Home Banking Reed Smith has advised Deutsche Bank on the sale of a $1billion portfolio of shipping loans

Reed Smith has advised Deutsche Bank on the sale of a $1billion portfolio of shipping loans

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Richard Hakes

LONDON, 5 July, 2018 – Reed Smith has advised client Deutsche Bank on the strategic disposal of a portfolio of $1billion of shipping loans spread across a diversified pool of maritime sectors and sponsors.

The multi-disciplinary, cross-border team was led by London-based asset finance partner Richard Hakes, who was assisted by fellow partners Simon Hugo in London, Volker Kammel and Simon Grieser in Frankfurt, and Tilman Siebert and Thomas Gierath in Munich.

Commenting on the transaction, Richard Hakes said, “It was great to work with Deutsche Bank on this strategically important transaction for them, and the competitive process demonstrates a healthy continuing appetite among alternative capital providers to enter the shipping sector. We are very pleased to be in a position to support the bank as it moves from disposals and de-risking to focusing on adding value to its ship finance clients – it is a welcome good news story for the sector.”

The transaction represents another significant landmark in the transformation and growth of the Reed Smith asset finance team, based around a market leading reputation in shipping and a growing reputation in aviation. The team acts for a varied mix of stakeholders including banks, alternative lenders and funds and has a stellar reputation in shipping special situations and large non-performing loan portfolio transactions.

“This was a pivotal transaction for our client Deutsche Bank and we look forward to continuing to partner with the bank on its business imperatives. This has cemented our position as the leading firm for asset-based portfolios and underlines how our asset finance and structured finance teams continue to work on some of the biggest and most complex deals in the market”, added Panos Katsambas, Reed Smith’s London relationship partner for Deutsche Bank.

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