Real Estate Capital commentary
â€¢ Insurer Legal & General has taken a leap of faith by investing in Bruntwood’s regional portfolio, when most institutions have sought prime London property financings. Bruntwood has also arranged a £229m extension of its CMBS to January 2016.
â€¢ Singaporean lenders continue to back Asian clients in the UK, with United Overseas Bank teaming up with Santander to provide rare hotel development finance of around 60% for Queensgate Investments’ $450m project near the O2 Arena in south London.
â€¢ One of this month’s chunkiest deals was a €275m, five-bank club put together by Rockspring to refinance the biggest of three loans to its German Retail Box Fund. The cost of financing was less than 250 basis points.