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
Hines has acquired two mixed use assets in German city centres, financed with separate debt from LBBW and ING, on behalf of an investor client. Kö-Quartier in Düsseldorf and Kronprinzbau in Stuttgart were the first purchases for a new Luxembourg fund set up by Hines for its investor. The assets will be managed by its […]
2 min read · 17 June 2014
Bank of America Merrill Lynch has syndicated around a third of the €130m mezzanine debt secured against the Coeur Défense tower in Paris to Austrian bank BAWAG. BAML underwrote a €935m whole loan in February for Lone Star’s €1.3bn purchase of the iconic building. The five-year refinancing was structured as a 60% LTV senior loan and a mezzanine […]
1 min read · 17 June 2014
Austrian bank BAWAG has acquired £50m of a £225m loan Lloyds made to Aviva Investors and Quintain’s Quercus Healthcare Property Partnership – the largest UK institutional care home property fund. BAWAG typically provides finance at around 50% leverage and a margin of around 400 basis points. This marks its first healthcare loan in the UK […]
2 min read · 16 June 2014
European banks are now well through the process of deleveraging their property books, DTZ said today at the launch of the firm’s Money into Property report for 2014. In the UK this has driven down the volume of total invested stock (equity and debt) by 6% by the end of 2013, as loans sold at […]
2 min read · 12 June 2014
Helical Bar is the latest of a string of property companies to raise capital by issuing convertible bonds at a high premium to share price and NAV. The listed developer and investor run by Mike Slade yesterday raised a total £100m, exceeding its target by £15m. “Issuing a convertible of £100m or below can be a […]
2 min read · 11 June 2014
UK REIT British Land is in the market looking for around £300m of debt to refinance a retail portfolio held by one of its Tesco joint ventures. It is thought to be looking to put together a consortium of lenders to provide debt at low leverage and pricing is expected to be tighter than 150 basis […]
1 min read · 11 June 2014
George Soros has entered the bidding for Catalunya Bank’s €6.5bn Hercules portfolio of loans, according to Spanish newspaper Expansion. He has teamed up with alternative investment manager Varde Partners. The bulk of the 111,000 loans are on residential property, mostly in Catalonia; 43% are non-performing and 15% are sub-performing: in default for less than […]
2 min read · 10 June 2014
