ORCO-GSG in a Structural Optimisation of the €400m Real Estate Portfolio
Gehrke Zumbroich & Partner has advised GSG Asset Gmbh & Co. Veraltungs KG (ORCO-GSG) with regard to the structural optimisation of its real estate portfolio. With approximately 815,000 sqm ORCO-GSG is a leading provider of office and commercial space in Berlin. Within the portfolio there is between 20-20,000 sqm available for production, office, workshop or storage. The formerly state owned ORCO-GSG has been acquired from Land Berlin in 2007 in the course of privatisation by a joint venture of ORCO Property Group and Morgan Stanley.
After a refinancing agreement for EUR 269.6 million could be signed inter alia with the assistance of Gehrke Zumbroich & Partner in December 2012 with banking club of five German banks, Gehrke Zumbroich & Partner now advised the company in a complex transaction, which comprised the transfer of the complete real estate portfolio to several subsidiaries, especially to facilitate future refinancing.
The team of Gehrke Zumbroich & Partner, which advised ORCO-GSG in the complete transaction, was led by Matthias Gehrke, naming partner of the firm.
Matthias Gehrke commented: “Already in the end of 2012 the refinancing of the expired EURO 304 mio. RBS loan agreement has been closed restructuring allows ORCO-GSG to focus only on the operative business for several years. The privatisation of the former land owned GSG has already been a success story. This may, now, continue and we are proud having supported our client in this regard.”