Hotels deal takes GE to £300m

GE Capital Real Estate has underwritten £300m of business so far this year, its latest deal being a loan to Starwood Capital secured on a hotels portfolio. GE provided a five-year, 65% loan-to-value facility including a £9m capex line for Starwood’s £92m purchase of five Four Pillars hotels in Oxfordshire and the Cotswolds.

Other deals include a £60m refinancing of one of its first UK property loans in June 2012, secured against Angelo Gordon’s Senator House at 85 Queen Victoria Street, London. It has also refinanced several loans in the £1.3bn Deutsche Postbank UK book, which the US group bought in October. One of these is a £22m loan  for JPMorgan, secured against part of a retail park in Hanley, Stoke on Trent.