Alejandrina Catalano
Deutsche Hypo, part of Nordeutsche Landesbank, increased its new lending on commercial real estate by 36% in 2014, to €3.6bn. However, profits were 36% down , to €41.4m, because of €42m of provisions against Austrian Heta, the ‘bad bank’ of Hypo Alpe Adriabad.
PVE Capital, a European credit investment firm, has bought a €408m portfolio of Italian non-performing loans, reports Private Debt Investor, our sister publication. The book comprises residential and commercial real estate loans, with the former making up around 75% of the assets, said Gennaro Pucci, founder of PVE Capital
PVE raised a new credit fund from third-party investors in just two weeks in January to support the purchase from a small Italian private bank, Pucci said. He declined to say what the total size of PVE European Credit Fund I is but explained that it holds between 20% and 30% of the Italian NPL portfolio.
Germany’s commercial real estate market is fiercely competitive and oversupplied with debt.
BNP Paribas, ING Bank and RBS have arranged a new €100m revolving credit facility for Goodman European Logistics Fund. GELF will use the five-year finance for general corporate purposes as well as acquisitions.
"The new revolving credit facility addes to GELF's financial flexibility, allowing GELF to respond rapidly without the need for property-specific financing arrangements when suitable investment opportunities arise," said fund manager Emmanuel Van der Stichele.
International asset manager Threadneedle has taken a 2% stake in Islamic property bank Gatehouse.
London-headquartered Gatehouse is a Shariah-compliant investment bank that specialises in real estate, treasury, wealth management and Shariah advisory. The Kuwaiti-backed bank manages $2bn of assets in the USA, United Kingdom and Europe.
Investors are planning to pump €42.5bn into real estate globally this year, a 22% increase on 2104 according to INREV’s annual survey of their intentions. INREV’s survey canvassed 337 investors, fund managers and fund of fund managers who have an aggregate €1.6tr of real estate assets under management. Nearly 46% are planning to increase their […]
Macquarie has arranged the financing for LDC's £307m acquisition of the NEC Group from Birmingham City Council. LDC is Lloyd's regional mid-market private equity group.
Maquarie originated and structured the debt as a whole loan, which is being tranched and syndicated. Macquarie introduced RBS and two others to the syndicate pre-closing and will be keeping a significant holding until maturity in six and a half years. .
There will be no let-up in the capital, particularly equity from Asia and North American opportunity funds, flowing into European real estate in 2015, according to Emerging Trends in Real Estate Europe, a forecast published jointly by the Urban Land Institute (ULI) and PwC.
The report - an annual one, based on surveys and interviews with more than 500 major real estate players - found 70% of investors expect more equity and debt will flow into their markets this year. "It is easier to get capital than to find good deals," said one of the survey's respondents. Almost two-thirds think core assets are overpriced, and that they will need to take on more risk to achieve required returns in 2015.
Helical Bar has obtained a £165m revolving credit facility from HSBC for its Barts Square scheme, in the City of London, held in joint venture with The Baupost Group. The new loan provides funding for the construction of Phase 1 of the project, which incorporates 144 residential units, 24,000 sq ft of offices , retail/restaurant space and accompanying public realm improvements and refinances an existing £35m facility from HSBC.
Standard Life Investments is launching the Commercial Real Estate Debt Fund, its second vehicle to provide senior debt on UK commercial real estate.
Targeting around £250m of capital, the new fund is designed for institutional investors and Standard Life's group pension scheme has committed £100m. The fees are 50bps on net asset value, with no performance fee.