REC staff
Several factors helped to pull off the first restructuring of a large, European CMBS loan this cycle: strong borrowers with a good asset management plan; some subordinated debt holders prepared to risk good money after bad; and others prepared to negotiate to cut their losses. Besides all this pragmatism, the servicer to Germany’s Opera 2 […]
Luckily for fund managers, unlike their banking cousins, their bonuses are not in the public spotlight. But that could change, if the EU’s Alternative Investment Fund Managers directive – so loathed by hedge funds and private equity GPs – survives in its current, second-draft form. The draft proposes that high-earning fund management staff must defer […]
News that Sir Robert Finch will succeed Sir David Clementi as chairman of The Property Industry Alliance (PIA) is welcome for several reasons. Finch is better known in the industry and knows the industry well. His arrival is also an opportunity to review the PIA’s future role and practices with a measure of detachment. With […]
Angela Sheahan has left IPD, where she was head of indices. Sheahan has taken a temporary post with Morgan Stanley’s real estate equities research team, headed by analyst Bart Gysens, where she will cover property derivatives. IPD co-founder Ian Cullen said the company had set up the IPD Index Management Group, comprising staff responsible for […]
Private equity real estate fund MGPA has bought two prime Polish shopping centres, plus an option on a third centre, from developer Mayland Real Estate and Goldman Sachs’ Whitehall Fund. The 70,000 sq. m shopping centre and 36,000 sq. m Pogoria mall, both in Silesia near the German and Czech borders, were acquired for a […]
ING’s listed UK Real Estate Income Trust has taken further steps to cut its debt by buying back some of its AAA-rated debt on the secondary CMBS market, at a 5% discount, from two vendors. The deal and cancellation of the notes for £14.25m cuts the outstanding loan balance to £175m and was made using […]
UK funds delivered a 10.4% return in a single quarter in the final three months of 2009, reflecting the ‘dramatic’ and rapid reversal in the underlying property market. The funds’ double-digit return was the first ever in the 20-year history of the IPD UK Pooled Property Fund Indices (UKPPFI). Every one of the 25 balanced […]
AIM-listed London & Stamford must invest another £200m of the £260m cash on its balance sheet to execute plans to gain a main listing, and convert to a REIT, ideally by this summer. Last week it paid Clerical Medical £33m in cash for Tamworth distribution centre, let to DIY retailer Focus for 14 years, in […]
Only 15% of European fund managers expected to earn a performance fee in 2009. In INREV’s latest Management Fees and Terms study, carried out in Q4 2009, 219 of the 268 funds in the survey charged performance fees. Of those, 94 had planned to reach their first hurdle rate in 2009, but 85% said they […]
Capital came from 13 existing and 20 new investors at premium to NAV