REC staff
While other investors target rented housing, UK institutions remain wary, writes Alex Catalano
The many debt funds on the launch pad may need large resources to take off, writes Jane Roberts
Goldman Sachs and Morgan Stanley look set to stick with real estate investment despite past losses and regulatory pressures. But, asks Lucy Scott, will investors still back the big-bank model? It is three years since the first signs emerged that all was not well for investment bank- backed private real estate businesses. Losses started multiplying […]
The confidence barometer has risen – a bit, and depending on whom you talked to at MIPIM this year. In previous years, you could tell who was in or out of the market by whether they were down in Cannes, but these days it’s more complicated than that. There were lots of no-shows, but for […]
German landesbank HSH Nordbank, which has withdrawn from international lending, has sold the majority of its debt in a joint venture managed by student housing provider UNITE Group. UNITE chief financial officer Joe Lister said HSH had sold on £225m of the original £300m loan in UNITE Capital Cities, which is 70% owned by Singaporean […]
German banks Bayern LB and DekaBank are providing debt finance for US pension fund TIAA-CREF’s €400m acquisition of Munich’s Perlach Einkaufs Passagen (PEP) shopping centre. The pension fund bought the 650,000 sq ft, 30-year-old scheme in south-east Munich in December from RREEF, which sold the asset for its Grundbesitz Europa open-ended fund. Grundbesitz Europa has […]
High Income Fund’s refinancing took more than six months to arrange
Austrian bank BAWAG has built up a property loan book worth around €900m since its launch 18 months ago. Jürgen Fenk, MD and head of international commercial real estate, said the bank was targeting deals ranging from €25m-€70m bilateral loans and participation in clubs, to lending up to 75% loan-to-value levels for the right deal. Fenk […]
Nick Preston, a CBRE Global Investors senior UK director, will join Grosvenor Fund Management next month as director of portfolio management. Preston will be responsible for the performance of GFM’s six UK funds and mandates, reporting to UK MD Mervyn Howard. Grosvenor is winding up its Festival Place Fund and selling its sole asset, Basingstoke’s […]
Schroders Real Income Fund is targeting an 8.5% gross yield for investors from a joint venture with Local Shopping REIT. Schroders’ multi-manager clients, including those in the Real Income fund of funds, have invested £55m in Local Retail Fund. LSR has put £5m into the ungeared joint venture. Schroders’ head of property William Hill said […]