REC staff

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

Columbus Capital Management, the separately run, opportunity fund division of Schroders’ property business, has raised £80m at the first closing of its third fund. The new fund has a lower target return than previous funds, at 15%. Ten UK institutional investors have subscribed to the fund. Like other sponsors, Columbus hopes to attract more equity […]

AIM-listed group plans residential launch after refinancing resi portfolio

Henderson Global Investors hopes to have a first closing soon for its Central London Office Fund II, after receiving commitments from three investors. It is thought that £100m of equity has been promised by UK, Nordic and North American institutional investors. The seven-year, absolute-return, closed-ended fund, managed by Clive Castle and Nick Deacon, is modelled […]

BNP Paribas plans to raise two new property funds and has recruited Chris Carter Keall, formerly head of UK funds at Valad Property Group. BNP Paribas Real Estate’s investment management business has launched a pan-European real estate fund called Next Estate, which will focus on green office buildings. The company also plans to launch a […]