Refinancing

Morgan Stanley has refinanced the debt secured against London & Regional’s Atlas hotel portfolio through a five-year, floating-rate loan.

Japanese bank Nomura has provided a €104 million loan to European real estate fund manager Aerium to refinance the H20 office building located in Luxembourg.

Merlin Properties, the Spanish SOCIMI, has completed an €850 billion unsecured bond issuance with a maturity of seven years and an all-in cost of 2.225 percent.

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, 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.

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.