Monthly Archives: December 2012

Kennedy Wilson closes Ruby portfolio for £62.75m

Kennedy Wilson has completed the purchase of the Ruby portfolio for a final price of £62.75m, finally concluding the ownership of a portfolio of assets contested in secondary CMBS, the courts and receivership. Noel Smyth’s vigorously-contested former portfolio of disparate … Continue reading

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JPMorgan’s 2013 Forecasts: prime bubble to stimulate secondary investment activity

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Strong capital flows together with the belief markets are entering bubble territory for prime in core Western European countries will prompt real estate investors to move up the risk curve and invest in secondary assets next year, predicts JPMorgan’s real … Continue reading

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Lone Star controversially loses fight to unseat Hatfield on Windermere XIV

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Lone Star lost the vote to unseat Hatfield Philips on the loan servicing mandate for the Windermere XIV CMBS, after a contentious single bondholder’s vote was sufficient to block the resolution to install Hudson Advisors. HSBC Asset Management voted against … Continue reading

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Fitch withdraws Solutus’ rating over ‘incorrect and misleading information’

Fitch Ratings has withdrawn its ratings for Solutus Advisors citing that the commercial property loan servicer had provided “incorrect and misleading information during the initial rating process”. In a brief statement published on Friday, Fitch wrote that: “Fitch will no … Continue reading

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DTZ appointed Mapeley’s Gamma LPA receiver

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DTZ has been appointed as LPA receiver over Mapeley’s £116m UK secondary office Gamma portfolio, enforced yesterday afternoon by special servicer Hatfield Philips International (HPI), CoStar News can reveal. Bryn Williams, head of UK corporate recovery, and Fergus Jack, head … Continue reading

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Alternative De Montfort Analysis: Banks have just £5bn UK property loans at risk

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Banks’ UK commercial property loans at risk of loss were less than £5bn at the end of June, reflecting just 2.4% of the outstanding £204.1bn of debt captured by the mid-year De Montfort property lending survey published today. This £4.93bn … Continue reading

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Receivers called in over Mapeley’s £116m UK Gamma portfolio

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Hatfield Philips International has enforced against Mapeley’s 24-strong UK-wide office portfolio after an August re-valuation by DTZ revealed that the secondary Gamma portfolio had collapsed in value by 62.3% to £116.2m in the last eight years. Lambert Smith Hampton has … Continue reading

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Bondholders consent to Livingstone brothers’ LoRDS CMBS restructuring

London & Regional’s LoRDS CMBS restructuring proposals were passed in a bondholder vote this morning, paving the way for three one-year loan extensions and margin step-ups to aid asset management ahead of the disposal of the Livingstone brothers’ four-strong securitised … Continue reading

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Hatfield Philips fights back to keep Windermere XIV CMBS mandate

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Hatfield Philips International (HPI) has put forward a vigorous defence of its servicing record on the legacy Lehman Brothers Windermere XIV CMBS in an effort to block Lone Star’s bid to oust it from the servicing mandate on the remaining … Continue reading

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