largest real estate transaction to date in Central and Eastern Europe, the 7-year facilities provide for the refinancing of €1.6 billion of existing properties and extends €269 million in new financing for projects to be completed in the next 18 months. The transaction consolidates 40 existing financings into one syndicated transaction.
“The transaction volume of €1.9 billion makes the deal a benchmark deal for CTP securing mid-term financing of our existing industrial portfolio and supporting its further development.” stated Richard Wilkinson, Group CFO. Richard Wilkinson further commented on the Clifford Chance Prague performance: “We were delighted to be supported by their Banking & Finance team in Prague. They provided first class services and were also an excellent support throughout the whole transaction.”
“This transaction sets a new benchmark for real estate financing in CEE. The size and complexity are extraordinary. It emphasizes the position of Clifford Chance in the region. It was an honour to support CTP on this deal and to help bring the transaction to it’s the successful closing.” stated Miloš Felgr, partner of the Banking & Finance practice in Prague.
The Clifford Chance team was led by Miloš Felgr, Banking & Finance partner in Prague, supported primarily by senior associate Marian Husár and associates Dominik Vojta and Jan Strnad. The Real Estate team comprised of partner Emil Holub and senior associate Milan Rákosník.