Successful package sale – Noerr advises Hypo Real Estate on sale of 16.5% in listed Deutsche Pfandbriefbank

he European law firm Noerr has advised Hypo Real Estate Holding GmbH (HRE) on its successful sale of close to 22m bearer shares in the listed company Deutsche Pfandbriefbank AG. Following the sale, HRE still holds around 3.5% in Deutsche Pfandbriefbank. HRE’s sole shareholder is the Financial Market Stabilisation Fund (FMS) of the Federal Republic of Germany, which is managed by Bundesrepublik Deutschland – Finanzagentur GmbH.

The shares were offered exclusively to institutional investors in an accelerated bookbuilding process. Acting as the cornerstone investor, the RAG Foundation acquired 4.5% of the share capital of Deutsche Pfandbriefbank AG. The sale is worth some €280m.

Advisors to Hypo Real Estate Holding GmbH and to Bundesrepublik Deutschland – Finanzagentur GmbH: Noerr LLP

Gerald Reger (lead, Capital Markets, Munich), Laurenz Wieneke, Torsten Fett, Stefan Gebauer (all Capital Markets, Frankfurt), Susanne Rummel, Jochen Lang, Anne-Kristin Schiller (all Capital Markets, Munich)

Further advisors to Hypo Real Estate Holding GmbH and to Bundesrepublik Deutschland – Finanzagentur GmbH:

Sullivan & Cromwell LLP ; PwC Strategy&; Morgan Stanley