November 2013 Issue
People
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
Investor pricing survey: South East is epicentre for boom in property expectations
INVESTOR PRICING SURVEY
Banks are no longer only game in town as REITs get the upper hand
COMMENT writes Jane Roberts
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
Viewpoint: No shadow of a doubt, debt fund offer is wider
VIEWPOINT Gawain Hughes
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 […]