REC staff

Acquisition of local manager doubles German assets managed to €1bn

M&G Investments’ appointment of Alex Jeffrey as head of PRUPIM signals an international push for the UK insurance giant. Jeffrey has an international private equity real estate background at MGPA, while the majority of PRUPIM’s £15bn under management is retail and life fund money invested in the UK in mainly core strategies. M&G chief executive […]

Formulas confirm smaller capital charge for debt than direct proper

The UK’s Financial Services Authority is the first local European regulator to set out its approach to implementing the Alternative Investment Fund Managers Directive (AIFMD). The Association of Real Estate Funds and INREV plan to co-ordinate a response to the 100-page paper on behalf of property fund managers and investors, by the 23 March 2012 […]

Zehner takes on new JLL role                                                                                 Jon Zehner is joining LaSalle Investment Manage-ment next month in a new role as head of global capital markets. He will work with global CEO Jeff Jacobson and be a member of the global management committee. Zehner was previously at AREA Property Partners. Goldsworthy joins US investor                                                                     Former HSBC […]

Tesco has used its covenant and supermarkets to raise another £450m via its fifth CMBS issue in the past three years. The 30-year credit-linked bonds are secured on 11 stores, one of which is in development. The bonds are underpinned by rents from Tesco and supported by Tesco’s corporate guarantee, and were rated A- by […]

Holiday villages back £1bn issue to refinance debt set to mature in 2013.

The bonds in a European CMBS have defaulted for the first time, with more examples likely to follow this year. The €521.8m Opera Finance Uni-Invest deal earned the dubious distinction of being the first bonds to default when the deal reached legal final maturity on 15 February without repaying. The class A noteholders declared a […]

Citigroup has arranged the first offshore loan for Malaysia’s Employee Provident Fund (EPF). The £300m recourse facility is secured on three UK properties worth £490m that the pension fund has bought since starting to  invest in Europe in 2010. They are: 65 Fleet Street, EC4 let to Freshfield; 40 Portman Square, W1; and the Sheldon […]

LNR Partners and Capita plan to expand beyond servicing and asset management in Europe, to work with banks and debt investors. LNR, which owns loan servicer Hatfield Philips, has won its first mandate of this nature in Europe, to jointly advise Hatfield Philips on the Four Seasons care home CMBS restructuring, with Brookland Partners. Last September […]