Real Estate Capital market commentary
- Standard Life Investments has made its first UK loan since launching its commercial real estate debt business in September. It bought into a £143m Helaba deal, taking a £50m share of a loan secured against a portfolio of warehouses owned by UK REIT LondonMetric.
- Morgan Stanley has been rebuilding its loan origination business since last February and one focus is looking to make loans it can securitise. It beat competition from other banks to agree a £330m refinancing for Starwood’s Principal Hayley hotels.
- On the Continent, Blackstone Real Estate Debt Strategies provided €220m of high- margin, high-leverage debt to the Invista European Real Estate Trust fund to refinance a loan that had been sold to Cerberus as part of Lloyds’ November Project Hampton loan sale.
- The competitive refinancing of the Porta Nuova development in Milan has also been settled. Five lenders, led by UniCredit, which has its headquarters on the site, are providing a total of €430m at a low margin for Italy of around 200 basis points.