Clifford Chance
Clifford Chance advises IVG Institutional Funds GmbH on the acquisition of a second cavern portfolio
2 February 2011
Clifford Chance advises IVG Institutional Funds GmbH on the acquisition of a second cavern portfolio
The international law firm Clifford Chance advised IVG Institutional Funds GmbH on financing the acquisition of a second portfolio for the IVG Kavernenfonds. The portfolio consists of 30 caverns which are, for the most part, still under construction. Launched in 2008 as a real estate special fund, the Kavernenfonds is designed specifically for regulated institutional investors and insurance companies and has equity in the amount of EUR 910 million. The acquisition of the new caverns which have been let long-term is being financed through equity and by way of a EUR 455 million loan provided by a banking consortium with Commerzbank AG as lead arranger. The new caverns will each be transferred to the fund upon completion. Four caverns were already acquired for the fund in 2010.
Clifford Chance previously advised IVG Institutional Funds GmbH on the structuring and issuance of the IVG Kavernenfonds in 2008, as well as on the acquisition and financing of existing cavern portfolios.
The Clifford Chance team was lead by partner Dr. David Elshorst (Real Estate) and included partners Tobias Schulten, Dr. Sven Zeller (both Banking & Capital Markets) - all Frankfurt – counsel Dr. Guido Hoffmann (Banking & Capital Markets, Düsseldorf) and associates Anja Breilmann (Banking & Capital Markets) and Dr. Jens Beynio (Real Estate) – both Frankfurt.
