David Hatcher
The five-year deal reflects a loan-to-value is thought to reflect a loan-to-value of slightly above 50%. The facility includes €10m for future capital expenditures and upgrades.
Omni Capital has provided a £30m debt facility to a healthcare developer owned by Lawrence Tomlinson, the government’s former entrepreneur in residence and fierce critic of Royal Bank of Scotland.
The debt business, owned by Christian Candy’s CPC Group, has issued a four-and-a-half year loan to LNT Care Developments, a specialist developer of care homes chaired and owned by Tomlinson. The loan will be used to expand the company’s development pipeline within the UK.
Real estate is winning out over other asset classes despite the steady increase in pricing over the past two years due to its relatively higher yields, delegates at the Urban Land Institute’s annual conference in Paris heard today.
Speaking as part of a panel dubbed “Follow the money? – Global Real Estate Capital” Jack Chandler, chairman of Blackrock Realty Advisors, said that investors saw the asset class as more palatable than bonds or gilts, some of which were providing a negative return subject to inflation.
Commerzbank’s planned sale of an €800m former Eurohypo German non-performing loan portfolio, in potentially optimal commercial conditions, could fire the starting gun on greater property loan deleveraging by German banks at home.
Daniel Mair, a partner in Ernst & Young’s transaction advisory team in Germany, says the first sizeable German commercial real estate portfolio sale by a German bank is likely to achieve a good price “because there is a lot of investor interest and that will encourage other banks to do the same thing.
Firm's new finance head reveals his expansion plans
Texas-based private equity firm TPG continued its rapid expansion into real estate last month by acquiring 75% of a $2.5bn portfolio of US real estate loans from Deutsche Bank’s Special Situations Group. The deal involves higher-yielding debt on transitional assets, along with an 11-strong DB origination and risk management team.
The firm struck the deal through a new REIT called TPG Real Estate Finance Trust (TRT) and said it had raised $750m from institutional investors to originate new loans. DB retains a 25% interest.
DRC Capital has clinched a €500m mandate to invest in European real estate senior debt, Real Estate Capital can reveal.
HIG Capital has appointed a new co-head of European real estate who will share the role with existing managing director Ahmed Hamdani.
The private equity investor has recruited Riccardo Dallolio to the position.
Bank of America Merill Lynch has priced its €286.4m Taurus 2015-1 IT CMBS, which is secured against Italian assets.
The Blackstone Group is on the cusp of breaking a fundraising record with its latest real estate opportunity vehicle, Blackstone Real Estate Partners (BREP) VIII, Real Estate Capital’s sister magazine PERE can reveal.