Bochum, 20 December 2012. Deutsche Annington Immobilien SE, Bochum (“DAIG”), owned by Terra Firma, announces the successful completion of Europe’s largest real-estate refinancing of 2012. The High Court in London has today approved the Scheme of Arrangement, unanimously supported at a creditors’ meeting attended by over 95% by value of the Noteholders of GRAND. This Scheme of Arrangement is now binding on all Noteholders.
Deutsche Annington announces final stage of implementation of refinancing of the GRAND securitisation
· Final stage of implementation of refinancing to be launched today
· Binding lock-up agreements to vote in favour received from Noteholders representing approximately 90% of the Notes
· Refinancing remains on schedule for closing in 2012
• Final terms for refinancing of GRAND agreed with ad-hoc group of Noteholders
• Binding lock-up agreements to vote in favour received from Noteholders representing approximately 44% of the Notes
• Process commenced to seek binding lock-up agreements from remaining Noteholders
• Refinancing on schedule for implementation in 2012
Bochum, 24 September 2012. Deutsche Annington announces that WijnandDonkers (49) resigned down as Chief Executive after six years.
Bochum, 10 July 2012. Deutsche Annington Immobilien SE, Bochum (“DAIG”) has agreed heads of terms on a non-binding basis with an ad-hoc group of Noteholders of the GRAND securitisation regarding the proposed refinancing of the GRAND Notes via a scheme of arrangement. The ad-hoc group of Noteholders, advised by Rothschild and Freshfields Bruckhaus Deringer LLP, comprises BayernLB, ING Investment Management, JP Morgan, Landesbank Baden-Württemberg, PIMCO and Standard Life Investments, who represent approximately 32% across the GRAND Notes. The Notes held by the ad-hoc group, when aggregated with the Notes held by DAIG’s shareholders, represent approximately 37% of the Notes.
· Adjusted EBITDA increases to € 510 million
· Vacancy rate falls to 4.3%
· More than 1,000 new jobs to be created by 2013
· Investments will be increased to € 18 per square metre
· Focus even more on customer satisfaction in future