REC staff
Legal & General Investment Management expects to finalise a strategy by early summer for lending to the property sector. The proposal is being drawn up by the fixed income division rather than the property group of the top-four UK insurance company. The strategy is being led by fixed-income product director Ashley Goldblatt, who has been […]
Finance boutique helps property company land non-bank-market debt
Global fund raising for property funds has stalled to its slowest rate for eight years according to Preqin’s latest quarterly data. The firm’s Q1 2011 figures found that 17 funds raised $5.8bn at final closings, down from $6.5bn in Q4 2010 and far lower than the typical $30bn quarterly figures for 2006-08. Preqin logged four […]
Legal & General Property’s UK Property Income Fund has taken in a further £100m from investors in France, Finland, Switzerland and Japan. The new money takes the fund’s net asset value to more than £250m and its gross asset value to £400m. The fund, managed by Charlie Walker, buys large assets: it recently bought Fremlin […]
LaSalle junior debt fund lands £150m and AXA fund an additional €180m
Scottish Widows Investment Partnership and Cushman & Wakefield Investors have raised €100m for their pan-European urban retail fund. Three European institutional investors have invested in the PURetail Fund, which will gear up to invest €200m. The fund will buy UK, French, German and Swedish city-centre shops in lot sizes up to €40m and seek 10-12% […]
Citigroup’s EMC and Eurohypo’s Opera CMBS loan conduits are the best performing in Europe, while ABN Amro’s Talisman, followed by Lehman Brothers’ Windermere, are the worst, according to Fitch Ratings. Fitch said EMC and Opera had the highest proportion of fully performing loans, both at 82%. EMC also had the highest level of repayments (62.6%), […]
MEPC has continued to make in-roads into its £470m of securitised debt that was arranged by Eurohypo and matures in July 2012. The property company, which is owned by the BT and Royal Mail pension funds, this week prepaid £74.5m of the loan securitised via the Opera Finance (MEPC) CMBS. This follows a £102.5m first- […]
HIP buys units in Standard Life and Unite funds on secondary market Henderson Global Investors’ European fund of funds has made its first UK investments. The open-ended Henderson Indirect Property Fund (HIP) bought around €27m of units in Standard Life’s UK Shopping Centre Trust and the Unite UK Student Accommodation Fund on the secondary market. […]
Committee of market participants will explore ways to restructure CMBS