Clifford Chance has advised Commerzbank AG and its wholly-owned subsidiary Hypothekenbank Frankfurt AG on the sale of its commercial real estate portfolios in Spain and Portugal.

The portfolios of loans in Spain and Portugal with a total volume of EUR 4.4 billion were sold to a consortium comprising J.P. Morgan and Lone Star. The platform in Spain is transferred to an affiliate of Lone Star.

The Clifford Chance team was led by partners Dr. Arne Klüwer (Banking & Capital Markets) and Dr. Thomas Krecek (Corporate) and comprised counsels Dr. Felix Biedermann and Dr. Ute Brunner-Reumann, senior associate Mortimer Berlet (all Banking & Capital Markets), senior associates Dr. Michael Lamsa, Ilkka Salo and Jan Wittrodt, associate Carmen Büker, transaction lawyers Moritz Erdmann and Ömer Cilingir (all Corporate), partner Dr. Stefan Simon and senior associate Dr. Ines Keitel (both Employment Law) as well as partner Dr. Felix Mühlhäuser and counsel Dr. Marie-Theres Rämer (both Tax) – all Frankfurt. A team from the Clifford Chance Madrid office also worked on the transaction and comprised among others partner Eduardo García and senior associate Carlos Pérez (both Capital Markets).

The inhouse team of Commerzbank AG comprised Dr. Christian Wagner, Kai Uwe Klüter and Daniela Fricke.