14 November 2012
- Mark Payne, Mike Crossan, André Duminy, Jim MacHale, Simon Crown, Clare Hoxey, Owen Lysak, Rebecca Trapp
Clifford Chance advises The Situs Companies on the acquisition of Deutsche Bank's commercial mortgage backed securities business
Clifford Chance has advised Situs on the acquisition of Deutsche Bank's commercial mortgage loan servicing business. The acquisition includes CMBS and balance sheet servicing, asset management and special servicing. The deal marks the beginning of Situs intensifying its business operations in Europe, and with almost €20 billion under management, this ranks Situs as one of the largest third-party commercial real estate servicers in Europe.
Mark Payne, Clifford Chance Client Relationship Partner for Situs, comments:
"Situs are developing a major Pan-European presence which compliments their existing US business model and we are delighted to have advised on this important strategic step."
Hugo Raworth, Situs Managing Director, based in London, states:
"Deutsche Bank's servicing business has a well-earned reputation for responsiveness and transparency in the commercial mortgage market. We look forward to continuing this high level of customer service, which has been the hallmark of Situs' success over the past 27 years."
Situs is a leading provider of global commercial real estate services and consulting solutions to many of the world’s most prominent financial institutions, institutional investors, private owners, and developers.
The Situs relationship is managed by Real Estate partner, Mark Payne. The Clifford Chance cross-practice team advising Situs was led by Corporate partner, Amy Mahon, assisted by Ying Yi Soh (associate), and supported by Cameron Saylor in the Luxembourg office. Tax advice was provided by Etienne Wong (partner) and Alex Tostevin (senior associate). Mike Crossan (partner) provided TUPE and employment advice. André Duminy (partner) and James Plummer (associate) advised on transitional services arrangements. Banking advice was provided by Jim MacHale (partner), Sandeep Bose-Mallick (senior associate) and Sroyon Mukherjee (associate). Simon Crown (partner) and Owen Lysak assisted on regulatory aspects. Clare Hoxey (partner) provided Pensions advice, assisted by Rebecca Pither (associate).