Lauren Parr
Laxfield Capital’s GIC-backed lending programme has made its first loan since the strategy was launched nearly 18 months ago. The £90m facility for student housing provider Urbanest is for a term of five years. It reflects a 70% LTV across the two London assets it is secured by: Urbanest’s 221-bed Hoxton scheme near Old Street […]
Carlyle has mandated CBRE to help it source whole loan financing of around €100m for the recapitalisation of three European retail assets including one in Portugal. The private equity group’s Freeport Outlet Alcochete retail centre near Lisbon was inherited through Carlyle’s acquisition of outlet mall developer Freeport in 2007. It was extended to 42,934 sq m […]
Hammerson has issued a €500m fixed-rate public bond with the lowest ever coupon by a UK property company, at 2%. Priced at 90 basis points over the mid swap rate, the eight-year bond was more than five times oversubscribed. Hammersmith’s chief financial officer, Timon Drakesmith, said: “Market conditions for new debt offerings are favourable at […]
Loan advisory firm Situs has set up a new joint venture with Swedish-owned debt collection group Lindorff to capitalise on growing non-performing loan activity in Spain. Lindorff has offices throughout Europe, including 750 staff across Spain. The new platform, Situs Lindorff, will be overseen by Lindorff’s country head for Spain, David Perez (pictured), alongside a new hire […]
DekaBank has provided £100m of refinancing for 90 Long Acre, an office building in Covent Garden, London. US private equity firm Northwood Investors paid circa £165m for the 194,000 sq ft building with existing debt of £121.5m in place last May. The loan associated with the asset was part of a wider securitisation – Lehman […]
Bayside Capital has emerged as the mezzanine provider behind the refinancing of one of Spain’s largest shopping and leisure centres. The opportunistic investor issued a mezz loan of around €20m for the refinancing of Madrid’s Islazul shopping centre. Bayside’s position sits between 50% and 70% LTV in the overall capital stack. Owners Ivanhoe Cambridge […]
Fitch today assigned provisional ratings to Deutsche Bank’s Italian €355m DECO-2014 Gondola CMBS, the first new deal this year, secured on three loans to Blackstone. There is a €185.5 Class A tranche; a €65m Class B tranche; €30.5m Class C; €52m Class D; and €22m Class E, all with final legal maturity in February 2026. […]
Bank of America Merrill Lynch has launched the second new European CMBS this year following Deutsche Bank’s Italian €355m DECO-2014 Gondola transaction two weeks ago. BAML is securitising a senior loan it recently made for Apollo Global Management’s purchase of the Project Moon portfolio comprising 135 secondary properties spread across the UK. The deal is notable […]
Hines has acquired two mixed use assets in German city centres, financed with separate debt from LBBW and ING, on behalf of an investor client. Kö-Quartier in Düsseldorf and Kronprinzbau in Stuttgart were the first purchases for a new Luxembourg fund set up by Hines for its investor. The assets will be managed by its […]
Bank of America Merrill Lynch has syndicated around a third of the €130m mezzanine debt secured against the Coeur Défense tower in Paris to Austrian bank BAWAG. BAML underwrote a €935m whole loan in February for Lone Star’s €1.3bn purchase of the iconic building. The five-year refinancing was structured as a 60% LTV senior loan and a mezzanine […]