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Paul Yandall

ING Real Estate Finance has funded GWM Group’s £110m purchase of 16-17 Connaught Place in London with a £55m senior loan, Real Estate Capital can reveal. The five-year, floating-rate facility reflects a loan-to-value (LTV) of 50% and is ING’s second significant facility to GWM.
Five banks have provided around £400m to Grosvenor for its Liverpool ONE shopping centre in the heart of the northern city. Crédit Agricole CIB, BNP Paribas, Société Générale, Sumitomo Mitsubishi and Royal Bank of Scotland have teamed together to supply the five-year loan.
European commercial property is set to deliver total returns of 19% this year, the highest since 2006’s 25%, according to Cushman & Wakefield. In its quarterly forecast covering 121 European markets the agent said that despite the world economy losing some momentum in September, confidence in European real estate remains high.
pbb Deutsche Pfandbriefbank has provided a €63m senior loan to Cerberus Capital Management to refinance three German retail properties. The funds will also be used to refurbish the three shopping centres located in Bielefeld, Bonn and Konstanz.
Venn Partners has made its first senior loan in London’s southwest with a £42m facility on CNM Estates’ Tolworth Tower. The facility reflects a loan-to-value (LTV) of almost 80% on CNM’s purchase price of £53.5m. It comprises a £31m acquisition loan and an £11m capital expenditure component.
Goldman Sachs has provided Crescent Heights with a £130m acquisition facility for its £160m purchase of Vintners Place in the City of London. The facility reflects a loan-to-value (LTV) ratio of just over 80%, making it one of the largest, highly-leveraged loans in London this cycle.
Cerberus Capital Management has won NAMA’s €6.25bn Project Arrow portfolio of real estate loans for around €800m. The US investor saw off Apollo Global Management for the portfolio, which NAMA, Ireland’s bad bank, acquired in 2010 and 2011.
Barclays has hired Jessica Tomlinson to head its real estate transaction management team. Tomlinson joins from Blackstone where she held the post of chief legal officer at Blackstone Real Estate Debt Advisors.
Motilal Oswal Real Estate (MORE) has launched its third mezzanine fund targeting INR1000 Crs ($155m) and returns of up to 25%. The India Realty Excellence Fund (IREF) III will deploy development loans in the India’s major cities and expects to make its first close in two to three months and provide its first two facilities before the end of the year.
pbb Deutsche Pfandbriefbank has provided a €58m facility to Primorial REIM for the purchase of an office building near La Défense in Paris. The office building is located in Nanterre and comprises 32,615 sq m of office space as well as 650 parking spaces.
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