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Urban Exposure has pulled its £500m London Stock Exchange float citing “the prevailing IPO backdrop”. The vehicle that was to be known as Urban Exposure Real Estate had planned to use the equity to issue loans for residential development in the capital and announced its intention to float at the start of July. It said […]
M&G Investments has provided £40m of long-term finance to Merseyside housing association One Vision Housing. The 30-yearloan will allow One Vision to refinance existing bank debt held. It will is held against an element of its 11,500 portfolio and will allow the housing association to undertake new development. M&G now has a book of £4bn through […]
Christian Candy’s Omni Capital has provided a £48m bridging loan to fund the acquisition of a residential development site in Chelsea Harbour, west London. The loan has been issued to the Hadley Property Group, which is backed by the multi-family office the LJ Group and private family office the Peterson Group. The site, known as […]
Kennedy Wilson Europe Real Estate has agreed a deal to buy a portfolio of loans secured against Irish real estate for €75m. The loans are being sold by Royal Bank of Scotland’s Irish subsidiary Ulster Bank. Known as the Elliott Portfolio it includes loans held against 13 assets. The three largest, which make up around […]
Oaktree Capital Management has begun a search for around £350m of debt for its purchase of three business parks from MEPC. The US private equity firm agreed a deal earlier this month to buy the parks alongside asset manager Patrizia for around £435m. It is looking for around an 80% loan-to-value arrangement which could be […]
Deutsche Bank, HIG’s Bayside Capital and private equity firm AnaCap Financial Partners have together acquired a €495m non-performing and underperforming loan portfolio backed by Romanian property in one of the first examples of loan buyers moving outside overcrowded European markets. The portfolio consists of 3,566 non-performing and under-performing loans secured against residential, retail and other commercial […]
Westfield launched a £750m securitisation today to refinance a £550m loan secured on Stratford City Shopping Centre, which will be the lowest priced European CMBS debt issued since the financial crisis.
Advised by Deutsche Bank and Crédit Agricole and as revealed by Real Estate Capital (1.6.2014), the Australian shopping centre giant decided to refinance the flagship London mall via a CMBS, and the issue is expected to be priced substantially below 100 bps according to one source. It is an agency CMBS meaning a Westfield vehicle rather than the two banks is the issuer; Westfield is also acting on behalf of the centre's joint venture owners.
The existing loan to be refinanced was taken out in 2011 and was thought to have been priced somewhere between 205 and 250 basis points over Libor - a keen margin at the time reflecting the quality of the asset and the sponsors. The previous lowest priced European CMBS since the crisis was the AAA tranche (up to 19% LTV) of the €1.07bn Taurus-2013, which priced at 105bps and was issued in May last year by Bank of America Merrill Lynch, held against a €2bn multi-family German residential portfolio owned by Gagfah.
The £750m single loan collateralising Statford City Shopping Centre No 1 however, is a single tranche, AAA CMBS representing a 38.4% loan-to-value based on a May 2014 valuation of Stratford City by CBRE of c £1.95bn.
It expected that take-up for the five-year CMBS agency loan will come around 60% from the UK with the remainder from Europe and the US.
The loan will refinance the £550m facility put in place in 2011 arranged by Crédit Agricole, HSBC and Eurohypo, which held one-third and syndicated the remainder to Aareal Bank, AXA REIM, Bayern LB, MetLife, Credit Foncier, Deutsche Pfandbriefbank and Santander. The refinancing will allow Westfield and its JV partners to take around £2o0m out of the asset, although around £70m could be used towards an extension and investment into the centre.
The 1.9m sq ft complex is owned by Westfield alongside partners Canada Pension Plan Investment Board and Dutch pension fund manager APG. Marketing of the deal will begin this week with pricing expected at the end of the month or the beginning of next month. The centre currently has a 98.9% occupancy rate and a 6.6 years average unexpired lease term to first break.
Deutsche Bank is financing the €160m acquisition of eight Spanish retail assets for GreenOak Real Estate and Grupo Lar in a further sign of lender interest picking up in Spain. The ticket size is believed to be around €100m and the German bank is understood to have beaten several other investment banks to win the […]
Crédit Agricole CIB has syndicated a significant portion of the £77m of debt it issued for Perella Weinberg’s purchase of One Poultry in the City, to AXA. The French insurer is thought to have taken at least a 50% participation in the three-year senior loan, equating to a position of about £40m. Perella paid £110m for […]
BNP Paribas has cemented a comprehensive return to European property lending with its first sole UK underwrite this year, for Tisman Speyer. The French bank is financing Tishman’s £210m purchase of The Point in London’s Paddington Basin redevelopment area. The 232,772 sq ft, grade A office building is an investment for Tishman’s open-ended European core, […]