Real Estate Capital commentary
•The loan syndications market has picked up, with Insight Investments having taken a participation in three separate deals. The asset manager is buying for its 2007 loan fund, which both buys and originates debt. It took a £25m position in Adelphi, as well as a stakes in Maybourne’s and Intu’s debt.
• Three deals this month have involved financing for loan purchases. NAMA provided Starwood with €120m of vendor finance for its acquisition of Project Aspen, while Nomura and Wells Fargo are financing Cerberus and Lone Star’s loan purchases respectively.
• A club of six international banks took part in a large €650m Polish refinancing for AREA and AXA. In the UK, Deutsche Bank was the sole underwriter of a fresh £400m senior loan for Blackstone alongside a £200m mezzanine loan from Apollo, to refinance the debt on Chiswick Park.