CAPITAL WATCH: Recent lending deals Feb 2017

In the French market, DekaBank was lined up to provide a €290 million financing of the purchase of So Ouest Plaza, L’Oreal’s Paris HQ, for a consortium of Korean investors which are in the process of buying the property. Asian investors have cherry-picked several of the French capital’s most prime office properties in recent months, providing property lenders with significant underwriting opportunities.

TH Real Estate demonstrated the liquidity in the market for financing southern European assets. Acting for a joint venture between its parent, TIAA, and retail investor NEINVER, the firm sourced €344 million of debt across three loans to finance the acquisition of a pan-European portfolio of outlet malls. As well as Spain and Italy, the portfolio contained Polish property.

Allianz Real Estate also made further inroads into the southern European market, providing €155 million to LaFinca GA as part of a wider financing of its Spanish office portfolio. It is the third time that Allianz has lent in Spain, but the first to the office sector, demonstrating that foreign lenders are increasingly active.

Germany’s pbb Deutsche Pfandbriefbank announced a slew of recent deals this month, some closed by year-end 2016. The bank financed RFR and DC Values’ purchase of Leipziger Platz in Berlin with a €170 million loan and did business in the Czech Republic with a €108 million financing of a Prague shopping scheme owned by CBRE Global Investors. In the UK market, pbb wrote €35 million to fund Benson Elliot’s purchase of Slough Retail Park.

Also in the UK market, Lloyds arranged a £409 million refinancing of six central London properties for family-owned investor Lazari Properties. The deal saw the bank team up with its group insurance firm Scottish Widows as well as teaming up with fellow clearer RBS and US insurance giant MetLife to provide the financing across two loans.

ICG-Longbow wrote its first London residential development loan through its UK development finance mandate. The firm provided £135 million to back LBS Properties’ The Madison, an apartment tower in Canary Wharf

Click here to view a table of recent lending deals in February 2017.