Paul Yandall
Wells Fargo has provided a £200m loan to fund manager WELPUT to refinance its existing £132m facility.
The new facility comprises a £100m term loan, which has already been drawn down, and a £100m revolving credit facility. Both parts of have a maturity of five years and options for one year extensions at WELPUT’s discretion.
RBS has issued initial pricing guidance for its £170m five-year Antares 2015-1 CMBS, the securiatisation of a loan to refinance Kennedy Wilson’s Jupiter portfolio of 18 UK office, retail and leisure assets.
The CMBS has two classes of floating-rate notes: a £130.6m, class A note and a £39.4m class B. The Class A notes, A-rated by both DBRS and Fitch, sit at a loan to value of 44.3% and is forecast to price at 185 above Libor. The Class B notes, rated BBB-, sit at a loan-to-value of 57.6% and are forecast to price at 300bps above Libor.
Hermes Investment Management has appointed Ben Patton from Barclays to its real estate debt team. Patton is currently vice president at Barclays real estate corporate banking team.
He will be responsible for the origination and execution of commercial real estate debt transactions and will report to Vincent Nobel, head of Hermes real estate debt. Nobel joined Hermes from M&G Investments last November.
German bank HSH Nordbank is providing a €130m five-year loan for Tristan Capital Partners’ and Dublin-based Signature Capital’s joint purchase of the Karstadt department store in Munich.
US investment bank Goldman Sachs has won the race to provide Blackstone’s Logicor UK’s portfolio with a £680m five-year refinancing facility at a margin of just over 200bps.
The deal reflects a loan to value of around 70% on Logicor UK’s £970m, 11.7m sq ft portfolio.
TH Real Estate has secured a new £400m facility for its £1.1bn UK Retail Warehouse Fund. Wells Fargo led the facility which also includes Aareal Bank and Helaba. The new loan replaces the current financing due to mature at the end of 2015. The seven-year facility consists of a £250m term loan and a £150m revolving […]
Lloyds and Barclays have provided a £147m three-year development facility to Ronson Capital Partners for its Chiltern Street residential development in London. Each bank supplied half the loan.
Lloyds has also made a £89m three-year development loan to London Square and ARES Management LLC’s joint residential restorations of the Star and Garter building in Richmond and Ancaster House in Mayfair.
Bank of America Merrill Lynch has priced its €445m Taurus 2015-2 CMBS at a blended coupon of 198.25 bps.
The issue was well-received by investors; the €153m Class A notes, which offer 90bps over Euribor, were 2.2 times subscribed.
ICG-Longbow’s senior UK debt fund has reported profits after tax of £7.6m for the year ended 31 January 2015, up from £1.4m the previous year.
ICG-Longbow Senior Secured UK Property Debt Investments has invested in 11 loans totalling £104m. Last year it loaned £8m on Ramada Gateshead and £10m on Lanos (York Hotel), completing its initial investment programme.
Hammerson has signed a £415m unsecured revolving credit facility at an initial margin of 80bps with a syndicate of nine banks.
It refinances the existing £505m facility which carried an initial margin of 150bps and would have matured in April 2016.