Savoy Hotel restructured with £458m from Crédit Agricole, DekaBank and Lloyds’ Prestonfield

Prince Alwaleed bin Talal of Saudi Arabia and Lloyds Banking Group have closed the refinancing of The Savoy Hotel on the Strand with a £200m senior facility split equally by Crédit Agricole and DekaBank, as part of a wider five-year £458m … Continue reading →

Lloyds sheds £2bn UK CRE in Q1 reducing net global loan book to £50bn

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Lloyds Banking Group reduced non-core UK commercial real estate loans by £2bn in the first three months of this year, taking the partly nationalised bank’s remaining legacy property debt to rundown at just £10.4bn. In Lloyds first quarter results published … Continue reading →

Starwood wins NAMA’s Project Aspen NPL paying less than €200m

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Starwood Capital has won NAMA’s €810m Project Aspen Irish commercial property non-performing loan (NPL) portfolio and is expected to pay less than €200m, in both the first major loan portfolio sale by Ireland’s bad bank and the private equity firm’s … Continue reading →

Apollo-Rida secures €650m six-bank senior and €55m ADIA-led junior ticket

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Apollo-Rida, a joint venture between AREA Property Partners and Rida Development Corporation, and AXA Real Estate Investment Managers (REIM) have refinanced their joint venture 28-strong shopping centre, retail park and hypermarket portfolio in Poland with €650m in senior debt from … Continue reading →

BAML issues €1.07bn Taurus 2013 GMF 1 on Gagfah’s Woba portfolio

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Bank of America Merrill Lynch issued the five-tranche €1.07bn Taurus 2013 GMF 1 CMBS on Friday afternoon, secured by Gagfah’s 46,151-strong Dresden multi-family-focused “Woba” portfolio, in the first new issuance European CMBS of the year. BAML’s return new issuance has been … Continue reading →

Blackstone divests part of Cevdet Caner’s Level One to Deutsche Wohnen

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Blackstone has divested 6,900 German multi-family units, part of Level One’s former assets bought out of administration more than 18 months ago, selling the Berlin portfolio to Deutsche Wohnen for €260m in cash and 8.15m shares worth €109m. Level One, … Continue reading →

Bids in last night for Britannica Fund’s circa £200m ‘Project Panther’

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Bids were submitted last night to buy the seven remaining UK secondary shopping centres within the Britannica fund which fell into administration last September in a deal dubbed Project Panther. ING Bank, the Britannica shopping centre fund’s lead senior lender … Continue reading →

Come to today’s CREFC Europe Spring Conference at One New Change

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Join the CREFC Europe Spring Conference today for a full day of sessions in central London covering the major European real estate finance issues and debated with some of the markets most experienced professionals.  Today’s CREFC Europe Spring Conference – … Continue reading →

Eurohypo UK loan book sale: chronology of an unlikely £4bn trade

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Commerzbank is targeting an end of the second quarter closing for the sale of the £4bn UK Eurohypo commercial property loan book to Wells Fargo and Lone Star, accelerating the permanent senior debt lending retreat of Germany’s second largest bank. … Continue reading →