Fieldfisher advices on restructuring of CANYON construction project

The original financing was used for the purchase and project development of the "Canyon" office property project in Frankfurt's banking district. The key to the success of this complex restructuring project was, in particular, the unification of the multitude of different stakeholder interests under one common solution.

The "Canyon’ office property project, planned by the Munich-based project developer CV Real Estate AG in a prime inner-city location in Frankfurt, has found a new main investor in a joint venture between Tite Street Capital and another investor, which has taken over the majority stake and the asset management from the CV Group. As part of the restructuring agreement, the financing and capital structure of the "Canyon" project was reorganised and adapted to the current market situation.

Fieldfisher advised the Verius Fund extensively on the financial restructuring of this project and on the financial and corporate reorganisation of the investment structure. Daniel Kamke, a Partner in the restructuring practice at Fieldfisher, sees the result as "a balanced solution that allows all financing parties to participate in a future increase in the value of the project."

The "Canyon" office property project will offer around 36,000 sqm of rental space spread over 15 floors, including office space on the ground floor, retail and restaurant space. Planning permission has already been granted and the new building will include 105 parking spaces and 445 bicycle spaces, as well as Leed Platinum and Wired Score certifications. The plans were drawn up by KSP Engel Architekten.

Fieldfisher: Daniel Kamke (Partner, Restructuring, Lead), Leif Herzog (Partner, Corporate), Dr Fabian Schumann (Counsel, Restructuring), Carsten Lamberth, Dr Dominic Weber (both Senior Associates, Restructuring), Dr Georg Mertens, Dr Torben Lang (both Associates, Restructuring)