Monthly Archives: December 2011

Lloyds and Lone Star close Project Royal

Lloyds Banking Group and Lone Star finalised the £923m Project Royal UK secondary commercial property loan portfolio yesterday, taking just two weeks to close the deal. Lone Star has confirmed that the entire loan portfolio has been transferred into its … Continue reading

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Land Securities closes £1bn revolving debt facility

Land Securities, the UK’s largest property company, has closed a £1bn revolving credit facility, in the largest domestic debt refinancing of the year and on terms which reflect the growing influence of ancillary business in banking negotiations. The real estate … Continue reading

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UPDATED: RBS and Blackstone close Project Isobel

Royal Bank of Scotland and Blackstone have finally closed the £1.36bn Project Isobel property loan deal, backed by £550m in stapled debt, CoStar News understands. The joint venture partners signed contracts on Tuesday evening at 8pm. The closure of the … Continue reading

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Commerzbank’s Eurohypo dilemma lingers on

Commerzbank remains locked in talks to offload Eurohypo, its real estate and public finance lending subsidiary, to the German government in a bid to bolster its capital reserves while not appearing to be receiving State Aid. The German lender, the … Continue reading

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Lone Star plots raid on Noel Smyth’s Alburn portfolio

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Lone Star is looking at offering to buy the CMBS bonds secured by Noel Smyth’s Alburn Real Estate 45-strong UK secondary portfolio in the first quarter of next year. CoStar News understands Lone Star is evaluating a number of options … Continue reading

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UK real estate values fall as US prices see strongest rise since downturn

UK commercial property values fell for the first time in November in almost two and a half years, signalling the market’s inflexion point just as US values recorded their strongest monthly rise in almost three years. The contrast between the … Continue reading

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LandSecs and Delancey secure £140m bridge loan refi

Land Securities and Delancey have replaced a bridge finance loan with £140.7m of senior debt across two separate facilities secured against their joint venture Metro Shopping Fund’s Wandsworth and Clapham shopping centres, CoStar News has learned. The £143m bridging loan … Continue reading

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DTZ Research: a perfect secondary property storm looming

Poor quality secondary office stock accounts for more than two-thirds of total floor space for the sector, with the proportion set to rise as restricted redevelopment appetite curbs the recycling of moribund properties. Almost 70%, or 721m sq ft of … Continue reading

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FSA: RBS’ property exposure was a ’cause for concern’

Lord Turner, chairman of the Financial Services Authority, has cited the regulator’s failure to scrutinise Royal Bank of Scotland’s macroeconomic stress-testing over risks posed by its commercial property exposures as a second-order driver. This morning more than three years after … Continue reading

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