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The Pennsylvania Public School Employees’ Retirement System has committed $150m for the launch of Värde Partners’ first fund dedicated to small, sub-performing US property loans. The Värde fund will invest in so-called “scratch and dent” loans – where borrowers have averted default by resuming payments – targeting discounted secondary market purchases of existing loans backed by office, industrial and retail properties typically […]
Carlyle has mandated CBRE to help it source whole loan financing of around €100m for the recapitalisation of three European retail assets including one in Portugal. The private equity group’s Freeport Outlet Alcochete retail centre near Lisbon was inherited through Carlyle’s acquisition of outlet mall developer Freeport in 2007. It was extended to 42,934 sq m […]
DekaBank has provided £100m of refinancing for 90 Long Acre, an office building in Covent Garden, London. US private equity firm Northwood Investors paid circa £165m for the 194,000 sq ft building with existing debt of £121.5m in place last May. The loan associated with the asset was part of a wider securitisation – Lehman […]
Bank of America Merrill Lynch has syndicated around a third of the €130m mezzanine debt secured against the Coeur Défense tower in Paris to Austrian bank BAWAG. BAML underwrote a €935m whole loan in February for Lone Star’s €1.3bn purchase of the iconic building. The five-year refinancing was structured as a 60% LTV senior loan and a mezzanine […]
Austrian bank BAWAG has acquired £50m of a £225m loan Lloyds made to Aviva Investors and Quintain’s Quercus Healthcare Property Partnership – the largest UK institutional care home property fund. BAWAG typically provides finance at around 50% leverage and a margin of around 400 basis points. This marks its first healthcare loan in the UK […]