Kennedy Wilson has raised more capital for investment by increasing its gearing via a £184m, five-year term loan Royal Bank of Scotland. The loan is secured on assets in the UK Jupiter portfolio which Kennedy Wilson Europe Real Estate bought in June, for £296m. Quoted KWERE raised £1bn through an initial public offering in February last year […]
2 min read · 24 September 2014
Citi has financed Blackstone’s latest round of Continental purchases for its logistics platform, Logicor. The bank has provided a five-year loan of €285m to fund thepurchase of 17 assets from SEB, bought for €270m in July, and six Spanish assets that were bought from Gran Europa for €130m in August. The deal reflects a loan-to-value […]
1 min read · 23 September 2014
Clarence Dixon, CBRE’s chief operating office of its Debt Services division, has been promoted to global head of loan servicing. In his new role he will continue to oversee loan servicing in Europe but also become active in the US, joining the board of CBRE’s North American servicing platform, GEMSA and help set up a […]
2 min read · 23 September 2014
The European Association for Investors in Non-Listed Real Estate Vehicles, aka INREV, held its second North American conference on the eve of Scotland’s historic vote for independence last week. Inevitably, the impacts the vote would have on the European Union had been heavily debated. But, for at least one speaker in New York, the vote […]
3 min read · 23 September 2014
Helaba and Handelsbanken have teamed up provide £325m of refinancing for a UK retail portfolio held by a joint venture between British Land and Tesco. The German and Swedish banks, respectively, have each provided half of a new five-year term loan for Tesco BL Properties, secured against two retail parks, five shopping centres and four […]
1 min read · 23 September 2014
Lloyds Banking Group is shaking up its real estate lending operation and has appointed John Feeney to lead an expansion of the bank’s property business. Lloyds told staff this morning that it is to streamline two of the three property divisions at the bank. The change will see Feeney take over responsibility for all real […]
2 min read · 22 September 2014
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
