Real Estate Capital commentary
- Bank of America Merrill Lynch underwrote February’s largest loan, €935m for Lone Star’s acquisition of Coeur Défense in Paris. The US bank intends to distribute all but €100m and has sold down €318m to AXA’s debt arm.
- German insurance companies were active senior lenders, targeting domestic shopping centres. Allianz lent on Stuttgart’s Konigsbau Passagen for Evans Randall; two insurers, including VPV Versicherungen, provided the debt for developer/investor ECE’s Linden centre in Berlin; while R&V was in the club lending on ECE’s Aachen asset.
- Liquidity has been slowly picking up in the Dutch market. Aareal and pbb Deutsche Pfandbriefbank both lent against hotels, while ING Real Estate Finance funded some more value-added acquisitions for Merin, TPG’s and Patron’s rebranded