Monthly Archives: November 2013

Lloyds confirms projects Bravo and Charlie sale to Cerberus for £860m

Lloyds Banking Group has confirmed the sale of projects Bravo and Charlie to Cerberus for a cash consideration of €1.032bn, or approximately £860m at current exchange rates. Promontoria Holding 89 BV, affiliate of Cerberus Institutional Partners V L.P., has acquired … Continue reading

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Cerberus pays €1bn for Lloyds’ Projects Bravo and Charlie

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Cerberus Capital Management has bought two European commercial property loan portfolios from Lloyds Banking Group for just over €1bn, crystalising a near 25% discount.  Lloyds has sold both the circa €750m Project Charlie and the €500m Project Bravo to Cerberus, … Continue reading

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Inside IBRC’s £1.46bn Project Salt

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More than 30 separate first round bids were lodged last Friday for the first two IBRC property non-performing loan (NPL) portfolios, the £4.82bn Project Rock and the £1.46bn Project Salt, as KPMG pours through an enormous matrix of possible sales … Continue reading

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Ireland’s second REIT targets €350m with cornerstone investors committing one-third

Plans to raise as much as €350m for Ireland’s second real estate investment trust, Hibernia REIT, were finally lodged this morning with the investment management team, led by William Nowlan, seeking a larger maiden capital raising haul than Green REIT’s … Continue reading

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Pricing guidance for Goldman’s €363m Gallerie implies profitable CMBS

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Pricing guidance for Goldman Sachs’ anticipated €363m Italian CMBS, Gallerie 2013 S.r.l., was published this morning implying an expected weighted average coupon on the triple-tranche securitisation of less than 2.75%, substantially inside the investment bank’s senior loan. Gallerie is the … Continue reading

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Vince Cable hands regulators damning dossier probing RBS practices

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Royal Bank of Scotland has been accused of engineering loan defaults to transfer solvent businesses into its turnaround division, Global Restructuring Group (GRG), to generate revenue through fees, increased margins and, ultimately, to seize undervalued assets to subsequently sell on … Continue reading

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Four finalists selected for Aviva’s £400m Project Moon

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Aviva has selected a four-strong shortlist to acquire its circa £400m Project Moon UK direct secondary property portfolio. Apollo Global Management, Blackstone, Cerberus Capital Management and Kennedy Wilson have progressed through to the second and final round, CoStar News can reveal.  Project … Continue reading

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Asian banking consortium leads £790m Battersea Power Station syndication

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A consortium of four South East Asian banks have together provided the owners of Battersea Power Station with a two-tranche funding package of £790.2m to finance the re-development of the iconic 39-acre scheme and refinance nearby land. CIMB Group, the … Continue reading

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RBS extends £100m loan for Henderson’s flagship UK shopping centre fund

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Royal Bank of Scotland has extended a £100m five-year senior debt facility to Henderson Global Investors’ (HGI) flagship £653m UK Shopping Centre Fund. The fresh £100m RBS senior debt facility rationalised the Henderson fund’s two maturing debt facilities: a £70m … Continue reading

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