Freshfields advises Macquarie on infrastructure acquisition financing for Therme Group

Global law firm Freshfields has advised Macquarie Capital’s Principal Finance team on the €320m financing for the acquisition of Therme Erding by Therme Group. Located near Munich in Germany, Therme Erding is the largest wellbeing destination worldwide.

With this transaction, globally recognised leader in bespoke and complex real asset financing solutions Principal Finance provided one of the largest asset-backed financings in the industry. The deal was structured by Deutsche Bank.

Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie's balance sheet, provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia. Macquarie Capital is the advisory, capital markets and principal investment arm of the Sydney-based global investment bank Macquarie Group.

Therme Group is a global owner, operator and developer, shaping the future of wellbeing through a new type of social infrastructure called ‘Therme’. Designed to enhance physical, social, and mental health, these spaces and wellbeing destinations help communities reconnect with nature, themselves, and each other. Current locations include Therme Bucharest and Therme Erding, which welcome millions of visitors each year, with developments underway in cities such as Manchester, Toronto, and Frankfurt.

The multi-jurisdictional and multi-disciplinary Freshfields team was led by Partner Andreas Ruthemeyer (Infrastructure Finance, Frankfurt) and Partner Niko Schultz-Süchting (Real Estate, Hamburg) and the core team included Senior Associate Jessica O’Sullivan (Infrastructure Finance, London), Associates Iryna Karpliuk and Valentina Niegisch (both Infrastructure Finance, Frankfurt), Carolin Langlitz and Eike Christian Jani (both Real Estate, Hamburg).

The team also included Partner Florian Klimscha, Principal Associate Mathias Lehner and Associate Georgine K. Berger (all Finance, Vienna). Partner Martin Schiessl and Principal Associate Julia Langner (both Frankfurt) advised on German tax, Partners Jill Gatehouse and David Haworth (both London) on English tax, and Partner Katharina Kubik, Principal Associate Anna Binder-Gutwinski and Associate Markus Mittendorfer (all Vienna) on Austrian tax.