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Nationwide is preparing to sell a portfolio of £1bn of loans held against UK real estate. The building society is understood to have appointed Deloitte to carry out the process. Held against predominantly secondary assets issued to around 40 different borrowers, significant elements of the portfolio are thought to be performing or sub-performing rather than […]
Eliza Bailey, formerly head of private real estate debt at Partners Group, has a new job
Kennedy Wilson Europe Real Estate is close to raising £350m through a new share issue. It has or is in the process of issuing nearly 35 million shares representing around 35% of the company’s share capital. This will give the company, which launched a £1bn initial public offering in February, new firepower to invest into […]
LaSalle Investment Management’s £440m UK LaSalle Residential Finance (LRF) fund has expanded its mandate into hotels and completed its first deal in the sector, Real Estate Capital can reveal. The broader remit will allow it greater flexibility to compete for deals in the slowly reawakening UK development finance market. The fund previously focused on only […]
Trez Capital, one of Canada’s largest non-bank commercial mortgage lenders, is seeking a commercial real estate veteran to replace president and CEO Morley Greene, Real Estate Capital has learned. Greene, 74, who founded Trez Capital 17 years ago, said his retirement will imminently follow the selection of his successor. “I’m not a young man and we need […]
A group of banks led by JPMorgan and HSBC has provided RXR Realty with a $185m construction loan for the repositioning of 75 Rockefeller Plaza in Midtown Manhattan, Real Estate Capital has learned. JPMorgan served as the lead agent on the deal, while HSBC was co-agent and Sumitomo Corporation and SunTrust Banks provided the balance. […]
The rapid fall in senior debt margins in UK real estate is becoming “painful” according to Lloyds’ global head of commercial real estate, John Feeney. Speaking at Real Estate Capital’s London forum he told delegates: “There’s been sustained pressure on margins across the board and we have reduced them in line with competitors. We need […]
Deutsche Bank and Crédit Agricole have brought back to the market the £750m CMBS, secured against Westfield’s Stratford City regional shopping centre in east London. The initial proposed deal was pulled in August because neither the sponsor or the advising banks were proposing to retain 5% of the notes of the issuance as is usually […]
Creating a uniform European regulatory environment for real estate lending is an uphill battle that will prove difficult to enforce according to industry experts at Real Estate Capital’s London forum. “The European Central Bank has outlined commercial real estate as an area they are concerned about and there are attempts to create a more level […]
This morning at Real Estate Capital’s London Forum at Butcher’s Hall in the City of London, Rupert Clarke, managing partner at Lipton Rogers Developments and former chief executive of Hermes, revealed his golden rules for bankers to avoid the next bust. Clarke was however pessimistic that any warnings would be heeded. “I think most banks […]
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