German team advises HCOB on financing of residential project in Berlin for Zetland and MBS Invest

Global law firm Norton Rose Fulbright has advised Hamburg Commercial Bank (HCOB) on the €48.5m financing for the realisation of four real estate projects in Berlin.

The residential projects are being developed by Zetland Capital Partners LLP (Zetland), a private equity firm founded in London in 2016, and MBS Invest (MBS), the German investment and asset management company.

Zetland has acquired three sites in the German capital, each of which will be developed with residential buildings. On the third site in the Berlin-Wilmersdorf district, a hotel is also being converted into a residential complex with commercial space. For the projects, Zetland is working with MBS, an asset and investment company specialising in real estate, as a minority shareholder. In total, the projects will create around 200 new residential units in Berlin-Wilmersdorf, Berlin-Lichtenberg and Berlin-Treptow by the end of 2024.

HCOB is a private commercial bank headquartered in Hamburg. The bank offers its customers a high level of structuring expertise in the financing of commercial real estate projects with a focus on Germany as well as neighbouring European countries. It also has a strong market position in international shipping. The bank is one of the pioneers in Europe-wide project financing for renewable energies and digital infrasturcture.

The Norton Rose Fulbright team in Germany and Luxembourg was led by Frankfurt partner Dr Bernhard Fiedler (lead, finance) and associate Mid-Eum Joo (lead, finance, Frankfurt) and included Kristina Thielemann (finance, Frankfurt). The Luxembourg team was led by partner Stéphane Braun (finance), supported by senior associate Charlène Thibaudon (finance, Luxembourg).

Zetland Capital Partners and MBS Invest were legally advised by Osborne Clarke and Arendt & Medernach. Cushman & Wakefield arranged the placement of the financing.