PRACTICE AREAS

REAL ESTATE

As an asset class, real estate draws on a number of distinct legal disciplines including finance and corporate law. We offer unrivalled international transactional expertise in cross-border real estate transactions. We regularly act as local counsel to the parties on large-scale cross-border real estate transactions led by global law firms and real estate funds.

Carsted Rosenberg Advokatfirma provides advice in relation to the full spectrum of real estate M&A and real estate finance, including the sale and purchase of real estate assets, real estate finance, project finance and real estate capital markets transactions.

Carsted Rosenberg provides the commitment, resources and the know-how to ensure the successful completion of real estate transactions, with a particular focus on large complex cross-border transactions with a Danish element. We are familiar with the commercial and market dynamics and understand the documentation requirements on all sides of the transactions.

For more information on our transaction expertise in relation to real estate law in Denmark please visit our news section for recent transactions.

Please contact Michael Carsted Rosenberg or Dr. Andreas Tamasauskas to discuss any matters.

NOTABLE TRANSACTIONS

Carsted Rosenberg Advises on Successful EUR 1.4 Billion IPO for Cromwell European REIT on Singapore Stock Exchange

Australian listed Cromwell Property Group (ASX:CMW) (Cromwell) successfully concluded an initial public offering (IPO) of the Cromwell European Real Estate Investment Trust (CEREIT) on the Main Board of the Singapore Stock Exchange (SGX). The transaction constitutes the first Euro denominated REIT on the SGX and the largest REIT IPO in Asia since 2013 by market capitalisation. The pan-European asset portfolio of CEREIT consists largely of office, light industrial and logistics buildings located in Denmark, France, Germany, Italy and the Netherlands and is valued at approximately EUR 1.4 billion. CEREIT’s cornerstone investors include Cerberus Singapore, Hillsboro Capital, Ltd. and Mr Gordon Tang and Mrs Celine Tang. Goldman Sachs (Singapore) Pte. und UBS AG, Singapore Branch acted as Joint Issue Managers of the CEREIT IPO and Goldman Sachs, UBS AG, DBS Bank, Daiwa Capital Markets and CLSA Singapore acted as joint bookrunners and underwriters for the IPO advised by Allen & Overy, Singapore. Allen & Gledhill, Singapore acted as transaction counsel to CEREIT and the European team was lead by Clifford Chance, Frankfurt as European lead counsel and included Clifford Chance. Düsseldorf, Clifford Chance, Munich, Clifford Chance, Paris, Clifford Chance, Warsaw, Clifford Chance, London, Clifford Chance, Amsterdam, Clifford Chance, Milan, Clifford Chance, Luxembourg, Carey Olsen, Jersey and Carsted Rosenberg, Copenhagen.

Carsted Rosenberg Advokatfirma Advised Cromwell European REIT on Sale of 12 Assets across Western Europe

Together with lead counsel Clifford Chance, Paris, Carsted Rosenberg Advokatfirma advised Cromwell European REIT (CEREIT) on the sale of 12 assets in France, Denmark and the Netherlands for EUR 65.7 million to funds advised by affiliates of The Blackstone Group Inc. The properties had been managed on behalf of CEREIT by its sponsor, Cromwell Property Group (Cromwell), through Cromwell’s integrated European investment management platform. The assets are all light industrial/logistics properties: five in the Netherlands, five in France and two in Denmark. The properties total approximately 124,000 sqm of space. In Denmark, the largest of the two assets is the Hjulmagervej 3-19 property in Vejle, located in the Jutland Peninsula in Southern Denmark. The asset comprises nine warehouse/light industrial buildings. Each building consists of warehouse areas with associated offices. The total NLA of the property is 12.807 sqm. CERET was advised by lead counsel Clifford Chance, Paris together with Clifford Chance Amsterdam, Clifford Chance Luxembourg and Carsted Rosenberg Advokatfirma. The purchaser was advised by Simpson Thacher Bartlett, London, DLA Piper, Paris, Loyens & Loeff, Amsterdam and Bech-Bruun Advokatfirma.

Carsted Rosenberg Advokatfirma Advises HYPO NOE on German-Danish Real Estate Senior Credit Facility

Together with lead counsel Simmons & Simmons, Frankfurt, Carsted Rosenberg Advokatfirma advised HYPO NOE Bank as senior lender on a German-law governed senior credit facility provided to the Danish subsidiaries of a Luxembourg real estate fund for the refinancing of the acquisition of an existing commercial real estate portfolio in Germany. The lender was advised by Simmons & Simmons, Frankfurt, Simmons & Simmons, Luxembourg, Simmons & Simmons, London and Carsted Rosenberg Advokatfirma, as Danish counsel. The borrowers were advised by lead counsel Beiten Burkhardt, Munich, Nauta Dutilh, Luxembourg and Accura Advokatfirma, as Danish counsel.

Carsted Rosenberg Advokatfirma Advises on German-Danish Real Estate Bond Issue

Together with Clifford Chance Deutschland LLP, as German counsel, Carsted Rosenberg Advokatfirma and Bruun & Hjejle I/S advised as Danish co-counsels to the Danish issuer in relation to a prospective real-estate bond to be issued on the Frankfurt Stock Exchange open market (Freiverkehr). The arranging banks were advised by White & Case LLP and Kromann Reumert I/S. The proposed transaction included a novel security structure providing registered security for the bond holders in Danish real estate for the purposes of an euro-denominated German-law governed real estate project finance bond by a Danish issuer and would have constituted the first of its kind in the market. The Frankfurt Stock Exchange operated by Deutsche Börse AG is one of the world’s largest trading centres for securities. It has established itself as one of the most attractive listing venues for companies in Europe due to its global investor reach and reputation. A listing on the Frankfurt Stock Exchange offers a number of advantages to foreign issuers, including high liquidity for traded financial instruments, comparatively low costs for admission and listing and a well balanced regulatory environment with different trading segments. Primarily foreign instruments are traded in Open Market on the Frankfurt Stock Exchange including bonds, certificates and warrants of German and foreign issuers.

Carsted Rosenberg Advises Greenland Spring Water on Divestment of Real Estate Assets

Carsted Rosenberg Advokatfirma advised long-standing client Greenland Spring Water on the divestment of light industrial real estate assets located in Northern Greenland. The real estate assets situated in Qeqertarsuaq on the Disco Peninsula were divested to Royal Greenland in order to facilitate the increase in fish processing in the Northern Greenland region. The transaction spanned five separate jurisdictions and successfully accommodated both seller and purchaser distinct requirements while having regard to the intricacies of the special requirements sourrounding Greenlandig property law.