Hammerson has issued a £350m, 10-year bond priced at 173bps over the reference gilt with an annual coupon of 3.5%. The bond was two-times oversubscribed.
The Bank of England has given its backing to the UK property finance industry’s proposal to build a commercial real estate (CRE) loans database. In a speech to the City of London Property Investor’s Banquet last night, Alex Brazier, executive director for financial stability at the Bank of England, said over-gearing in the real estate sector had been a major driver of instability.
Hammerson is funding its share of the purchase of NAMA’s €1.85bn Project Jewel with a new short-term €1bn revolving credit facility from its existing lenders. The facility, which matures in March 2017, reflects a loan-to-value of 81% on Hammerson’s €1.23bn share of the overall purchase price.
Grainger has appointed Unite Group’s Vanessa Simms as its finance director to replace the retiring Mark Greenwood.
Simms, who is the deputy chief financial officer at student accommodation specialists Unite, will join Grainger in early spring 2016 and will be based in London.
Fitch has withdrawn its expected ratings and presale note from the Royal Bank of Scotland’s stalled £170m Antares 2015-1 CMBS deal, which looks increasingly unlikely to return to market. The transaction is the securitisation of a single loan to refinance Kennedy Wilson’s Jupiter portfolio of 17 UK office and retail assets.
pbb Deutsche Pfandbriefbank has provided a €138m loan to CBRE Global Investment Partners to buy a pan-European portfolio of logistics assets.
The five-year facility reflects a loan-to-value of about 40% on the €350m purchase price. CBRE GIP acquired the assets from existing clients of TH Real Estate.
Widening spreads in the European CMBS market are due to an oversupply of product and a lack of buying by the European Central Bank (ECB), an audience in London was told.
The last three CMBS deals have been disappointing for the issuing banks, Bank of America Merrill Lynch with €145.8m Taurus 2015-3 EU DAC, and Goldman Sachs
Legal & General Property is expanding the debt facilities for two of its existing funds and looking for debt for a third vehicle, to raise £260m for further acquisitions, asset management and to cut borrowing costs, Real Estate Capital can reveal.
Singapore’s sovereign wealth fund, GIC, has provided a £90m senior loan to Maya Capital for UK regional office acquisitions.
The five-year facility, which is believed to reflect a loan-to-value between 60-65%, will also refinance Maya’s current portfolio of six UK office assets.
Retail specialist Atrium European Real Estate has signed a €125m five-year unsecured revolving credit facility with a club of three banks.
ING Bank, Citibank and HSBC have provided the facility, which comprises of €100m of new credit and the extension of an existing €25m of facility.