London’s Salesforce Tower transaction typified CRE market conditions in the early part of this year. Nigel White of Mayer Brown explains how.
Refinancing
Colonial first with €1.25bn bond
Colonial has raised €1.25bn with a bond issue to to replace €1.04bn of syndicated bank debt.
The issue, the first by a Spanish property company, was two times oversubscribed.
Deutsche Wohnen’s €1.5bn refi to lower interest costs, LTV
Deutsche Wohnen, Germany's second-largest listed residential landlord, will be refinancing €1.5bn of bank debt
"We hope to finish the total £1.5bn refinancing by the end of July, but it depends on market conditions," said Deutsche Wohnen's head of investor relations Torsten Klingner. The company will use mixture of bonds, new bank loans and cash to refinance and repay loans that mature mainly in 2018 and 2019.
Spain’s Colonial plans €1bn bond
Spanish property company Colonial is planning to refinance €1.04bn of bank debt with a bond issue.
Once the country's second-biggest property company, Colonial ran into severe trouble when Spain's property market crashed in 2008. A restructuring last year finally righted balance sheet with a new €1.04bn syndicated loan and a €1.26bn share issue. The bond issue, which Standard & Poor's has given a preliminary rating of BBB, will repay the syndicated loan. which carries a spread of 400 basis points over Euribor and matured in December 2018.
AIG loan refinances San Diego hotel
AIG Investments has provided a $140m, 15-year fixed rate loan to TRT Holdings and JMI Realty for the refinancing of the Omni San Diego hotel in San Diego, California. The 200,000 sq ft, 511-room convention center hotel is located at 675 L Street in downtown San Diego’s Gaslamp Quarter, across the street from the San Diego Convention Center.
Hotels deal takes GE to £300m
Hotels deal takes GE to £300m
UniCredit heads line-up for €430m Milan refinancing
Italian, French and US banks team up for €430m refinancing in the low 200bp
Starwood seeks £330m hotels loan
Starwood seeks £330m hotels loan
BAML leads race for Hines’ €430m Milan refinancing
Citigroup is also second-round bidder to refinance Porta Nuova scheme
Big lenders vie to go it alone on €430m Milan refinancing
Goldman Sachs, Aareal and BNP Paribas are among bidders to fund office campus scheme, as banks look to take on big-ticket loans to sell on later
