Lauren Parr
DRC Capital has hired Trevor Homes (pictured) from Islamic property bank Gatehouse to head its senior mortgage lending in the UK and Europe, Real Estate Capital has learned.
Banks’ phase of deleveraging non-core legacy debt is at "the end of the beginning", not at "the beginning of the end", agreed panellists at Real Estate Capital’s Europe forum 2015.
Based on an estimated £40 trillion of assets European banks have to de-lever, Ahmed Hamdani, managing director at HIG International Advisors, believed the sale of distressed debt still has a lot further to go.
There is no single cause for the widening in CMBS spreads that saw the last three European deals sell below par, delegates at Real Estate Capital’s Europe Forum 2015 heard today.
Three CMBS deals, from Goldman Sachs and Bank of America Merrill Lynch, priced below par and are assumed to have made losses for the respective issuing banks.
Gatehouse Bank has hired Trevor Homes from ICG-Longbow as its new head of real estate finance, Real Estate Capital can reveal.
From mid October he will lead the Islamic property bank’s senior lending across the UK, France, Germany, Benelux, Spain and Italy.
Three French banks have taken part in the country’s largest financing of 2015 so far, providing a mega €854m joint debt package for Altarea’s refinancing of a 17-asset retail portfolio, Real Estate Capital can reveal.
Crédit Agricole CIB and Natixis co-arranged the loan, each taking a 43% participation equal to €367m. Crédit Mutuel took a 14% share of €119.5m.
Hatfield Philips International’s debt advisory team has arranged its first loan facility, on behalf of parent company Starwood Capital.
The HPI team, led by Rupert Gill, arranged a €6.1m facility for an investor’s purchase of a residential and retail property portfolio from NAMA.
Royal Bank of Scotland is marketing a securitisation of a loan it made to refinance Kennedy Wilson’s Jupiter portfolio of offices, retail and leisure throughout the UK.
The £180m transaction is called Antares 2015-1 and has two classes of floating-rate notes: a £130.65m A class; and a £40.71m B class, rated by DBRS and Fitch Ratings.
Regulators could use lessons learned from defaulted legacy CMBS loans to create a set of criteria for future high quality real estate loans, including CMBS debt.
The suggestion is made by Bank of America Merrill Lynch’s European structured finance team after they analysed the historical performance of over 1,000 commercial property loans across 20 European countries totalling €157bn which were securitised in 184 European CMBS transactions between 2000 and 2013.
Logistics investor and developer Prologis has upsized and amended senior debt held by its Prologis European Properties Fund II (PEPF II).
A new €200m facility has been arranged by Bank of America Merrill Lynch, Royal Bank of Scotland, JP Morgan and ING Bank, with the latter joining as a new lender.
Commerzbank has increased the size of a German non-performing real estate loan portfolio it is bringing to market in the latest disposal from its former Eurohypo business.
The bank is set to release the data tape containing loan and asset level data relating to the NPL portfolio to prospective bidders at the end of this week. It is expected to reveal a portfolio with an unpaid balance of between €900m and €1.1bn according to a source close to the bank.