A Gleiss Lutz team is advising Shinhan Asset Management, the asset manager of South Korean Shinhan AIM Structured Investment Fund No. 5, on the potential enforcement of a pledge of shares in Accentro Real Estate AG currently held by Brookline Real Estate.
Shinhan AIM Structured Investment Fund No. 5 granted a loan to Brookline, under which Brookline pledged approximately 75% of the shares in Accentro Real Estate AG as security to the Fund. The loan is in default. The Fund has notified Accentro, without any commitment, of considerations to possibly enforce the share pledge and, subject to certain conditions, to launch a public takeover offer to the remaining shareholders of Accentro together with Nox Capital at the minimum offer price. There are also plans to implement certain corporate governance changes and to initiate an equity or equity-like fundraising of Accentro in a mid two-digit million range.
According to the non-binding expression of interest, the potential transaction is in particular subject to a satisfactory agreement on an amendment of the Accentro's existing bonds, no material increase in the share price of Accentro as well as a satisfactory confirmatory due diligence.
The following Gleiss Lutz team is advising Shinhan Asset Management: Dr. Michael Burian (partner, Frankfurt), Dr. Anselm Christiansen (partner, Stuttgart, both Corporate/M&A), Friedrich Schlott (counsel, Restructuring, Düsseldorf), Dr. Yixiao Li (Stuttgart), Dr. Torsten Spiegel (Berlin, both Corporate/M&A), Josefine Wiegand, Sonja Hilgert (Berlin, Corporate/M&A), Dr. Valentin Zemmrich (M&A, Stuttgart), Dr. Kai Birke (partner), Dr. Thomas Kulzer, Vanessa Bayliss (counsel, all Banking & Finance, alle Frankfurt), Dr. Andreas Spahlinger (partner, Stuttgart), Dr. Christian Halàsz (partner, Frankfurt, both Restructuring), Dr. Stephan Aubel (partner), Alexander Gebhardt (counsel, beide Frankfurt), Dr. Walter Andert (Berlin), Dr. Joscha Meyer (all Corporate, Düsseldorf), Dr. Ocka Stumm (partner, Frankfurt), Dr. Hendrik Marchal (counsel, Hamburg), Dr. Dominik Monz, Dr. Johannes Heck (all Tax, both Frankfurt), Dr. Birgit Colbus (counsel), Dr. Saskia Kirchgeßner (both Competition/Antitrust, all Frankfurt), Dr. Ricarda Zeh (Employment, Stuttgart), Dr. David Quinke (partner), Dr. Stephan Kreifels (both Dispute Resolution, all Düsseldorf), Dr. Johannes Niewerth (partner), Lesley Milde (both Real Estate, both Hamburg).