Germany’s Bundesbank may sell the bonds it owns in the debt tied to Paris’s Coeur Défense office complex. According to one debt adviser, the Bundesbank owns “a large chunk” of the bonds in Lehman Brothers’ €1.6bn Windermere XII CMBS, through which the asset was funded – a portion of those in every tranche of the capital stack.
Perella Weinberg could be a potential buyer as it also owns a vertical slice of the bonds, worth about €275m, which it bought from Goldman Sachs at a substantial discount. The private equity firm is known to have sought to take control of the deal by potentially buying additional positions. However, its strategy was delayed by a court ruling that allowed the borrowers to remain under creditor protection while the debt is restructured.