The deadline to vote for the best financiers and advisors in Europe and the US in Real Estate Capital’s inaugural awards is fast approaching. Competition in several categories is close, so every cross in the box will be crucial Voting closes at midnight on Friday 9th January. The pan-European lender of the year category is […]
1 min read · 06 January 2015
Lending giant Wells Fargo has provided Boston-based Rockpoint Group with a $115m loan for the acquisition of the Wimbledon apartment building on the Upper East Side of Manhattan. Rockpoint paid J.P. Morgan $218m for the recently-renovated 28-story apartment building at 200 East 82nd Street, putting the loan-to-value at 52%. J.P. Morgan paid $150.8m for the property […]
1 min read · 05 January 2015
Spanish “bad bank” Sareb sold a number of real estate loan portfolios with a face value of €847m in the final weeks of 2014. Two real estate loan books including the €259m Agatha portfolio and the €140m Olivia portfolio have been sold to investors including London-based private debt firm Hayfin, writes Real Estate Capital’s sister publication PDI.
2 min read · 05 January 2015
ING has backed Valad Europe in its first purchase for its new Dutch vehicle, Valad Netherlands Diversified Partnership (VNDP). Valad has entered into a joint venture agreement with an unnamed investor to build a €500m diversified portfolio of core-plus/value-add assets in the country.
2 min read · 05 January 2015
Orion Capital Managers has sold its Puerto Venecia shopping centre and retail park in Zaragoza in Spain to Intu for €451m. The deal is a new landmark for the country’s real estate recovery with the sale reflecting a 5% yield, pricing unimaginable only six months ago. Having entered at its very nadir, the sale also […]
2 min read · 24 December 2014
Starwood Capital has refinanced the Aldgate Tower in the City of London with a £200m loan. The 317,000 sq ft office building reached practical completion earlier this month and is owned by Aldgate Developments. Starwood’s listed real estate debt fund, Starwood European Real Estate Finance, provided £45m and the Starwood Property Trust the remainder.
2 min read · 23 December 2014
Mike Dunn, St Modwen Properties’ group finance director, is to leave the company. Dunn is to leave the listed UK regeneration specialist in order to spend more time with his family. He is to remain with the company until 31 May or earlier if mutually agreed to ensure an orderly transition and at that point […]
1 min read · 22 December 2014
McCarthy & Stone has agreed a new £200m bank facility with four banks. Barclays, HSBC, Royal Bank of Scotland and Santander hasveprovided a five-year loan for the retirement housing specialist.
1 min read · 22 December 2014
Aviva Commercial Real Estate Finance has sold a distressed UK portfolio for £503m to Kennedy Wilson Europe Real Estate. The insurer has also provided £352.3m of staple finance, reflecting a loan-to-value of 70%. The senior debt facility has been split into a three-year floating rate loan (33%), a five-year fixed rate loan (20%) and an eight-year fixed rate loan (47%). The facility has a weighted average margin of 206 bps and has the flexibility to substitute properties over the life of the loans, based on the acquisition purchase price.
3 min read · 22 December 2014
Helical Bar has secured an £81m debt facility from Aviva Commercial Finance to refinance a trio of assets in the UK. The 10-year loan allows for drawdowns of up to 63% of value and have a fixed interest rate of 2.48%. The assets are two office buildings in London – the 150,000 sq ft Shepherd’s Building in Shepherd’s Bush and the 35,000 sq ft One King Street in Hammersmith – as well as a retail asset within its 250,000 sq ft Morgan Quarter in Cardiff.
2 min read · 19 December 2014
