REC staff
Delancey has stepped into a south London development site called Oakmayne Plaza by acquiring the debt on the site from Royal Bank of Scotland. The bank originally lent the money to Oakmayne Properties five years ago. Delancey will work with Oakmayne on the one-acre plot adjacent to Elephant and Castle, which has consent for 390,000 […]
Investors in AEW Europe’s French high-street retail fund have agreed to extend the vehicle’s life and to raise additional capital. AEW was due to start liquidating Fondis 1 this year, but the four shareholders in the fund have instead decided to extend the vehicle’s life by more than five years. The fund has a portfolio […]
The founders of new loan advisory business Solutus Advisors have defended the group’s abilities and impartiality as a special servicer, after criticism from Fitch Ratings. Cheyne Capital Management appointed Solutus, set up late last year but not rated as a special servicer, to replace Hatfield Philips as special servicer on DECO 8 loans Rowan, MPH […]
US insurer strikes deals to help refinance two London office buildings and an industrial portfolio
One of the largest European CMBS loans to mature last year has breached its standstill agreement and now faces likely enforcement. It is doubtful whether the €613m Opera Finance (Uni-Invest) loan, secured on 207 mainly Dutch properties, will be paid down to a level that can be refinanced by the notes’ maturity date of 15 […]
Special Situations Fund will turn around London and South East assets
German residential company GSW Immobilien has secured €875m in a number of separate bilateral loans to refinance an €890m securitised loan. The original debt was securitised in the Fleet St 3 and Windemere IX CMBS deals and matured in August 2011. The new long-term debt facilities came from six lenders, including: Deutsche Pfandbrief-bank, which provided the […]
Duet Private Equity’s European Real Estate Debt Fund has completed a €14.5m mezzanine financing deal secured by a portfolio of eight hotels in Germany owned by Blackstone. The hotels are held in the Blackstone Real Estate Partners (BREP) International Fund II and BREP Fund V and were previously financed by Citibank. They include the five-star […]
Goldman Sachs’ Whitehall has saved Fleet Street Finance 1 from the jaws of enforcement after repaying the £101.3m Queens Moat Houses loan on the very date of maturity, 23 February. Servicer Capita had lined up KPMG to evaluate enforcement options. The leverage on the debt didn’t make it very tough to refinance, but one observer […]
Tesco’s £685m, fourth CMBS issue backed by income from its own property reflects better pricing and a wider range of investors than its predecessors. Tesco Property Finance 4 attracted more than 120 investors, from large UK insurance companies and pension funds to smaller fund managers. The oversubscribed deal was priced at 140 basis points over […]