Houlihan Lokey is pleased to announce the successful restructuring of ACCENTRO Real Estate AG (Accentro), which closed on November 13, 2025, and was implemented through German StaRUG proceedings. The transaction involved a super senior new money injection of €77 million and a debt-to-equity swap, through which existing creditors assumed ownership of the company.

Accentro is the leading housing privatization company in Germany and a residential real estate investor that also develops and operates its own real estate portfolio.

The weak performance of the German real estate market has negatively affected the company’s performance since 2022. Houlihan Lokey was retained by an ad hoc group of holders of the €225 million 2026 and €100 million 2029 senior secured notes (the “noteholders”) to support them in negotiating and facilitating the transaction.

Efforts to divest assets were not successful, necessitating the injection of multiple bridge loans with an aggregate value of €47 million by the noteholders in 2024 and 2025. Accentro subsequently restructured its capital structure through a StaRUG process, in which the noteholders took control of the entity. The company issued €77 million of new money (NSSNs) to refinance the bridge notes, provide liquidity, and cover transaction costs. The existing 2026 and 2029 bonds were restructured into senior secured and subordinated tranches with maturities in 2029 and 2034, respectively. The restructuring plan also provides for mandatory redemptions of the new and outstanding bonds from property sales.

Subscribers of the NSSNs receive 86.6% of the post-restructuring equity, while pre-transaction-shareholder ADLER retains a 10.1% minority stake.

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