Recovery starts with £200m
Aviva Investors raised £200m in a ﬁrst closing on 27 November for the Aviva UK Recovery Fund, a diversiﬁed, ungeared, ﬁve-year vehicle. Contributions to the fund included £65m from Aviva multi-manager clients, as well as UK pension funds. Aviva said it was considering a second closing with existing interest.
Eurohypo gives Opera new act
The loan on the €710m Opera Germany 2 securitisation, which is secured on four large shopping centres, is to be restructured and extended by two years under a plan worked out by loan servicer Eurohypo. The loan went into breach of its loan-to-value covenant on 9 December, following a valuation on 26 November. The restruc-turing involves a cut in the debt of €82m, partly facilitated by converting junior debt into equity, and an injection of more funds for capital expenditure intended to recover value.
Stanford scraps $1bn asset sale
US university Stanford has pulled an attempt to sell a $1bn portfolio of private equity and real estate secondary units in funds held by its endowment fund. The assets put up for sale by the university included funded and unfunded interests, but Stanford said that none of the bids it had received were high enough.
Langham Hall to act for Aegon
Langham Hall has been appointed onshore administrator to Aegon Asset Management’s new healthcare fund, which launched last month with £30m of initial equity. Langham provides accounting, administration and consultancy services, specialising in property and private equity.