Monthly Archives: April 2011

Palatium realistic with White Tower Class E loss

Palatium Investment Management, as one of the Class E noteholders in the White Tower £1.15bn CMBS, is very pragmatic about its recovery position. The position, understood to be less than a third of the entire Class E, was part of … Continue reading

Posted in CMBS, Refinancings | Tagged

Moody’s updates on record year for loan maturities

There are currently 49 European CMBS deals with loans currently in special servicing, according to ratings agency Moody’s, comprising 88 individual loans worth €13.7bn. This year is going to be a record year for loan maturity which is expected to … Continue reading

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Hammerson’s debt costs rise four-fold

Hammerson has replaced its expiring undrawn £670m credit facility with a £505m, five-year revolving facility reflecting a four -fold increase in its cost of debt. The syndicated request, oversubscribed from £400m, was provided by an 11-strong consortium of banks led … Continue reading

Posted in Banks, Lenders, Refinancings, REITs | Tagged

CBRE and JLL post improved results, but fail to impress analysts

Shares in global real estate services firms CBRE and JLL fell yesterday, after revenues missed analysts’ expectations. CBRE’s share price fell 6.3% yesterday to close at $26.75, while JLL’s stock fell by 5% to close at $101.65. In an analyst … Continue reading

Posted in Real estate advisors | Tagged ,

White Tower workout a success – but BBB noteholders won’t be happy

The workout of the White Tower £1.15bn CMBS portfolio, backed by a nine-strong London office portfolio of property tycoon Simon Halabi, has broadly been deemed a success. Following the announced sale of Aviva Tower for £288.2m to an undisclosed Far East … Continue reading

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To lend or to own – the capital question

The scale of the incentive for insurers to lend, rather than directly own real estate, under Solvency II, is immense. The proportion of capital which insurers will need to hold in reserve against direct property – the capital charge – … Continue reading

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