Omni Capital has provided a £30m debt facility to a healthcare developer owned by Lawrence Tomlinson, the government’s former entrepreneur in residence and fierce critic of Royal Bank of Scotland. The debt business, owned by Christian Candy’s CPC Group, has issued a four-and-a-half year loan to LNT Care Developments, a specialist developer of care homes chaired and owned by Tomlinson. The loan will be used to expand the company’s development pipeline within the UK.
3 min read · 05 February 2015
PERE Research and Analytics’ monitoring shows 64 real estate debt funds in the market this month, seeking to raise $26.3bn.
1 min read · 04 February 2015
Real estate is winning out over other asset classes despite the steady increase in pricing over the past two years due to its relatively higher yields, delegates at the Urban Land Institute’s annual conference in Paris heard today. Speaking as part of a panel dubbed “Follow the money? – Global Real Estate Capital” Jack Chandler, chairman of Blackrock Realty Advisors, said that investors saw the asset class as more palatable than bonds or gilts, some of which were providing a negative return subject to inflation.
3 min read · 04 February 2015
Firm’s new finance head reveals his expansion plans
6 min read · 04 February 2015
Texas-based private equity firm TPG continued its rapid expansion into real estate last month by acquiring 75% of a $2.5bn portfolio of US real estate loans from Deutsche Bank’s Special Situations Group. The deal involves higher-yielding debt on transitional assets, along with an 11-strong DB origination and risk management team. The firm struck the deal through a new REIT called TPG Real Estate Finance Trust (TRT) and said it had raised $750m from institutional investors to originate new loans. DB retains a 25% interest.
3 min read · 04 February 2015
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.
2 min read · 04 February 2015
Mesa West Capital has provided Sterling Bay with $220m to refinance 1KFulton, a 10-story, 535,000 sq ft trophy office building in Chicago, Illinois that will serve as Google’s new regional headquarters. The financing included $35m of mezzanine debt that was placed with Morgan Stanley Real Estate Investing at closing.
1 min read · 02 February 2015
On the heels of an SEC agreement that delivered a hefty slap on the wrist and partial CMBS ban to ratings agency S&P, a new report from a rival firm suggests that a so-called slippage of underwriting among “other rating agencies” is widespread and could lead to a new credit crisis. “Those who cannot remember the past are condemned to repeat it,” the US CMBS Q4 Review from Moody’s Investor Service begins, quoting philosopher George Santayana.
3 min read · 02 February 2015
DRC Capital has clinched a €500m mandate to invest in European real estate senior debt, Real Estate Capital can reveal.
2 min read · 02 February 2015
HIG Capital has appointed a new co-head of European real estate who will share the role with existing managing director Ahmed Hamdani. The private equity investor has recruited Riccardo Dallolio to the position.
1 min read · 02 February 2015
