Asian lenders power up Battersea
Four Asian banks have under- written £790m of development finance for the Malaysian owner- developers of London’s Battersea Power Station site. Malaysia’s CIMB Bank and Overseas Chinese Banking Corporation, Singapore’s Maybank and Standard Chartered provided a 3.5-year facility for phase 1, including the power station refurbishment, and a five-year loan to refinance the site acquisition for SP Setia, Sime Darby and EPF.
Shareholders back GSW merger
German residential company GSW’s shareholders have accepted a takeover from rival group Deutsche Wohnen that will create Germany’s second- largest multi-family housing company, with more than 147,000 homes, behind market leader Deutsche Annington.
Manchester mandate up for grabs
The Greater Manchester Pension fund is to outsource its direct UK property portfolio. The fund plans to increase its £460m of direct and indirect real estate assets to between £500m and £1bn of direct property. Bidders for the 10-year mandate must manage at least £3bn of property. Consultant Hymans Robertson is advising contracting authority Tameside Metropolitan Borough Council.
Situs to service German CMBS
Situs has been appointed primary and special servicer for the €699m German Residential Funding 2013-2, this year’s third CMBS by listed German multi- family housing firm Gagfah. GRF 2013-2 refinanced three sub-portfolios that previously secured three Deco 2007-E7X securitised loans due to mature next April. Deutsche Bank and Bank of America Merrill Lynch were arrangers for GRF 2013-2.