Inside Lloyds’ £625m Project Harrogate NPL

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Lloyds Banking Group has formally launched its second UK commercial property loan portfolio, the nominally-valued £625m Project Harrogate, comprising a pool of loans which collectively are in more distress than the inaugural loan sale, CoStar News can reveal. Project Harrogate … Continue reading →

BAML replaces Macquarie Bank on Lone Star’s €200m SocGen NPL

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Bank of America Merrill Lynch has replaced Macquarie Bank in providing loan on loan debt supporting Lone Star’s acquisition of the circa €200m non-performing European loan portfolio from Société Générale, as the investment bank continues its exit from real estate finance, … Continue reading →

Europe’s deleveraging cycle will see €100bn cherrypicked by US giants

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European banks’ colossal €600bn five-year commercial real estate (CRE) deleveraging cycle will prompt cherry-picking buys worth around €100bn from US private equity funds, REITs and banks, predicts Morgan Stanley. The scale of European bank deleveraging is likely to be double … Continue reading →

RBS casts net wider to find Marriott hotel portfolio buyer

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Royal Bank of Scotland has begun widening its search for a buyer for its 42-strong Marriott hotel portfolio, with the deal by preferred bidder Blue Coast Hotels hanging in the balance, CoStar News understands. Blue Coast Hotels, the Indian hotel … Continue reading →

Ginko Tree Investment to buy £285m Drapers Gardens (updated 15:30 30/5)

Chinese investment company Ginko Tree Investment is buying Evans Randall’s Drapers Gardens office complex in the City for around £285m. The RREEF this week exchanged contracts to buy the 292,500 sq ft property, EC2, from Evans Randall for an equivalent yield … Continue reading →

Deutsche Wohnen finances BauBeCon €1.24bn buy with €800m from four banks

Deutsche Wohnen, the German listed residential property company, is financing its €1.235bn acquisition of the 23,500-strong BauBeCon portfolio from Barclays with separate senior debt facilities from four banks worth just under €800m combined. CoStar News understands Deutsche Pfandbriefbank (PBB), LBBW, … Continue reading →

JPMorgan: Greece’s EMU exit could be ‘worse than after Lehman’ for values

It remains too early to aggressively buy listed real estate stocks in the Eurozone given the market’s structural change and the fact that a Greek exit from the single currency could be worse for continental property values than Lehman Brothers’ … Continue reading →

Solutus Advisors takes control of Smyth’s Alburn sell-off

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Royal Bank of Scotland is expected to ratify the appointment of Solutus Advisors as special servicer on Noel Smyth’s 45-strong Alburn Real Estate Capital, in a final attempt to influence the asset management and disposal strategy mandated to LPA receivers … Continue reading →

Lloyds Banking Group assembles Project Royal II

Lloyds Banking Group is assembling its second UK property loan portfolio for sale which is expected to have a nominal value of at least £200m smaller than last year’s equivalent, at around £750m, in a portfolio dubbed Project Royal II, … Continue reading →