REC staff
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
INREV reshuffles board INREV has made three board appointments to beef up its response to regulatory and global standardisation pressures. They are: Christian Delaire, CEO of AEW Europe; Matthew Ryall, head of indirect investment at Allianz Real Estate; and Neil Harris, head of European asset management at GIC Real Estate. Stepping down are Chris Morrish […]
The €222m of proceeds from the German multi-family housing GSW loan in Goldman Sachs’ Fleet Street 3 CMBS has become the centre of a court battle among note holders. The most senior class A1 note holders want a fully sequential pay down, which would mean they receive all the money. But note holders lower down […]