REC staff
Adapting to survive in a post-recession era was main theme of IPF/IPD event, writes Jane Roberts At last year’s IPD/IPF Property Investment Conference in Brighton, property fund managers admitted they were taking as big a battering at work as they were from the rain on the seafront. Terrible performance, run-away gearing and liquidity problems were […]
The scale of RBS’s problem loans is mind-boggling: £69bn already in default or at risk were transferred to the Asset Protection Scheme; 56,650 loans; more than £10bn due to mature this year. The 100-page Treasury report is full of numbers just too large for anyone to get their head around – and this is just […]
European funds of funds made almost no investments in 2009 but hope to make more next year, according to an INREV survey. The survey’s 16 fund-of-fund manager respondents, which run 30 funds with target equity of €10bn, made only five equity investments, totalling €75m, by the time of the survey at the end of September. […]
Orion Capital Managers has bought a position in the restructuring of Spanish property company Colonial, in its first deal since closing its third opportunity fund. Funds managed by Orion, and US opportunity fund Colony Capital, have agreed to acquire Goldman Sach’s €1.5bn portion of the €4.2bn syndicated loan in Immobiliaria Colonial at a discount. A […]
Investor starts a restructuring to turn around loss-making fund manager Internos Real Investors last week embarked on a 90-day plan to start turning round loss-making European property fund manager GPT Halverton. In its first deal since Jos Short and Andrew Thornton launched the firm in early 2008, Internos acquired GPT Halverton debt-free for a nominal €2 […]
Five banks club together to refinance shopping village’s CMBS loan Barclays has provided a £66.5m, five-year investment loan for Tritax’s £101m acquisition of part of Brindleyplace in Birmingham. Tritax spent five months putting together the purchasing syndicate and negotiating the deal with the Brindleyplace Limited Partnership. It was also on the other side of the […]
UK investment transactions are expected to total between £22bn and £23bn by the end of 2009, representing a big pick-up in activity in the second half. The Property Archive estimates that there were only £8.7bn of deals in the first half. Julian Stocks, head of England capital markets at JLL, said: “It has been a […]
Investors are missing the benefits derivatives trades can bring at all points of the property cycle
UK stocks took the lion’s share of the £7.8bn of equity raised in Europe Quoted property companies around the globe raised £40bn of equity, and £14bn of debt in the capital markets, in 2009. Data from Macquarie’s property securities analysts shows the extent to which shareholders were prepared to support the sector this year: £34bn […]
The Pre-Budget report on 9 December disappointed REIT finance directors by failing to relax the requirement to pay cash dividends. The British Property Federation had lobbied for scrip dividends (shares) to count towards the minimum 90% income distribution REITs are required to make. Deloitte REIT expert Phil Nicklin said: “It’s disappointing that government hasn’t done […]