Deutsche’s headline deals
Equity Office Properties/Macklowe Properties
Deutsche provided $5.1 billion of floating-rate CMBS financing to Macklowe Properties to finance the purchase of seven office properties located in midtown Manhattan. Macklowe purchased four of the assets from Blackstone upon the closing of the Blackstone/EOP merger.
Deutsche created a unique financing arrangement for the $3.35 billion management buyout of Kerzner International by its chairman and CEO and a private equity consortium. Taking into consideration the diversity of the company’s international real estate assets, joint venture ownership interests, income streams from gaming assets, resort management roles and development projects, Deutsche’s financing solution included a mix of future funding CMBS debt, and two independent non-crossed pools of collateral supporting each of the CMBS financing and senior credit facilities was structured.
Fortress Investment Group
Following the refinancing of the original Gagfah acquisition financing in which the commercial real estate group acted as a co-arranger and co-underwriter, Deutsche was mandated by Fortress Investment Group jointly with Goldman Sachs to undertake a €2.6 billion refinancing of the initial €1.628 billion financing. Deutsche acted as sole arranger and co-bookrunner along with Goldman Sachs and exited this refinancing through the issuance of commercial real estate-backed securities in August 2006. At the time of the securitization, Gagfah group was the fourth-largest residential landlord in Germany, with more than 77,000 proprietary apartment units within 989 residential properties.