Spanish “bad bank” Sareb sold a number of real estate loan portfolios with a face value of €847m in the final weeks of 2014.
Two real estate loan books including the €259m Agatha portfolio and the €140m Olivia portfolio have been sold to investors including London-based private debt firm Hayfin, writes Real Estate Capital’s sister publication PDI.
ING has backed Valad Europe in its first purchase for its new Dutch vehicle, Valad Netherlands Diversified Partnership (VNDP).
Valad has entered into a joint venture agreement with an unnamed investor to build a €500m diversified portfolio of core-plus/value-add assets in the country.
Orion Capital Managers has sold its Puerto Venecia shopping centre and retail park in Zaragoza in Spain to Intu for €451m. The deal is a new landmark for the country’s real estate recovery with the sale reflecting a 5% yield, pricing unimaginable only six months ago. Having entered at its very nadir, the sale also […]
Starwood Capital has refinanced the Aldgate Tower in the City of London with a £200m loan.
The 317,000 sq ft office building reached practical completion earlier this month and is owned by Aldgate Developments. Starwood’s listed real estate debt fund, Starwood European Real Estate Finance, provided £45m and the Starwood Property Trust the remainder.
Mike Dunn, St Modwen Properties’ group finance director, is to leave the company. Dunn is to leave the listed UK regeneration specialist in order to spend more time with his family. He is to remain with the company until 31 May or earlier if mutually agreed to ensure an orderly transition and at that point […]
McCarthy & Stone has agreed a new £200m bank facility with four banks.
Barclays, HSBC, Royal Bank of Scotland and Santander hasveprovided a five-year loan for the retirement housing specialist.
Aviva Commercial Real Estate Finance has sold a distressed UK portfolio for £503m to Kennedy Wilson Europe Real Estate.
The insurer has also provided £352.3m of staple finance, reflecting a loan-to-value of 70%. The senior debt facility has been split into a three-year floating rate loan (33%), a five-year fixed rate loan (20%) and an eight-year fixed rate loan (47%). The facility has a weighted average margin of 206 bps and has the flexibility to substitute properties over the life of the loans, based on the acquisition purchase price.
Helical Bar has secured an £81m debt facility from Aviva Commercial Finance to refinance a trio of assets in the UK.
The 10-year loan allows for drawdowns of up to 63% of value and have a fixed interest rate of 2.48%. The assets are two office buildings in London – the 150,000 sq ft Shepherd’s Building in Shepherd’s Bush and the 35,000 sq ft One King Street in Hammersmith - as well as a retail asset within its 250,000 sq ft Morgan Quarter in Cardiff.
Spare an unforeseen rally, it’s looking like the year-end US CMBS issuance tally will fall short of the triple-digit billions number many had predicted, anticipated and/or hoped for. As of today, there was $87bn of CMBS issuance, according to TREPP.
TIAA Henderson Real Estate and its joint venture partner Madison Realty has refinanced The Houndsditch Estate in the City of London with a new £120m debt facility.
ING and Santander jointly provided the five-year loan. The finance reflects a loan-to-value of 60% on its £200m value.