CAPITAL WATCH: Recent lending deals January 2017

The year-end 2016 and early 2017 period saw a clutch of significant financing deals closed in the UK market. Among them, Morgan Stanley and Cheyne Capital Management backed Brookfield’s acquisition of London’s CityPoint Tower, while Capital & Regional refinanced its portfolio of shopping centres and Aviva provided long-term debt to Manchester-based
office landlord Bruntwood.

In the syndication market, ING and LBBW completed the line-up of lenders in their £400 million syndicated financing of the Salesforce Tower skyscraper in the City of London. The banks looked to Asia to bring six new entrants to the UK market into the deal. In total, they sold down more than £200 million.

In a major pan-European lending deal, Allianz joined Aareal Bank in a €610 million refinancing of Invesco’s open-ended European property fund. Allianz took a €366 million participation in the financing, which was underwritten by Aareal. The facility is secured by properties in the UK, France, Italy, Spain, Germany, the Netherlands and Poland and can be extended to €1 billion.

Two other huge continental European deals were recorded. In Italy, a consortium of Italian banks plus BNP Paribas provided €900 million to refinance Qatar Investment Authority’s Porta Nuova business estate in Milan, while in Germany, Deutsche Hypo, Berlin Hyp and HSH Nordbank provided €960 million of fresh debt for DIC Asset’s CRE portfolio.

Click here to view a table of recent lending deals in December 2016 and January 2017.