November 2013 Issue

    Month: November
    Year: 2013

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    Apollo puts Orf on Atrium board Roger Orf, European head of real estate at Apollo Global Management, has joined the board of quoted retail property company Atrium European Real Estate as a non-executive director. Orf will be one of Apollo’s appointed directors. Apollo took over Citi Property Investors, which invested in Atrium in 2008 when […]

    Income attracts investors to back L&G’s sequel to UK PIF

    Legal & General Property launched a follow-on UK Property Income Fund last week with £138m of equity, plus debt from Wells Fargo and Santander.

    Funds give poor performance as final curtain approaches

    GERMAN OPEN-ENDED FUNDS Liquidating funds with exposure to illiquid Dutch assets give worst returns, reports Lauren Parr

    Intu refinances Metrocentre with £485m 10-year bond

    New debt drops shopping centre group’s average borrowing cost to 4.9%

    Devil is in the documentation as regulators scrutinise bonds

    PROPERTY COMPANY FINANCE Why has the trend for property firms to raise finance via retail bonds stalled? Asks Virginia Blackburn

    Nationwide eyes adviser for German loanbook workout

    Accountancy firms and investment bank are in the running to devise a sale or workout strategy for €1.1bn portfolio of NPLs and performing loans

    Real relationships beat wild times for old-school operator

    JULIAN HODGE BANK The Cardiff-based private bank advocates building long-term relationships with experienced property investor clients, reports Doug Morrison, in the latest in our series on specialist lenders

    GE powers up in Europe with Deutsche Postbank UK deal

    Purchase of £1.4bn UK loan portfolio is part of wider European push

    Diverse funding streams fill property firms’ capital pool

    PROPERTY COMPANY FINANCE Successful players can tap wide range of non-bank debt and equity sources, reports Jane Roberts

    Pramerica pulls in €820m for fourth European junior fund

    Fourth institutional fund takes firm’s total raised for junior debt to €2bn

    Aberdeen’s Vanhanen and Chaplin set to take the helm after SWIP takeover

    SWIP staff will report to Aberdeen heads after £550m takeover deal creates £23bn fund manager

    Crash avoidance is a key topic for market on road to recovery

    CREFC CONFERENCE Borrowers and banks debate measures needed to sustain debt market revival, writes Lauren Parr

    Convertibles drive property firms down a lucrative route

    PROPERTY COMPANY FINANCE Bonds with sub-2% coupons secure cheap debt for GPE and Derwent, writes Virginia Blackburn

    CRS funds are a big arrival at Internos’s European platform

    INTERNOS GLOBAL INVESTORS The UK-based investor has nearly doubled the scale of its business by acquiring Commerz Real’s spezialfonds arm, in a deal that builds on its existing Continental strengths, reports Alex Catalano

    Indirect investment market: Jones Lang LaSalle market commentary

    UK market overview In October, the Jones Lang LaSalle Balanced Fund Index rose 0.58%, pushing the 12- month return into positive territory, to 0.47%, writes Ashley Marks. That figure rises to 4.58% including secondary market pricing, highlighting the positive swing in pricing over the period. Secondary market pricing has improved by 4.09% over the past […]