REC staff
A Lloyds Banking Group pension fund is one of the three cornerstone investors in the Pan-European Urban Retail Fund (PURetail), launched last month by Lloyds subsidiary Scottish Widows Investment Partnerships with €100m. Robert Matthews, head of international property at SWIP, said the other two investors in the retail vehicle are a multi manager and a […]
Europe faces the biggest property debt funding gap globally, at $118bn over the next three years, according to DTZ. It also lacks the most available equity, proportionate to the shortfall. The UK is up against the biggest challenge, with a gap of $42bn; followed by Spain at $28bn; and Ireland at $12bn. On the other hand, banks […]
Bank provides finance to help buyer take office development off its hands Benson Elliot has forward purchased a prime Barcelona office investment with stapled finance from Banco Sabadell. Antic Cami de Valencia is a 20,000m2, three-building complex with a projected €80m end value and will be developed by Banco Sabadell’s real estate arm, Solvia. Benson Elliot […]
Topland has refined its strategy for investing in mezzanine debt by teaming up with Dragonfly Property Finance and house builder Westcity to lend on prime central London housing. The move follows Topland’s plan last year to invest up to £200m in a mezzanine fund and reflects the fact that the greatest appetite for mezzanine debt […]
Valente takes JP Morgan role Joe Valente has left Allianz Real Estate to join JP Morgan Asset Management as head of research and strategy for the European real estate team. He will report to Peter Reilly, head of European real estate. Valente moved from his post as global head of research at DTZ to join […]
HSBC is the third lead underwriting bank for Westfield at the Australian company’s Stratford City regional mall in east London, alongside Credit Agricole CIB and Eurohypo. It is thought that HSBC and one of the other two banks already have the go-ahead to underwrite up to £175m each for Westfield. The banks are expected to […]
MSREF VI is finally handing back the keys on a German office portfolio worth around €900m. The Morgan Stanley fund has agreed to sell its equity stake to a special-purpose vehicle set up to buy the properties, which form the security of the €940m Mozart loan, the largest part of the Talisman-7 CMBS. The deal […]
Cushman & Wakefield Investors has withdrawn from advising segregated indirect property mandates. CWI is the second fund manager to close down its segregated multi-manager recent decision to quit this market. Both had relatively small businesses: CWI had five mandates, with total assets under management of around £90m; Henderson had nine, totalling £195.5m. A mandate to […]
Most investors in CMBS will be repaid from Aviva Tower sale proceeds
Investors in the debt backing five City offices will get their money back following the £190m sale of Leadenhall Triangle, EC3. The buildings went into administration with Pricewater-houseCoopers in November 2010 after the two borrowers failed to repay £173m of debt secured against them last April. They were two private investor groups, one from the […]