REC staff

CMBS investors and advisers have closely watched the conduct of the Uni-Invest restructuring and its outcome. Peter Hansell, head of property at Cairn Capital, said: “We were very pleased with the very high level of engagement of the noteholders across the entire capital structure.” As expected, the class B, C and D noteholders all voted […]

Class B, C, and D noteholders are wiped out as class As swing vote for Patron/TPG proposal

A stream of US investment advisers want to set up or expand in London in anticipation of more distressed European real estate opportunities. They include Boston-based hedge fund Baupost, which submitted a bid for the Excalibur loans acquired by Lone Star and has a joint venture with Helical Bar. Others targeting expansion include Centerbridge Partners, […]

Senior Santander real estate finance director joins biggest landesban

Royal Bank of Scotland is expected to announce that it has appointed Jones Lang LaSalle to advise on its Ulster Bank non-performing property loan portfolio. RBS had invited JLL to pitch for the instruction along with CBRE, DTZ and Savills. The Irish book is one of the bank’s most pressing problems. In February, RBS said […]

Laxfield Capital is set to be appointed originating partner to US giant Mass Mutual, the latest big insurer to enter Europe’s property lending markets

Capital raising has been quiet in the first few months of 2012. There is no single strong theme as there was in 2011, when a relatively high amount of equity was raised for mezzanine debt. The capital that has been raised so far this year is very focused and not much is for core strategies. […]

Two bodies have published documents aimed at helping real estate lenders. The Loan Market Association’s real estate finance agreement was published on 16 April, while the Commercial Real Estate Finance Council Europe published a tax guide for lenders and a lending principles paper. The LMA represents lenders in the syndicated loan market and its 200-page […]

It has long been recognised that housing is both an item of consumption and an asset. The difference may appear to be only of interest to an economist but it is critical in understanding why different European housing markets perform differently. Occupiers who regard their dwelling as items of consumption will only pay as much […]

Secondary retail has become the toxic sector for respondents to the latest Colliers/Real Estate Capital Pricing Survey. They reported yield rises for most secondary retail sub-sectors and expect rents and capital growth to fall more than previously expected this year and next. Meanwhile, there has been a positive shift in the relative value of industrial […]