Paul Yandall

Investec Structured Property Finance has provided around £85m for a Cain Hoy consortium’s £170m acquisition of the east London site for The Stage. The debt is a four-year facility reflecting a loan-to-value of 50% at around 2.2% interest.

British Land has launched a £350m offer of senior, unsecured convertible bonds to help fund recent London purchases. In a statement to the London Stock Exchange, the UK REIT said the bonds have a maturity date of 9 June 2020 and are expected to carry a coupon of between 0.00% and 0.50%. They will be convertible into ordinary shares of the company.

The UK property finance market was in a “Goldilocks period”, according to Savills’ Financing Property report 2015. Another 46 new lenders have entered the market in the past year, annual lending was up by more than 50%, senior LTVs remained low and debt was easily accessible, according to the report. Another 46 new lenders have entered the market in the past year, annual lending was up by more than 50%, senior LTVs remained low and debt was easily accessible, according to the report.

Helaba has backed Patron Capital’s purchase of an office block in Berlin with an acquisition and speculative redevelopment loan believed to total €60m-€75m. The five-year loan reflects an LTV between 70% and 75% with an interest rate sub-200bps.

Aareal Bank will keep operating out of WestImmo’s Mainz headquarters for at least three years following the completion of its €350m purchase of the company. The German bank said “a significant number of jobs at WestImmo will be kept at least in the medium term, regardless of the extensive integration planned”. WestImmo has about 200 staff in Germany and 15 in London.

JPMorgan is preparing to launch its dual-currency £251m/€131m Mint 2015 CMBS secured by two loans on three Hilton hotels. The 2.7-year multi-tranche offering is secured by an equivalent £450m loan on Blackstone’s three remaining Hilton hotels, located in the UK and the Netherlands, in its Mint portfolio.

Shinsei Bank has bought GE Japan’s ¥65bn ($525m) real estate loan portfolio. The portfolio is comprised of nine loans made on office and residential buildings mainly in Tokyo.

Partners Group will look for up to £150m of speculative development financing for its 80 Fenchurch Street project in the City of London. The Swiss-headquartered investment manager said it would seek debt in the range of 45%-75% of loan-to-value for its £200m speculative scheme.

Pbb Deutsche Pfandbriefbank and Unicredit Bank Austria have provided a €120m five-year facility to Lone Star for a Central and Eastern Europe mixed-use portfolio. The two banks are lending €60m each to the US private equity firm for its purchase of assets from Aviva Investors.