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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 […]

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 […]

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 […]

A club of four banks has agreed to refinance the entire 750,000 sq ft retail, leisure and parking portfolio of the Canary Wharf Group, Real Estate Capital can reveal. Lloyds Banking Group, Wells Fargo, Barclays and HSBC have jointly agreed to provide a facility of £600m. The five-year loan has been agreed at a margin […]

The eight partners of UK property financing business ICG-Longbow could receive up to £37m from the sale of their remaining 49% stake to parent ICG. The sale, led by founders Kevin Cooper and Martin Wheeler (pictured), is due to complete in October, three and a half years after they sold a 51% stake to quoted specialist […]

Deutsche Bank has launched the first CMBS in the Netherlands and the first to more than one borrower to be structured this cycle. The DECO 2014 TULIP CMBS is made up of two loans made by the German bank: one to PPF Real Estate Holding and the other to a joint venture between Mount Kellett […]

Grosvenor Fund Management’s London Office Fund has been refinanced by two banks aiming to establish themselves in the increasingly competitive London lending market. BNP Paribas and Sumitomo Mitsui Banking Corporation have provided £201m of finance secured on the fund’s portfolio of four prime central London office buildings at a competitive margin, though on low leverage, […]

Situs has appointed a new head of Spain as part of its drive to increase its loan servicing and underwriting capabilities in the country. Fernando Salazar Lacalle has been appointed to the position having previously been head of international clients and managing director of Spain for Servicing Advisors Deutschland. He will report to Bruce Nelson, […]