Carlyle has mandated CBRE to help it source whole loan financing of around €100m for the recapitalisation of three European retail assets including one in Portugal. The private equity group’s Freeport Outlet Alcochete retail centre near Lisbon was inherited through Carlyle’s acquisition of outlet mall developer Freeport in 2007. It was extended to 42,934 sq m […]
1 min read · 26 June 2014
Hammerson has issued a €500m fixed-rate public bond with the lowest ever coupon by a UK property company, at 2%. Priced at 90 basis points over the mid swap rate, the eight-year bond was more than five times oversubscribed. Hammersmith’s chief financial officer, Timon Drakesmith, said: “Market conditions for new debt offerings are favourable at […]
1 min read · 25 June 2014
Loan advisory firm Situs has set up a new joint venture with Swedish-owned debt collection group Lindorff to capitalise on growing non-performing loan activity in Spain. Lindorff has offices throughout Europe, including 750 staff across Spain. The new platform, Situs Lindorff, will be overseen by Lindorff’s country head for Spain, David Perez (pictured), alongside a new hire […]
1 min read · 25 June 2014
AustralianSuper, the A$75bn superannuation fund that has begun to assemble a direct property portfolio overseas, has appointed Rockspring Property Investment Managers to buy large office and retail assets in continental Europe. Rockspring is the second European-based manager appointed by AustralianSuper following two mandates made to TIAA Henderson Real Estate to invest in UK prime shopping […]
2 min read · 24 June 2014
DekaBank has provided £100m of refinancing for 90 Long Acre, an office building in Covent Garden, London. US private equity firm Northwood Investors paid circa £165m for the 194,000 sq ft building with existing debt of £121.5m in place last May. The loan associated with the asset was part of a wider securitisation – Lehman […]
1 min read · 24 June 2014
Prudential Mortgage Capital Company has provided $131.7m in first mortgages to refinance a Lock Up/Evergreen Storage portfolio of 18 US properties. The financing is comprised of a $20m, seven-year, floating rate tranche, and a $111.7m, 10-year, fixed rate tranche. Prudential said that the post-recession shift in housing demand from owning to renting continues to drive its faith […]
2 min read · 23 June 2014
Bayside Capital has emerged as the mezzanine provider behind the refinancing of one of Spain’s largest shopping and leisure centres. The opportunistic investor issued a mezz loan of around €20m for the refinancing of Madrid’s Islazul shopping centre. Bayside’s position sits between 50% and 70% LTV in the overall capital stack. Owners Ivanhoe Cambridge […]
1 min read · 19 June 2014
Colony American Homes’ second single-family rental securitization, the $558.5m Colony American Homes 2014-2, is on the market, becoming the fifth such offering in the rapidly growing asset class. Despite inherent risks in this and other SFR deals, such as house price volatility, managers with limited operating history, and the geographic concentration of the assets, analysts tell […]
3 min read · 19 June 2014
Fitch today assigned provisional ratings to Deutsche Bank’s Italian €355m DECO-2014 Gondola CMBS, the first new deal this year, secured on three loans to Blackstone. There is a €185.5 Class A tranche; a €65m Class B tranche; €30.5m Class C; €52m Class D; and €22m Class E, all with final legal maturity in February 2026. […]
2 min read · 18 June 2014
Bank of America Merrill Lynch has launched the second new European CMBS this year following Deutsche Bank’s Italian €355m DECO-2014 Gondola transaction two weeks ago. BAML is securitising a senior loan it recently made for Apollo Global Management’s purchase of the Project Moon portfolio comprising 135 secondary properties spread across the UK. The deal is notable […]
2 min read · 18 June 2014
