Blackstone has asked for a loan extension from July until 19 September 2011 for €45.7m of debt secured by a portfolio of German assets let to Deutsche Bank, underlying the MARLIN (EMC II) CMBS transaction. This will allow it time to sell or refinance the remaining assets to fully repay the loan.
In return for the two-month extension, Blackstone will pay each tranche of notes a 2.5% increased loan margin. It has already signed a letter of intent with a German investor for the €20m sale of a property in Otto-Suhr-Allee, Berlin. Marketing has also begun for Ungererstr 175, a building in Munich, for €38m.
The building is used as collateral for a €26m credit line Blackstone has negotiated with UniCredit in an attempt to accelerate the repayment. The company has also struck up talks with a small syndicate of banks, thought to include RBS, about a £1bn refinancing of Center Parcs. CoStar News has reported that a whole business securitisation is an option. Blackstone plans to inject more equity to open a fifth park in the UK.