Monthly Archives: February 2013

RBS will near £50bn CRE de-leveraging since 2008 by year end

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Royal Bank of Scotland expects to shrink its non-core global commercial real estate loan book to a rump of less than £15bn by the end of this year which will crystalise a near £50bn de-leveraging programme in five years.  In … Continue reading

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Citigroup to syndicate Starwood’s £200m Principal Hayley senior loan

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Starwood Capital Group has acquired Principal Hayley’s 23-strong UK and European hotel chain for £360m, financed with a three-year £200m Citigroup senior loan. Morgan Stanley Real Estate Funds was the underbidder to Starwood on the hotel transaction. Lloyds Banking Group … Continue reading

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CREFC Europe: Veteran debt experts debate emerging European CMBS revival next month

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Commercial Real Estate Finance Council (CREFC) Europe, the trade association for global commercial real estate finance markets, has assembled a heavyweight panel of lenders and debt investors to discuss the possible emerging revival of CMBS on this side of the … Continue reading

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Morgan Stanley makes bold return with £190m Adelphi loan for Blackstone

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Morgan Stanley is making a bold return to UK real estate lending by financing Blackstone’s £265m acquisition of the Adelphi building in the West End with a five-year £190m senior loan, CoStar News can reveal. The punchy return to property … Continue reading

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Intu raises £280m equity and tees up £1.15bn hybrid refinancing (updated)

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Intu Properties, the rebranded Capital Shopping Centres Group, has raised £280m today through an equity placing and is set to launch a sterling-denominated corporate bond on Monday as part of a £1.15bn hybrid refinancing strategy for four of its UK … Continue reading

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Former JPMorgan’s Andrew Penny and JLL’s Nick Deane launch QZ Capital

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Former investment banker Andrew Penny and West End investment agent Nick Deane have founded QZ Capital which will seek to invest in central London commercial and residential properties with a value-add play alongside joint venture partners. Penny, a real estate banking veteran … Continue reading

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Marathon pays €400m for Project Chamonix as Lloyds readies Project Thames UK NPL

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Marathon Asset Management, the US hedge fund, has paid €400m for Lloyds Banking Group’s Project Chamonix non-performing loan portfolio (NPL), reflecting a 52.9% discount to par value. Goldman Sachs’ Special Situations Fund and Cerberus Capital Management were understood to have … Continue reading

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Former Lehman Brothers chief Richard Story raises £200m for resi development finance

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Henley Investments, the boutique real estate private equity firm, has raised £200m from a string of institutional investors to provide UK residential development finance. Henley Property Finance (HPF), which former head of equity finance and prime brokerage at Lehman Story … Continue reading

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£36bn of fresh senior debt masks secondary financing malaise

Property financing in the UK will continue to fragment this year with as much as £36bn in senior debt masking a deeper and more pernicious domestic secondary financing malaise. The Association of Property Lenders (APL) and the Investment Property Forum … Continue reading

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