Merlin Property has secured the largest real estate loan in Spain since the downturn. The Socimi has agreed an €825m, 10-year loan from a consortium of 10 banks to refinance a portfolio of 880 BBVA bank branches and five BBVA offices known as the Tree portfolio, according to EuroProperty.
1 min read · 10 December 2014
Allianz Global Investors has invested £119.7m in the refinancing of a student accommodation project at the University of Exeter in south-west England, writes Real Estate Capital’s sister title Infrastructure Investor. The investment is the first from AllianzGI’s UK Infrastructure Debt Fund which was launched in July this year with a target of up to £500m. According to an AllianzGI statement, it is also the first investment in the student accommodation sector that it has undertaken on behalf of clients.
2 min read · 10 December 2014
Deutsche Bank’s €679.9m CMBS – DECO 2014-BONN – has been sold at a margin of 199 basis points. The loan is secured against 29 German offices owned by IVG
2 min read · 10 December 2014
Macquarie Lending has arranged a structured £35m stretch senior facility for Victus European Student Accommodation Fund, which owns nine student properties across Europe, according to a statement from the firm. Cordet, a provider of private debt and alternative funding based in London and Stockholm, partnered with Macquarie to fund a minority portion of the facility.
1 min read · 10 December 2014
Wells Fargo has provided $86m in post-acquisition financing to Boston-based Rockpoint Group for its purchase of the San Mateo Baycenter in San Mateo, California. Rockpoint paid Equity Office Properties $128.5m for the office campus in September, putting the loan-to-value just under 67%.
1 min read · 09 December 2014
Harbor Group International of Norfolk, Virginia received $151m in financing from Freddie Mac for the acquisition of The England Group Portfolio, a 2,368-unit multifamily portfolio in Texas. Freddie Mac provided seven floating rate mortgages, each with a seven-year term; and two supplemental fixed-rate loans on two of the assets, each with a 7.58-year term, in conjunction with the approval of the first mortgage assumptions on those assets.
2 min read · 09 December 2014
Canary Wharf Group has won support from a second major shareholder but is not, for now, enough to prompt a sale. Madison International Realty has accepted the duo’s offer of 350p per share made last Thursday for its 2.5% in Songbird Estates, the listed vehicle which owns 69.37% of Canary Wharf Group.
2 min read · 08 December 2014
Bayside Capital has secured financing from Nordea for its €107m joint venture purchase of a Finnish retail portfolio. Bayside, a credit affiliate of HIG Capital, has drawn down the funds after recently completing the acquisition in partnership with Finnish private equity group Trevian Asset Management. The vendor was AXA Real Estate.
2 min read · 05 December 2014
Blackstone Real Estate Debt Strategies (BREDS) has provided a $102m construction loan to Miami-based Related Group for the development of the Hyde Resort & Residences in Hollywood Beach.
1 min read · 04 December 2014
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.
2 min read · 03 December 2014
