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REC staff

Deutsche Bank has almost certainly pulled it off: it is just days away from closing the first new CMBS transaction to be sold to investors for almost four years. After much anticipation, there was enough investor demand for the debt, secured on Blackstone’s Chiswick Park, though European buyers weren’t beating down the door. Deutsche is […]
The slew of regulation affecting private equity fund managers will have significant outcomes for their businesses, concluded a panel at the PERE conference. Ken MacNaughton, chief financial officer for Benson Elliot, said: “The successful long-term managers will be the ones that prepare now. It is not a compliance matter; it is a business issue.” MacNaughton […]
Property firms will have to post collateral to take out interest rate swaps in less than two years’ time, following a European Commission vote last month. Peter Cosmetatos, finance policy director at the British Property Federation, told the conference that an attempt to win real estate exemption from European Market Infrastructure Regulation (EMIR) had failed. […]
Private equity conference hears flow of loans offloaded by lenders is up “from trickle to a stream”
Irish banks are stepping up disposals of non-core assets. Allied Irish Banks is under-stood to be talking to Merrill Lynch about selling €260m of continental property loans. It agreed to sell around $1bn of US loans to Blackstone and Wells Fargo earlier this month. Blackstone took about half of the portfolio at a discount in  […]
Eurohypo has taken over the disposal process of between €150m and €200m of insolvent Italian properties. It is seeking a buyer for the assets it inherited from insolvent owner Magiste Real Estate, via an auction. These include 6,000m2 of offices at 4 Via Silvio Pellico in Milan, which has redevelopment potential and could fetch €40m; and […]
Clydesdale Bank has lent £27.55m to property firms on two regional deals. Clydesdale Corporate & Structured Finance provided £23.75m to replace half of a loan Lloyds lent Development Securities and Patron Capital Partners last April to buy the Manchester Evening News Arena, valued at £73m. The loan expires in 2013. The bank also supplied Helical […]
Situs teams up with Helios to service German bank’s €3bn Nordics book The Situs Group is expanding further into Europe by taking on the servicing of HSH Nordbank’s €3bn Nordic legacy loan book. The US-owned debt adviser and loan servicer has set up a joint venture with US debt adviser Helios AMC to manage the […]
Pace Investments has attracted senior debt development finance for its speculative office scheme in central Cambridge. Private bank Investec’s structured property finance arm provided the loan for the 53,000 sq ft Botanic House, which Pace hopes to let for over £30/sq ft. Nearby, Microsoft has agreed to pay £29.50/sq ft for 77,800 sq ft on […]
Sanderson fills GPE finance post Nick Sanderson will join Great Portland Estates next month as finance director, replacing Timon Drakesmith, who has joined Hammerson. Sanderson was previously head of real estate corporate finance at Deloitte. Varandas moves to Aberdeen Aberdeen Asset Management has appointed Roberto Varandas to the new role of head of business development. […]
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