AgFe has secured two mandates involving debt worth more than £550m. It will manage a private auction of the German Bundes-bank’s €238.78m Portfolio Green CMBS, while London & Regional has appointed it to advise on options for a £362m loan that matures in October.
The structured finance adviser is selling Portfolio Green as a whole portfolio, rather than piecemeal, and has approached a group of well-known names. While 20 or so investors may go into the data room, only 10 may enter the bidding process.
Lehman Brothers bought Green’s German loans, mainly backed by multi-family housing, retail and offices, from AMB Generali six years ago. AgFe is in early negotiations with London & Regional and bond holders to restructure £234m of its £362m debt securitised in LORDS 1. There is also a £128m B note.
London & Regional is trying to sell one of the five assets backing the loan, City building 68 King William Street, for around £70m. The assets, once valued at £400m, are thought to be now worth less than the value of the outstanding debt.