Recent lending deals

Real Estate Capital market commentary

Segro and PSP put in place €208m of new financings across their German, Polish, Czech and French portfolios, from German banks Aareal, Deutsche Pfandbriefbank and Helaba.

In the largest deal in Germany, a club of lenders refinanced prime shopping centre Mall of Berlin with a €600m loan. Pension fund BVK contributed the majority, at €450m, with Deutsche Hypo and BNP Paribas funds making up the rest of the alliance.

Another giant deal was Aareal’s and Deutsche Pfandbriefbank’s refinancing of  Beacon Capital Partners’ First Tower in Paris. The German banks split €515m of senior debt between them, while BREDS provided an €85m mezzanine loan.

Blackstone’s New York-listed mortgage trust increased its activity in Europe, making its first continental loan, in the Netherlands, and following it up with a €72m loan to KKR in Spain. It also provided €204.5m of loan-on-loan financing for Sankaty Advisors & Canyon Capital, secured on UK hotels.

UK listed property companies sought to tap the improving debt market, with Primary Healthcare Properties, Kennedy Wilson Europe Real Estate and LondonMetric all putting in place new arrangements.

Three Czech banks completed this cycle’s largest Eastern European real estate financing, backing Point Park Properties’ purchase of 11 Czech logistics parks with a €380m loan.

Refinancings of assets previously tied to nonperforming loan portfolio sales was a strong theme, with deals from Royal Bank of Scotland, Deutsche Pfandbriefbank and Blackstone.

 • There was a notable amount of lending in the recovering southern European markets. Aareal and BREDS originated loans in Spain, a club of domestic banks put together a €307m deal in Italy and Cairn Capital arranged a €235.7m bond against Greek assets.

Click to see recent lending deals: CAPITAL WATCH recent lending