June 22, 2022

Milbank Advises ELF European Lending Fund on Financing for SMG SPAC Investment


Milbank LLP has advised ELF European Lending Fund I S.C.Sp.SP SICAV-RAIF ("ELF"), a fund managed by European investment manager ELF Capital Advisory GmbH, on the financing for SMG SPAC Investment S.à.r.l.'s ("SMG Investment") acquisition of shares in SMG European Recovery SPAC SE ("SMG"). SMG Investment subscribed for shares and warrants in the form of units issued by SMG in a private placement transaction.

As of June 1, 2022, SMG has been listed on the Regulated Market of the Frankfurt Stock Exchange. SMG is a Special Purpose Acquisition Company (SPAC) aiming to invest within 15 months in a company in the real estate sector with a focus on the hospitality, leisure or travel industry sub-sectors in an EEA member state or another specified country. The shares had an initial listing and issue price of €10.00.

The Milbank team that advised ELF on the transaction was led by Finance partner Mathias Eisen (Frankfurt) and included special counsel Jennifer Seipelt (Munich) as well as associate Lara Milione (Frankfurt).