25th January, 2017
Park Partners the independent corporate finance firm, has advised Berenberg, the German private and investment bank, on the acquisition of a c. $300m portfolio of performing shipping loans from RBS.
RBS has announced that it is ceasing its ship lending activities and selling the portfolio, worth around $300m in value, is an important step in reducing its exposure to the sector. The loans are predominantly made to leading players in the Greek shipping market.
Berenberg has a strong presence in international shipping, providing corporate banking, advisory and financing services to its clients. It has acquired the portfolio in partnership with a major German financial institution to expand its presence in an attractive sector.
Commenting on the transaction, Philipp Wuenschmann, Head of Shipping at Berenberg, said:
“This transaction reaffirms our commitment to providing leading shipping companies with the full range of banking services. Park Partners was instrumental in sourcing this opportunity for Berenberg and provided us with excellent support during the entire process. We are grateful to Park Partners for the outstanding advice provided throughout the transaction.”
“This is an excellent deal for both parties and Berenberg will be the ideal partner for its new shipping clients. The transaction shows that, despite the difficulties in the shipping market, there are new and existing lenders who continue to look for growth opportunities in the sector.” said Jon Howells, Managing Director at Park Partners, “We are pleased to have worked with Berenberg on this transaction and to have added another landmark transaction to our successful track record in the Shipping and the Maritime Services sectors.”
Jon Howells, Ed Matthews, and Peter Ahlas advised Berenberg on the transaction.
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