REC staff
More banks join LandSec club Citigroup, Santander and UBS have joined RBS, Lloyds and HSBC in signing up to Land Securities’ £1.05bn revolving credit facility. LandSec has yet to close the facility and may bring in more banks. The REIT said the debt’s headline margin is 120 basis points over Libor. Pfandbriefbank backs Circle Deutsche […]
Cushman & Wakefield has beefed up its corporate finance division, hiring Federico Montero from KPMG as a partner in the debt advisory team. Montero is the first appointment since Mike Lindsay joined last year as head of Europe, Middle East and Africa corporate finance, also from KPMG, where he had been head of real estate. […]
Rise in distressed deals prompts managers’ return to fund raising trail
Aviva’s global recapitalisation fund of funds has agreed a second deal. John Gellatly, head of Aviva’s European multi manager business, said the investment would be to finance the 50-65% tranche of debt for a partly prelet European development. Aviva Investors Real Estate Capital Partners raised $93.6m at its first closing in December 2010. Its first […]
Santander has restructured its property derivatives trading desk and made Andrew Fenlon’s post of head of property derivatives redundant. Helen Dixon will continue to cover property derivatives at the bank. Property derivative volumes improved in the final quarter of last year. There were £276m of All Property swaps in 79 trades, plus a further 15 […]
Performing loans disposal is up next after ongoing French debt sale
Long track record in core retail puts Henderson Global Investors in pole position to advise biggest Australian fund on European investment debut
Opportunity fund manager raising capital to buy large non-performing real estate loan portfolios with £200m-£250m of equity per deal
Aareal Bank is expecting a “very challenging” 2012, with lacklustre economic growth in Europe and pressure on real estate prices. The bank’s chiefs predicted that they will carry out less real estate business in this year’s “volatile and uncertain environment”, at €4.5bn-€5.5bn, compared with €8bn of property lending last year. Last year, Aareal’s structured property […]
Draft real estate lending guidelines centred on four best practice pillars – transaction structuring; documentation; due diligence; and intercreditor arrangements – have emerged from CREFC’s European lender committee, chaired by BNP Paribas’s Peter Dento. Based on a single advance, secured, investment loan with multiple properties, some of the key recommendations include that senior debt lenders […]