Carsted Rosenberg LLP Acts for Albulus Advisors Germany on Acquisition of Danish NPL

Carsted Rosenberg LLP advised Albulus Advisors Germany on the acquisition of a Danish NPL portfolio. The purchaser was advised by lead counsel Clifford Chance, Frankfurt and Walder Wyss, Zürich and Carsted Rosenberg, Copenhagen. 

Albulus Advisors, seated in Frankfurt, invested in distressed real estate loans for UK & European Investments (UKI), London by purchasing a non-performing loan for the Intercontinetal Hotel in Hamburg. The loan was repaid by the sale of the property to Kuehne Immobilia GmbH. 

Albulus Advisors is to invest up to EUR 100,000,000 in distressed real estate loans for UK & European Investments (UKI), London. Individual loans or smaller loan portfolios ranging from EUR 10 million to EUR 50 million that are secured by commercial real estate in Germany’s metropolitan regions are targeted.

Drawing upon UKI’s and Albulus’ complementary expertise and capabilities, UKI intends to allocate up to EUR 100 million in equity capital to Albulus for non-performing and sub-performing loan investments. Albulus, with its experienced management team and in-depth understanding of the German real estate market will originate, underwrite and execute the NPL investments.

The strategy is all about sourcing off-market deals and securing good-quality underlying real estate at a discount, mainly in the top seven cities where the property market is most liquid. Sounds simple, but, says Dr. Ruprecht Hellauer of Albulus Advisers Germany, the reason non-performing loans are sold at a discount is “because something went wrong and in 80-90% of the cases the underlying real estate is bad. We focus on what we want to own long-term.”