David Hatcher
The rapid fall in senior debt margins in UK real estate is becoming “painful” according to Lloyds’ global head of commercial real estate, John Feeney. Speaking at Real Estate Capital’s London forum he told delegates: “There’s been sustained pressure on margins across the board and we have reduced them in line with competitors. We need […]
Deutsche Bank and Crédit Agricole have brought back to the market the £750m CMBS, secured against Westfield’s Stratford City regional shopping centre in east London. The initial proposed deal was pulled in August because neither the sponsor or the advising banks were proposing to retain 5% of the notes of the issuance as is usually […]
Creating a uniform European regulatory environment for real estate lending is an uphill battle that will prove difficult to enforce according to industry experts at Real Estate Capital’s London forum. “The European Central Bank has outlined commercial real estate as an area they are concerned about and there are attempts to create a more level […]
This morning at Real Estate Capital’s London Forum at Butcher’s Hall in the City of London, Rupert Clarke, managing partner at Lipton Rogers Developments and former chief executive of Hermes, revealed his golden rules for bankers to avoid the next bust. Clarke was however pessimistic that any warnings would be heeded. “I think most banks […]
Situs has hired a new executive managing director of lending risk and advisory services to broaden the focus of the business into new areas including residential. Tim Keast is joining from Clayton Euro Risk where he was chief executive and president. He will head a new division focused on due diligence and risk advisory for […]
The most senior tranche of Deutsche Bank’s Dutch CMBS has been priced at below 100 basis points. The bank’s €250.04m DECO 2014-TULIP has a senior tranche of €170m that has a coupon of 98 basis points above three month Euribor. The CMBS is made up of two loans made by the German bank: one to […]
Lone Star has bought another €600m of European non-performing real estate debt, winning part of Ulster Bank’s Project Achill sale, Real Estate Capital can reveal. The US private equity firm has bought half of all the Project Achillloans at a discount of around 35%, paying about €390m. The whole €1.2bn Achill portfolio was secured against […]
Apollo Global Management has bought a junior tranche of £200m of debt secured against one of London’s most luxurious apartment buildings, Real Estate Capital can reveal. The private equity investor is close to concluding a purchase of £39m of debt held against Grosvenor House Apartments on Park Lane in the West End from Deutsche Bank. […]
Axa Real Estate Investment Managers has provided a €75m unsecured loan facility to Vastned, the Dutch-listed European retail property specialist. The loan has a term of seven years and a floating interest rate with a “competitive margin”. Axa is the largest pan-European real estate financier among insurers, led by global head of real estate Isabelle […]
Kennedy Wilson has raised more capital for investment by increasing its gearing via a £184m, five-year term loan Royal Bank of Scotland. The loan is secured on assets in the UK Jupiter portfolio which Kennedy Wilson Europe Real Estate bought in June, for £296m. Quoted KWERE raised £1bn through an initial public offering in February last year […]