Munich, December 19, 2005 - Shearman & Sterling advised Hypo Real Estate Group on the consolidation of its worldwide international real estate financing business in its Stuttgart subsidiary Württembergische Hypothekenbank on corporate law, tax law, finance law, regulatory law and labor law in Germany, Italy, France and England and in cooperation with local law firms in Ireland, Spain, Sweden, the Netherlands, Luxembourg and Portugal.

The restructuring, which will be implemented as of January 1st, 2006, will reduce the complexity of Hypo Real Estate Group and will separate the domestic business from the international business. Württembergische Hypothekenbank, which will be operating under Hypo Real Estate Bank International in the future, will, with the consolidated international real estate financing portfolio, count among the leading international providers.

The following Shearman & Sterling attorneys advised Hypo Real Estate Group on the transaction: Dr. Gottfried E. Breuninger (leading, partner, Tax, Munich), Dr. Martin Winter (partner, Corporate/M&A, Mannheim), Isabelle Chauvet (partner, Tax, Paris), Jonathan Coppin (partner, Corporate/M&A, London), Iain Scoon (partner, Tax, London), Dr. Astrid Krüger (associate, Corporate/M&A, Munich), Dr. Alexander Veith (associate, Corporate/M&A, Munich), Dr. Norbert Mückl (associate, Tax, Munich), Dr. Franziska Erlen (associate, Corporate/M&A, Munich), Tobia Croff (associate, Corporate/M&A, Rome), Marco Ramondino (associate, Financings/Capital Markets, Rome), Marzio Ciani (associate, Corporate/M&A, Rome), Anne-Sophie Kerfant (associate, Tax, Paris), Frédéric Giancarli (associate, Corporate/M&A, Paris),  Anne-Sophie Maes (associate, Tax, Paris), Sam Withaker (associate, Labor Law, London), Jeremy Cape (associate, Tax, London).

For additional information contact:
Marcus Brans | Düsseldorf | T +49.211.17888.907 | M +49.173.308 8039 |