Monthly Archives: May 2013

Lloyds confirms Project Thames sale to Cerberus at £325m

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Lloyds Banking Group signed contracts with Cerberus Capital Management over the sale of the UK real estate loan portfolio, Project Thames, in the early hours of the morning ahead of a stock market announcement confirming the sale at £325m. In … Continue reading

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Cerberus to pay £315m for Project Thames NPL financed by Nomura

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Cerberus Capital Management has won its first European non-performing loan portfolio (NPL) from Lloyds Banking Group, after emerging as the highest bidder on Tuesday for the bank’s Project Thames portfolio, paying around £315m which will be financed by Nomura. Competition … Continue reading

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Morgan Stanley’s Matt Weir quits for Goldman Sachs

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Morgan Stanley’s Matt Weir resigned on Tuesday this week and is expected to take up a role on Goldman Sachs’ ABS trading desk later this summer. Weir was co-head of European ABS trading at Morgan Stanley before moving to work … Continue reading

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Praxis set to pip Kennedy Wilson to £250m Britannica ‘Project Panther’

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Praxis Real Estate is the frontrunner to buy the Britannica fund, paying just over £250m for the seven UK secondary shopping centres and edging out Kennedy Wilson, in a deal which is expected to crystallise a near £100m loss to … Continue reading

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CIC returns to debt markets for Winchester House

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China Investment Corporation (CIC), the country’s biggest sovereign wealth fund, has returned to the debt markets to seek to leverage last year’s acquisition of Winchester House seeking around £160m in senior debt. CIC acquired the 310,000 sq ft Winchester House from … Continue reading

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BAML closes highly profitable Taurus CMBS (updated)

Bank of America Merrill Lynch tightened pricing across the capital stack of the €1.07bn Taurus 2013 GMF 1 CMBS ahead of closing a profitable return to European securitisation. Between Wednesday lunchtime and thursday afternoon’s final closing, guidance pricing – over … Continue reading

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Davidson Kempner hires Starwood Capital distressed debt specialist

Davidson Kempner, the US hedge fund, is expanding its European real estate debt team with the hire of Starwood Capital’s Romain Ferron. Ferron leaves Starwood after almost four years working as a distressed real estate debt specialist at the end … Continue reading

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Aareal closes €1.6bn CRE loans in Q1 and on track for 2013’s €7bn lending drive

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Aareal Bank Group extended €1.6bn in European property loans over the first quarter of the year, taking its global tally to €2bn, with the bank re-issuing its full year lending ambitions of up to €7bn. Aareal, which posted a first … Continue reading

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Slotting increases RBS’ risk-weighted assets by further £2.8bn

Royal Bank of Scotland has confirmed this morning that compliance with the incoming ‘slotting’ regime for the capital reserve treatment for commercial property lending has prompted a further £2.8bn increase in its risk-weighted assets. Slotting, a legacy capital reserve requirement … Continue reading

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