Richard Dakin, the man behind Lloyds Banking Group’s post-crisis property deleveraging drive, is to leave the bank in November. Under his leadership as head of corporate real estate business support unit and non-core Lloyds has recouped £24bn of value from real estate since the start of 2009. The “bad book” has decreased in size from […]
2 min read · 22 September 2014
ING has financed Bayside Capital’s €70m purchase of a Dutch portfolio from IVG. Bayside, a credit affiliate of HIG Capital, has bought six office buildings and one shopping centre from IVG’s institutional fund management business. The portfolio totals 52,000 sq m. The five-year loan of around €45m reflects a loan-to-value of 65% with a margin […]
2 min read · 19 September 2014
Teachers Insurance and Annuity Association–College Retirement Equities Fund (TIAA-CREF) announced this week the hiring of Ted Norman as the new senior director and head of the organization’s US commercial mortgage investments platform. The national platform with offices in New York, Charlotte, Newport Beach and San Francisco will target fixed rate loans with a minimum loan […]
2 min read · 18 September 2014
An anticipated month of double-digit CMBS issuance is renewing concerns over laxer underwriting standards and increasing leverage on deals. “Clearly there’s been an erosion of underwriting and it’s also been exacerbated by the number of originators out there,” said Eric Thompson, a senior managing director with Kroll Bond Rating Agency’s CMBS group. Over the last […]
3 min read · 18 September 2014
Principal Real Estate Investors and Macquarie Group have joined forces, launching a lending platform focused on originating and securitizing commercial mortgages through the CMBS market. Principal Real Estate Investors will source, underwrite, close and service the loans, while Macquarie will provide funding and capital markets expertise. A spokesperson for Principal told Real Estate Capital the […]
1 min read · 18 September 2014
Margins for German property loans will fall and loan-to-value ratios will rise says the forecast for this year and next in the second annual survey of German commercial real estate lending by the International Real Estate Business School, part of the University of Regensburg. The forecast is in contrast to the position last year. Across […]
3 min read · 18 September 2014
Wells Fargo has refinanced Intu’s 50% share in the St David’s Shopping Centre in Cardiff. The deal is part of a continued drive by the retail specialist to drive down its cost of finance and take advantage of the buoyant debt market. The seven-year facility is split between a £122.5m term loan and a £40.7m […]
2 min read · 18 September 2014
A club of four banks has agreed to refinance the entire 750,000 sq ft retail, leisure and parking portfolio of the Canary Wharf Group, Real Estate Capital can reveal. Lloyds Banking Group, Wells Fargo, Barclays and HSBC have jointly agreed to provide a facility of £600m. The five-year loan has been agreed at a margin […]
1 min read · 17 September 2014
The eight partners of UK property financing business ICG-Longbow could receive up to £37m from the sale of their remaining 49% stake to parent ICG. The sale, led by founders Kevin Cooper and Martin Wheeler (pictured), is due to complete in October, three and a half years after they sold a 51% stake to quoted specialist […]
2 min read · 17 September 2014
Deutsche Bank has launched the first CMBS in the Netherlands and the first to more than one borrower to be structured this cycle. The DECO 2014 TULIP CMBS is made up of two loans made by the German bank: one to PPF Real Estate Holding and the other to a joint venture between Mount Kellett […]
1 min read · 16 September 2014
