REC staff
Liquidity will increase this year, but banks are still cautious about property, reports Jane Roberts
The number of former senior property bankers re-appearing, reincarnated, on the debt-buying side has gone up noticeably in the past few months. These guys (and gals) were the people who worked for the likes of Barclays Capital, Merrill Lynch and Morgan Stanley, where they originated billions of pounds of property debt and pushed it out […]
Ben Jones, manager of Prudential M&G’s £400m Secured Property Income Fund, said that with hindsight, 2007 was not a great time to launch the fund, as property values fell for the next two years. But in the second half of last year the fund, which started with £40m, saw large inflows, with more than £200m […]
While long-term rental growth tends to closely match inflation (see graph), rents are more cyclical. Index-linked rents smooth this deviation. “Limited price inflation is a concept that protects against deflation and modest levels of inflation,” said Legal & General Property MD Bill Hughes. With an income stream designed to rise in line with the Retail […]
L&G plans to meet pension fund liabilities with inflation-proof returns from new property fund
The Church Commissioners has invested about £20m in M&G’s Real Estate Debt Fund, which had its first closing in January. M&G’s fund will invest in Europe, but The Church of England’s investment management body, which manages a property portfolio worth £1.5bn, is also considering committing capital for property debt in the US market, probably via […]
Europe’s largest REIT, Unibail- Rodamco, has spent €715m on seven shopping centres and a half share in five yet to be developed, in one of the largest cross-border property deals since the credit crunch. The interests were sold to the French REIT by retail property company and developer Simon Ivanhoe, a joint venture between US […]
Cannon Capital has teamed up with finance broker Berkeley Taylor to offer finance for private treaty and auction buyers at up to 75% loan-to-value. auctioneer James Cannon, has an exclusive agreement with the broker, which is run by Kristian Hoy. Cannon Capital will hold its first auction on 25 March, with a 35-lot catalogue out […]
One of the largest UK property funds is to use derivatives as one of many strategies to be more flexible in investing its cash pile. On 24 February, Scottish Widows Investment Partnership will ask the SWIP Property Trust’s owners to amend the trust deed to allow it to invest in a wider range of financial […]
Russell makes L&G comeback Mark Russell has returned to Legal & General Property as fund manager for the £750m L&G Managed Pension Fund. The fund is LGP’s longest established and has 300 investors. It spent £275m last year, after taking in more cash. Russell worked on LGP’s Linked Life Fund from 2000 to 2006. He […]