Paul Yandall
ING lends €185m on Polish retail ING Real Estate Finance has provided a €185m six-year refinancing facility for the Blue City shopping centre in Warsaw.
ING Bank NV and it’s Polish subsidiary, ING Bank Slaski, made the loan to Blue City, which is owned by Dutch property investment companies Singspiel Investeringen and Anandrous.
Goldman Sachs has postponed its €182.5m REITALY CMBS, the securitisation of a loan to Apollo Global Management for a portfolio of 25 Italian retail assets.
The five-tranche deal was due to be priced this week in another sign of the recovery in the commercial mortgage securitisation market.
Aviva Commercial Finance has provided Griffen UK Logistics Fund (GULF) with a loan package totalling £94.6m.
The loans are mostly for five years with a proportion on a floating rate. They are secured by a portfolio of 22 UK regional warehouses, mainly in the West Midlands.
Deutsche Real Estate Funds (DREF) has launched a delayed and scaled-back €44m bond issue to fund student housing in a deal believed to be the first of its kind in Germany for the asset class.
The bond has a five-year term and carries a coupon of 4.675%. It is senior secured mortgage-backed and has a Creditform investment grade rating of BBB.
Aviva Investors’ REaLM Social Housing fund has provided a £44.3m forty-year loan for Genesis Housing Association, secured by a portfolio of 307 homes.
The cashflow-based financing is backed by the portfolio’s shared ownership units. The properties, all residential, are located in London and the Home Counties.
Fitch Ratings has made a rare move and commented on a CMBS deal it didn’t rate, saying it would have taken a more conservative stance on JP Morgan’s dual-jurisdiction £251m/€131m Mint 2015, than rating rivals Standard & Poor’s and DBRS.
Mint is secured by two loans on three DoubleTree by Hilton hotels, two in London and one in Amsterdam. The 2.7-year multi-tranche offering, launched this week, is secured by an equivalent £450m loan to Blackstone on the three hotels that now remain in the ‘Mint’ portfolio.
Goldman Sachs is marketing the securitisation of a single €191.5m loan it made for Apollo Global Management’s REITALY fund to purchase a portfolio containing 25 Italian assets.
The €182.5m, five-tranche transaction includes a 10.4% debt yield and matures in May 2020 with the legal final maturity in May 2027.
CREFC Europe has launched the real estate sector’s first debt training course.
The five-day programme is aimed at real estate professionals working in the lending and debt investing parts of the commercial property industry.
The UK real estate debt market is polarising into groups seeking lower leverage, and higher loan-to-value borrowers hunting opportunistic returns, according to Laxfield Capital’s Q4-Q1 UK debt barometer.
Competition for assets, falling debt costs and rising leverage levels at which lenders are prepared to fund property are combining to split the market into two tiers, according to the data, which logged a pool of 624 loan requests totalling £58.8bn.
DekaBank has financed two multi-let London offices for long-standing client Stenprop.
The German bank has refinanced one of its own loans, secured on Euston House on Eversholt Street, NW1, with the borrower taking advantage of the reduction in margins in the market. The new loan for the 114,000 sq ft building next to Euston Station totals £27.54m.