Ashurst advised infrastructure investor Arcus on a €83.5m new syndicated debt financing in order to refinance the existing liabilities of, and to provide new growth/acquisition debt to, its portfolio company Officium GmbH (Officium). Arcus acquired the leading independent submetering provider, offering long-term rental of submetering equipment and related services for the measurement of heat and water consumption within multi-dwelling properties in Germany, in January 2023.
A club of three infrastructure-experienced banks acted as lenders.
Officium acts as the management company for a Germany-wide network of regional submetering companies, primarily focusing on Berlin, Brandenburg, Lower Saxony, North Rhine-Westphalia (Düsseldorf and Duisburg), Mecklenburg-Western Pomerania, Saxony-Anhalt (Dessau-Roßlau), Saxony (Dresden and Chemnitz), Thuringia, and Bavaria (Lower and Upper Franconia). With a focus on small and medium-sized property management companies and private landlords, Officium manages more than one million measuring devices.
The Ashurst team was co-led by partner Anne Grewlich and counsel Gabrielle Metherall. They were assisted by associate Isabelle Renninger-Dupont and legal manager Angela Sieling (all Global loans, Frankfurt), and Counsel Dr Susanne Knoch and associate Andreas Hofmann (both tax, Frankfurt). Hedging support was provided by partner Daniel Franks and associate Jeff Vinall (both Global markets, London).
Ashurst worked closely with Arcus' financial adviser, global investment bank Houlihan.
Ashurst's German banking and finance practice advises both banks and alternative lenders, private equity investors and companies on domestic and cross-border acquisition, real estate, asset and infrastructure / project finance as well as on financial restructuring and corporate lending.
