REC staff
Savills has bought in a 40% stake in its European property fund management arm from the management, after failing to find a buyer. Savills will pay £13.6m-£15.4m over two years for the stake in Cordea Savills LLP. The business manages £2.5bn of assets mainly in co-mingled, specialist funds. It made a £2.9m profit in 2009, […]
Venture from former Pillar Property men floats on main London market
Norway targets indirect property Norway’s government pension fund has published longawaited guidelines allowing the £300bn fund to invest 5% of its equity in real estate. The fund is switching the cash out of fixed income investments. It is thought that the fund’s manager, Norges Bank Investment Management, will put all £15bn into unlisted property funds […]
US REIT Anthracite Capital, a specialist in real estate debt, has filed for liquidation in the US after defaulting on its own debt. Managed by BlackRock, Anthracite invests in CMBS, commercial real estate loans and REIT securities, at the riskier, high-yield end of the market, buying mostly B-notes and subordinate CMBS. Anthracite also funds itself […]
The US has taken an important step towards setting up a system of government-regulated covered bonds similar to those that exist in the UK, Germany and other European countries. Republican Scott Garrett has put the US Covered Bonds Act 2010 before Congress. Crucially, the legislation would allow commercial mortgages and CMBS to be used as […]
A proposal to extend the loan underlying the £750m securitisation of holiday company Centre Parcs looks likely to be approved next month. About 75% of CENTP-2007-1 Class A bond holders have said that they will vote for a two-year loan extension to October 2013. In return, the borrower, Blackstone Group, has offered an incentives package […]
Fitch Ratings predicts that only 1% of 73 CMBS loans due to mature this year will be fully repaid
CMSA Europe, the chief lobbying group for Europe’s commercial securitisation market, is widening its remit to include more participants in commercial property finance. With no sustained return to primary CMBS issuance since the market shut down in August 2007, global CMSA membership has been shrinking. The US-based Commercial Mortgage Securities Association’s European arm is still […]
Cushman & Wakefield’s first attempt to build up a global investment management business in Asia has ended in failure. The firm has closed down its Cushman & Wakefield Capital Asia operation, which was based in Hong Kong, three and a half years after hiring Helen Wong to lead it. Wong, who had previously worked at […]
Buyer agrees to take on liability of previous loan on German properties