REC staff

M&G rakes in further €35m as 13 mezzanine funds get set to raise capital

Deutsche Pfandbriefbank has part financed one of France’s first distressed bank sales. It lent almost €88m for Catalyst Capital to buy Front de Parc in northern Paris out of the recently unwound Barclays Juno Eclipse 2007-2 securitisation. The loan includes a refinancing tranche, two capital expenditure tranches and a VAT line. Catalyst also injected equity to […]

LGP funds pull in £575m Legal & General Property took in £575m of net new capital in Q1 2011 – more than a quarter of Legal & General Investment Management’s £2bn net inflows. UK head of balanced funds Mike Barrie said the UK Property Unit Trust had grown from £470m at the start of the […]

The amount of commercial real estate debt in the UK financial system shrunk by 9.4% in 2010,  De Montfort University’s annual survey has found – the first drop in the survey’s 14-year history. The 66 lending teams reported balance-sheet debt secured by UK commercial property fell 9.4% in 2010, to £206.9bn. This may indicate that […]

Derivatives exchange EUREX, which launched futures based on the IPD UK All-Property index two years ago, is planning to add sector trading shortly. Contracts on the UK retail, office and industrial sectors will be introduced first. EUREX director Stuart Heath said: “We have the ability to go into sectors and initiated that process at the […]

PDIG chairman says greater derivatives use may aid banks and market

Five regional real estate teams formed to work alongside large loans unit

Deutsche Bank’s securitisation of Chiswick Park has been officially launched this week. A one-week roadshow will begin on 23 May, with the bank lined up to talk to investors like L&G, M&G, AXA, Aviva and Henderson. The £302.2m floating-rate CMBS, named DECO 2011-E5 and rated by Standard & Poor’s and Canadian rating agent DBRS, features […]

Bank seeks to cut exposure to low-margin social housing debt and is l ikely to take a hit on any disposals, despite renewed interest in sector

Real Estate Capital UK commentary The UK Budget was surprisingly favourable to REITs. The government is to consult on abolishing the conversion charge for entry to the regime; introducing a ‘diverse ownership’ rule for institutional investors, to allow REITs backed by seed investors whose interests would dilute over time; and the disaggregation of stamp duty on residential […]