CAPITAL WATCH: Recent lending deals March 2017

TH Real Estate sourced major loans during late February and March 2017. The firm agreed a £205 million loan from ING and LBBW secured by four prime London offices from the Cityhold Office Partnership at a margin understood to be above 150 basis points. The financing formed part of a wider refinancing of the CHOP. TH also announced the details of a €230.9 million loan from ING and LBBW to finance European assets from the portfolio.

In March, TH Real Estate agreed a £210 million loan from Royal Bank of Scotland and BNP Paribas to refinance a UK mall from within its UK Shopping Centre Fund. The deal included a term loan and revolving credit element secured at the fund level.

Several deals were closed in southern Europe. In Spain, ING and BBVA provided €104 million to SOCIMI Lar Espana, secured by two shopping centres. Separately, Santander, BBVA, Credit Agricole and CaixaBank provided €263 million to Intu to finance its purchase of the Xanadú shopping centre in a well-healed suburb of Madrid. Intu bought the mall for €530 million from Ivanhoé Cambridge Group.

In Italy, Deutsche Bank and Tyndaris provided an €80 million loan to San Domenico Hotels Group to finance the Borgo Egnazia resort in Puglia. The deal was structured as a private securitisation. Also in Italy, ING provided €72 million to Boccaccio, a closed-end fund managed by Savills IM, for a portfolio of 3 prime high street shops in Milan and one in Florence.

In the UK, Citi and Bank of Ireland provided £137.5 million to Saïd Holdings to refinance 5 Churchill Place in London’s Canary Wharf. In another London deal, Allianz Real Estate took an undisclosed participation in Morgan Stanley’s £334 million senior loan for the CityPoint tower, which was acquired by Brookfield.

Click here to view a table of recent lending deals in March 2017