REC staff
Third European fund rounds off investments by backing new offices venture, writes Jane Robert
ECB rescue has only postponed deleveraging, delegates at CREFC event say. Jane Roberts reports
REITs are a tale of two continents. In the US, they are a 134-strong, $200bn public equity market business, plus a $70bn private one. In Europe, it’s been a struggle for REITs to establish themselves. The US REIT sector is a 50-year veteran of several boom-and-bust cycles, but Europe’s fledgling one was delivered five years […]
CBRE’s unlisted fund trading platform notched up €270m of deals in Q1 PropertyMatch, CBRE’s trading platform for secondary units in unlisted funds, has made more than €1bn of trades. The milestone was reached after an exceptionally big volume was traded in the first quarter of this year, including two much larger-than-average-size trades of around £50m […]
Secondaries specialist Madison International Realty has bought a 57% stake in Frankfurt office tower Trianon from Morgan Stanley’s German open-ended P2 value fund, which is liquidating. P2 paid 620m euros for the stake at the top of the market. The remainder is owned by Morgan Stanley’s Eurozone Office fund. The US private equity fund did […]
Valad Europe this month extended a facility to refinance its €1.1bn joint venture with Lloyds Banking Group. The refinancing extends the three-year facility put in place in July 2009 to December 2016. Under the original restructuring, Valad wrote down the equity on assets secured against loans originally made by Bank of Scotland, after multiple loan-to- […]
US private equity firm lines up second deal for former Lehman’s loans Lone Star is on track to complete the acquisition of a second tranche of loans from Germany’s Bundesbank by the end of this month. The US private equity fund is buying €960m of notes from Excalibur, the former Lehman Brothers collateralised debt obligation, […]
Goldman Sachs is attempting to syndicate a £210m whole loan it made to Blackstone for the acquisition of Devonshire Square in the City of London. The US bank lent all the debt for Blackstone’s £325m-£330m purchase of the 13-building estate in E1. The blended margin on the five-year term finance is thought to be around […]
AIM-listed commercial fund manager First Property Group has started talks with investors about launching a new fund. In a year-end trading statement, the company, which manages £366m of assets, said its UK fund had invested £96m of its £106m capital. The new fund will be called Fprop Sterling Income Fund. The group also runs the […]
Orchard Street Investment Management and GIC Real Estate are launching a second fund to buy assets to improve through active management. Special Situations Fund II will take on debt with up to 65% loan-to-value levels and have firepower of at least £200m. The first fund, set up in 2008, bought £130m-worth of property and runs […]