Eurohypo has pulled the sale of a €450m loan securing a portfolio of 135 German retail properties formerly owned by Treveria.
Cerberus Capital Management was in exclusivity to buy the non-performing “Silo F/K” loan, which matured last July. But the deal failed because it wanted “too high a discount”, according to a source that knows the transaction.
“It was pulled four weeks ago”, he said last week. “No-one else is in the frame.” Cerberus, which was was acting with its asset management partner in Germany, ACREST Property Group, is thought to have offered about 60% of the loan’s value.
Eurohypo has stopped most new lending. The bank’s £4bn UK legacy portfolio is now being sold off to Wells Fargo and Lone Star (see more).