Guy Hands’ private equity firm Terra Firma is making slow progress on refinancing a complex €5.1bn (£4.4bn) securitised loan in its German property group Deutsche Annington, as details of the bondholders’ voting rights emerge, City A.M. learned yesterday. Terra Firma has started the process of refinancing the debt despite it maturing only in 18 months. The loan documentation requires an unusual level of approval, up to 100 per cent, rather than the 75 per cent more often accepted, which is slowing down the process. Terra Firma is talking to bondholders and has hired Blackstone to advise it. It has owned Deutsche Annington for 11 years.