• The largest UK loan during the period was a £500m facility for logistics specialist Tritax Big Box REIT to refinance a UK portfolio. Barclays,Helaba, Wells Fargo and ING Real Estate Finance provided a five-year loan, initially at 140bps above three-month Libor. When fully drawn, the loan will cut Tritax’s average debt margin from 177bps to 142bps. The new loan refinances just over £253m of debt from Barclays and Santander.
• Lloyds Commercial Real Estate provided a £147.5m whole loan at an 85% loan-to-value ratio for Bank of Montreal Real Estate Partners’
£175m purchase of Parkgate retail park, South Yorkshire. Lloyds sold the £35m junior tranche to US-lender Quadrant Real Estate Advisors and will syndicate some of the senior debt.
• AIG Asset Management completed a £902m refinancing of Secure Income REIT’s (SIR) leisure and healthcare portfolio by providing a £315.6m, 10-year facility. The loan is secured on 11 UK private hospitals. The facility joins Blackstone mortgage REIT’s and Rothesay Life’s £367m loan, secured on SIR’s leisure portfolio, and Legal & General’s £220m secured against nine UK private hospitals let to the Ramsay Group.
• Pricoa Mortgage Capital funded £516m in three UK loans and one in the Netherlands in October and late September, including £181.5m, 10-year refinancing loan for China Life’s and the Qatar Investment Authority’s 99 Bishopsgate tower in the City of London. It also provided a £130m, nine-year loan at 3.07% to fund GCP Student Living’s purchase of Scape Shoreditch in London, and a £155m, long-term loan to partly refinance Enddora
Holdings’ and Birchal Limited Partnership’s Access Self Storage portfolio. Its loan in the Netherlands was a five-year, fixed-rate, €68m facility for Brookfield Property’s acquisition of 13 assets.
• The largest loan during the period was a €1bn revolving credit facility to UK REIT Hammerson, from a syndicate of existing lenders, for its €1.23bn share of the purchase of NAMA’s Project Jewel portfolio of loans. The short-term loan from five banks is to be refinanced with asset disposals and bond issues before maturity in March 2017.
• La Banque Postale and pbb Deutsche Pfandbriefbank provided a €480m, long-term facility for the French government to lease Tour Séquoia tower in Paris and eventually buy it for a nominal €1. It was the first time Deutsche Pfandbriefbank has entered into a finance lease arrangement, a common
structure in France.
• The German bank provided another €513m in six deals across Europe, including a £138m, five-year facility for CBRE Global Investment Partners’ €350m acquisition of a seven-asset logistics portfolio, reflecting a 40% LTV ratio. It also made a €105m development and refurbishment loan to AVILA for a 473-unit residential development in Berlin.
CLICK HERE TO SEE TABLES OF SEPTEMBER & OCTOBER 2015 DEALS REC 11.15 CW Recent lending p42-43