The European Association for Investors in Non-Listed Real Estate Vehicles, aka INREV, held its second North American conference on the eve of Scotland’s historic vote for independence last week. Inevitably, the impacts the vote would have on the European Union had been heavily debated. But, for at least one speaker in New York, the vote […]
Helaba and Handelsbanken have teamed up provide £325m of refinancing for a UK retail portfolio held by a joint venture between British Land and Tesco. The German and Swedish banks, respectively, have each provided half of a new five-year term loan for Tesco BL Properties, secured against two retail parks, five shopping centres and four […]
Lloyds Banking Group is shaking up its real estate lending operation and has appointed John Feeney to lead an expansion of the bank’s property business. Lloyds told staff this morning that it is to streamline two of the three property divisions at the bank. The change will see Feeney take over responsibility for all real […]
Richard Dakin, the man behind Lloyds Banking Group’s post-crisis property deleveraging drive, is to leave the bank in November. Under his leadership as head of corporate real estate business support unit and non-core Lloyds has recouped £24bn of value from real estate since the start of 2009. The “bad book” has decreased in size from […]
ING has financed Bayside Capital’s €70m purchase of a Dutch portfolio from IVG. Bayside, a credit affiliate of HIG Capital, has bought six office buildings and one shopping centre from IVG’s institutional fund management business. The portfolio totals 52,000 sq m. The five-year loan of around €45m reflects a loan-to-value of 65% with a margin […]
Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF) announced this week the hiring of Ted Norman as the new senior director and head of the organization’s US commercial mortgage investments platform. The national platform with offices in New York, Charlotte, Newport Beach and San Francisco will target fixed rate loans with a minimum loan […]
An anticipated month of double-digit CMBS issuance is renewing concerns over laxer underwriting standards and increasing leverage on deals. “Clearly there’s been an erosion of underwriting and it’s also been exacerbated by the number of originators out there,” said Eric Thompson, a senior managing director with Kroll Bond Rating Agency’s CMBS group. Over the last […]
Principal Real Estate Investors and Macquarie Group have joined forces, launching a lending platform focused on originating and securitizing commercial mortgages through the CMBS market. Principal Real Estate Investors will source, underwrite, close and service the loans, while Macquarie will provide funding and capital markets expertise. A spokesperson for Principal told Real Estate Capital the […]
Margins for German property loans will fall and loan-to-value ratios will rise says the forecast for this year and next in the second annual survey of German commercial real estate lending by the International Real Estate Business School, part of the University of Regensburg. The forecast is in contrast to the position last year. Across […]
Wells Fargo has refinanced Intu’s 50% share in the St David’s Shopping Centre in Cardiff. The deal is part of a continued drive by the retail specialist to drive down its cost of finance and take advantage of the buoyant debt market. The seven-year facility is split between a £122.5m term loan and a £40.7m […]