REC staff
Aviva Commercial Finance’s £100m loan to Big Yellow is the first by an insurer to a self storage business. The 15-year loan is at 4.9% fixed, about 200 basis points above the swap rate, and just above the 4.8% cost of the debt it refinances. It is secured on 15 freehold stores valued at £242m, […]
M&G Investments has made one of the largest senior loans seen this year, at a high margin said to be more than 400 basis points. UK insurer Prudential’s fund management arm advanced all £266m of a senior loan to Round Hill Capital for the private equity group’s acquisition of Nido Student Living. Round Hill Capital, […]
Commercial real estate lending business debuts with £121m facility for student housing provider
All noteholder classes in the Europrop transaction (EMC IV) could face losses, given the short amount of time until the notes’ legal final maturity next April. The work-out is further complicated by the fact that the remaining €521.8m loan, Sunrise (seven pre-paid), is syndicated between Europrop and DECO 9, which doesn’t have bond maturity until […]
Only a quarter of loans due to mature in year to date have been repaid Just 14 of the 52 loans that were originally scheduled to mature in the year to date have been repaid so far, Fitch Ratings’ May CMBS roundup showed. Loan extensions increased to 40% from 37% in April, while the number […]
Wells Fargo is selling nine secondary German properties valued at €100m as a result of its enforcement of a €150m senior loan made by Wachovia. The US bank inherited the defaulted loan, which has matured, when it bought Wachovia in 2008. Its subsidiary, Eastdil Secured, is marketing the 19% vacant Project Phoenix portfolio, along with […]
Henderson is guide to Silk Road Henderson has been appointed adviser to a group of investors in Chinese designer outlet centres, in a joint venture called Silk Road Holdings. The investors include the Italian Fingen Group, Gaw Capital Partners of Hong Kong, Sino-US Waitex and a US institution. Fingen’s property development company RDM Asia is the […]
M&G Investments has confirmed that it plans to launch a senior debt fund. M&G, which makes senior loans using capital from affiliates of its Prudential insurer parent, hopes to pool further in-house capital with third-party investors as soon as possible and to raise between £1bn and £2bn. In-house clients are expected to seed the fund […]
Manager to launch senior fund and vehicle targeting higher LTV levels
AEW Europe has teamed up with a fixed-income asset manager which will oversee the AEW Senior European Loans Fund. AEW Europe chief executive officer Christian Delaire said he could not name the partner until the manager gets a licence to operate for the Luxembourg-based fund in France. “Our strategy is pure fixed- income senior lending […]