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European carpark operator Q-Park has signed a €925m credit facility with a syndicate of five banks. The new loan refinances an existing €1.15bn facility which would have matured in October 2016. The company has been reducing its total leverage and its average effective interest, which was 4.9%. Its debt is secured on property valued at around €1.4bn.
Syndicated real estate loan volumes jumped by almost a third to €27.6bn for the first half of 2015 compared to the same period last year, according to Dealogic. In its second survey of the EMEA real estate loan syndication market since the global financial crisis, Dealogic reported that the number of deals was also up - to 75 for 1H 2015 compared to 71 for 1H 2014. The survey canvassed 26 lenders.
The European Commission (EC) will discuss its plan to relaunch the European securitisation market at a new event in London. The Future of European Securitisation conference on November 11, organised by City & Financial Global, is expecting around 100 delegates from the financial services sector.
Goldman Sachs, CarVal and Bank of Ireland have bought a portfolio of Irish commercial loans from Lloyds Banking Group for £827m. The loans, made to small and medium sized businesses in Ireland, are mostly secured against commercial property.
Deutsche Asset & Wealth Management (Deutsche AWM) has provided a €36m facility to UBS Global Asset Management for its €70m purchase of Zielo Shopping Centre in Madrid. The medium-term loan reflects a loan-to-value of just over 50% and is Deutsche AWM’s first debt investment outside Germany following the second close of its real estate senior debt fund.
pbb Deutsche Pfandbriefbank has provided an €80m, five-year loan to Investa Immobiliengruppe for its purchase of a German commercial real estate portfolio. Property developer and manager Investa bought the New Wave portfolio of 41 inner-city assets from Eurocastle Investment, an affiliate of Fortress Investment, earlier this year.
Allianz Real Estate has taken a €365m slice of Aareal Bank’s €630m loan to NorthStar Realty Finance. It is the German insurance company’s first cross-border financing of a pan-European portfolio.
Blackstone is buying a portfolio of bad property loans worth €790m from Spain’s CaixaBank. The sale, dubbed project Tourmalet, involves loans made on 271 new residential developments, 160 plots of land and incomplete developments and a small number of commercial real estate units.
pbb Deutsche Pfandbriefbank has provided a €76m Sharia compliant facility to Saudi-based Islamic investment firm SEDCO Capital. The five-year refinancing loan is for a mixed-use portfolio of eight assets in Germany. Four of the largest assets by value are located in Berlin and make up 75% of the portfolio’s value.
Deutsche Bank has launched DECO 2015 Charlemagne, a €316m CMBS of three loans secured on 37 office, industrial and retail properties in the Netherlands, Belgium and Germany. The CMBS is a securitisation of the Windmill, MStar and Pegasus loans, made between September 2014 and April 2015, on assets with a total value of €493m, reflecting a loan-to-value of 64.2%.