CAPITAL WATCH: Recent lending deals Jul/Aug 2016

• The UK’s decision to leave the European Union has curtailed both investment and lending activity, although deals have continued to be closed during late June, July and August.

• A major deal in the London market was the £515 million financing of Brookfield’s partly prelet 100 Bishopsgate office tower in the City. Wells Fargo arranged the deal, in which Helaba, BNP Paribas, Banca IMI, UOB and ICBC participated. The commitment of a selection of foreign banks to a large-scale London development demonstrates the continued appetite for prime lending opportunities in the city.

• In continental Europe, a refinancing by a club of banks funded the final stage of the repayment of the debt securitised in the Leo-Mesdag CMBS. ING, Berlin Hyp and Syntrus Achmea provided a €480 million debt package to IEF Capital to refinance the debt secured by a portfolio of high street retail in the Netherlands.

• Germany’s pbb Deutsche Pfandbriefbank had an active summer. Among its deals, the bank provided €120 million to a Catalyst Capital fund and €100 million to TAG Immobilien to finance property portfolios in Germany.

Click here to view a table of recent lending deals in July and August 2016.

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