HSH Nordbank, NIBC, and Nord LB Underwrite Portfolio Transaction of Speymill Group, London

Financing Volume of Euro 377 Million

Hamburg/Kiel/Hanover/The Hague, August 6, 2008 - A banking syndicate comprising HSH Nordbank, the Dutch NIBC Bank, and Nord LB have decided to underwrite the financing of a real estate portfolio of the London-based Speymill Group. The financing volume equals 377 million Euros.

The credit line made available to Speymill Group serves the purpose of successively setting up a real estate portfolio that is spread throughout Germany. The portfolio, consisting to 90 % of residential property, shows a 10 % vacancy rate and is to 70 % located in the formerly West German states.

“Speymill Group already has a sizable commitment on the German market, and pursues a strategy devised for long-term ownership. The portfolio is spread across a variety of locations in order to achieve a wide diversification of the investment risks,” says Peter Axmann, Global Head of Real Estate at HSH Nordbank AG. “The club deal shows that large volume financing transactions can be successfully completed even in times of difficult conditions on the financial markets”, explains Sabine Barthauer, Head of International Real Estate Finance at NORD/LB.

"We are very pleased that all three banks involved have adjusted to the sudden changes in market conditions so promptly and adequately in order to successfully close the transaction". Kai Overeem, Client Coverage Corporate Finance Real Estate NIBC Bank.

HSH Nordbank AG is a strong regional bank in Northern Europe with total assets of € 204 billion. Some 4,800 of the bank’s employees provide corporate and high net-worth clients around the globe with premium bank products and services. In its core region of Hamburg and Schleswig-Holstein, it is the market leader in the corporate customer segment. HSH Nordbank is an acknowledged partner of the capital markets and international sector specialist. Its main focus is on transportation and real estate. In fact, HSH Nordbank is the world’s largest provider of ship finance and covers the entire value chain in the transportation segment. In the area of real estate, HSH Nordbank is one of the strongest banks in Germany, acting as a provider of services relating to all aspects of real estate.

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