Eurohypo has syndicated £142.5m of debt to Axa in three separate deals this year. The latest involves the transfer of £50m of the £230m, five-year debt facility Eurohypo jointly supplied with Deutsche Bank for Schroders’ WELPUT fund in January. Before that it sold 25% of the debt it lent for Evans Randall’s £242.5m purchase of Drapers Gardens in the City, for £42.5m.
A piece of the Lakeside deal it closed early last year was also sold for £50m, on a secondary basis. Eurohypo joined Helaba, WestImmo, DekaBank, Lloyds, Deutsche Pfandbriefbank and Santander in a club that provided Capital Shopping Centres with a seven-year loan worth £525m to refinance existing debt on the shopping centre.
Margot Waddup, Eurohypo head of UK syndicated loans, said: “This reflects the fact that insurance companies are more active as a source of funding.” Parent company Commerzbank wrote down Eurohypo’s book value by €1.9bn last year, compared with an €860m writedown in 2009. The EC has ordered Eurohypo to be sold by 2012, following a state bail-out.