Real Estate Capital commentary
- The Adelphi building in London’s West End has finally been financed, by Morgan Stanley, which is believed to be planning to syndicate the debt. An extra £10m was provided to make the scheme’s renovation viable. The pricing is seen as fairly aggressive, as the market becomes more competitive.
- Also being syndicated is the £350m lent against Intu’s malls by UBS, HSBC and Bank of America Merrill Lynch. Citigroup is expected to sell off €200m it provided for the continental Principal Hayley Hotel chain.
- Three development loans were provided on the Continent this month: two in France, one in Germany. The two French deals were backed by a Chinese and a Russian lender.