Paul Yandall
Barclays, M&G Investments and Royal Bank of Scotland have lent £300m to Brockton Capital’s and Dunedin’s £400m joint venture logistics platform.
The trio of banks’ five-year loan reflects a loan to value of about 75%.
The second senior real estate resignation in two weeks has struck Islamic property funder Gatehouse Bank.
Scott Nicol, vice-president for real estate has left the bank and is reported to be setting up his own investment firm.
Redefine International is seeking up to £130m of debt to refinance its current facilities.
The UK REIT is looking to take advantage of record low interest rates, particularly in Germany, to refinance its European and UK portfolios.
Royal Bank of Scotland’s ‘bad bank’ has disposed of £4bn of loans, about half of them on non-performing commercial real estate assets.
RBS Capital Resolution (RCR) said it had reduced its assets by 25% to £11.1bn in the first quarter of the year and it would dispose of around half the remaining total by the end of 2015 – a year earlier than planned.
Royal Bank of Scotland has delayed its £170m five-year Antares 2015-1 CMBS because of poor market response.
The CMBS is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
The court case seeking clarification about apportioning recoveries from the heavily defaulted £850m Gemini CMBS appears finely balanced, according to court observers.
After a day-and-a-half of argument in front Mr Justice Henderson at the London High Court last week, no party left proceedings confident of victory.
TIAA-CREF’s takeover of TH Real Estate could lead to more firepower and better control of its lending business, says the firm's head of real estate debt Christian Janssen.
TIAA-CREF increased its stake in the firm from 60% to 100% yesterday after paying £80m for Henderson Global Investors’ 40% interest in the business. TIAA-CREF and Henderson started the joint venture last year.
Summit Germany has refinanced a portfolio of nine buildings with a €33m seven-year loan at 1.96% from pbb Deutsch Pfandbriefbank.
The new facility follows a €268m seven-year loan from HSH Nordbank and DG Hyp with a 3.14% interest rate in January, taking its total refinancing this year to £301m.
Strategic Value Partners has appointed Ian Guthrie, the managing director of Lloyds’ Real Estate, to its Advisory Council.
The investment firm, which specialises in distressed debt, said Guthrie would join the company’s three other advisory council members in Europe; Sir David Cooksey, Professor Dr. Bernd Farholz and José Barreiro.
Private equity firm Partners Group has added a €34m mezzanine loan to pbb Deutsche Pfandbriefbank’s €91m senior facility to refinance Alpha Real Capital’s German portfolio.
The five-year loan on the Alpha German Property Income Trust refinances an existing facility. The senior component of the new facility is floating and the mezzanine is fixed. The interest rates were undisclosed.