Commerzbank to integrate Eurohypo with €5bn European lending allowance

Commerzbank confirmed today that the European Union Commission has reversed the requirement to sell Eurohypo by the end of 2014, in exchange for a dramatic run-down of its circa €63bn real estate loan book and the limitation of future new … Continue reading →

HUT JV signs £150m refi with PBB and Heleba

British Land and Schroder Property’s £1.6bn Hercules Unit Trust, the UK’s largest specialist retail warehouse fund, has refinanced the maturing debt of a subsidiary joint venture, Gibraltar Limited Partnership, with a £150m five-year senior loan with Deutsche Pfandbriefbank (PBB) and … Continue reading →

Goldman to finance Blackstone’s Devonshire buy with £220m

Goldman Sachs has won the financing mandate for Blackstone’s circa £325m acquisition of the Devonshire Square estate with a five-year £220m senior loan, CoStar News understands. The financing level puts the LTV at around the 65% mark. Blackstone is understood … Continue reading →

GE Real Estate renews European debt appetite

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GE Real Estate, the real estate division of General Electric, has confirmed a strategic refocus on European and US commercial real estate lending, as part of a wider re-allocation into UK and Asian property markets. GE, which has been an … Continue reading →

M&G eyes £2bn European loan book by year end

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M&G Investments, the asset manager, will have built a near £2bn European real estate loan book by the end of this year, including a likely lending appetite of around £1bn this year. Most of the real estate loan book, which … Continue reading →

Deutsche Hypo’s €3.5bn 2012 European lending drive

Deutsche Hypothekenbank will increase its European property new lending this year by around €500m to €3.5bn, including an uptick in its €750m of UK lending last year, CoStar News understands. The German pfandbrief-funded real estate lender’s annual new lending commitments … Continue reading →

Madison acquires Morgan Stanley’s 57% equity stake in Frankfurt’s Trianon

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Madison International Realty, the New York-based real estate equity investor, and its German subsidiary, Madison International, has bought Morgan Stanley’s 57% equity stake in the Frankfurt Trianon complex for €92m, one of the city’s most prominent offices. The 47‐floor office … Continue reading →

Patron Capital/TPG compete with Valad disposal strategy over Uni-Invest

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Private equity firms Patron Capital and TPG Capital have together bid to purchase the senior loan which secures the bond-defaulted Uni-Invest CMBS, while a separate disposal strategy, devised by Valad Europe, would unwind the 220-strong Netherlands property portfolio. The fate … Continue reading →

Blackstone’s £325m Devonshire buy will repay ELOC bondholders

Blackstone is under offer to buy Devonshire Square for circa £325m from Rockpoint and Abu Dhabi Investment Authority (ADIA), in a deal which will be financed with around £180m of senior debt from two to three lenders. When the deal … Continue reading →