Monthly Archives: March 2014

Commerzbank narrows to final four on Project Octopus sale

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Commerzbank has selected four joint venture consortiums to progress through to the second round of the sales process of the Spanish commercial property lending platform, codenamed Project Octopus, from its formerly-named Eurohypo subsidiary. CoStar News understands that the following four consortiums through to … Continue reading

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Deutsche Bank leads winners of IBRC’s Project Stone

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Deutsche Bank leads the winners of IBRC’s penultimate non-performing commercial property loan portfolio, Project Stone, with the spoils shared between three separate individual and consortium private equity funds and investment bank winners. KPMG, the special liquidators of IBRC, has carved … Continue reading

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Bank of Ireland to finance Dublin’s Central Park at tightest post crisis senior margin

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Green REIT and PIMCO have financed their acquisition of the Central Park office portfolio with a senior loan from Bank of Ireland, in the strongest indicator yet of the rapid normalizing domestic senior lending market. CoStar News can reveal that the … Continue reading

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Commercial property lenders urged to adopt regular valuations to aid transparency and reporting

Commercial property lenders should adopt regular external valuations to aid deeper analysis of real estate income risks as the market continues to adapt to shorter duration asset cash flows and an increasingly intense regulatory reporting framework. In a joint paper … Continue reading

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Ellen Brunsberg succeeds retiring Lennart Sten at GE Capital Real Estate Europe

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Ellen Brunsberg has been promoted to president and CEO for GE Capital Real Estate Europe replacing Lennart Sten who is retiring. Brunsberg initially joined GE Capital in its capital markets division in August 2011 and subsequently joined GE Capital Real … Continue reading

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Delancey faces international competition over Royal Mint Court leasehold

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Delancey, the real estate investment firm founded by Jamie Ritblat, will compete this week against a raft of private equity funds, international property investors and developers to acquire the leasehold securing the former home of the Royal Mint by Tower … Continue reading

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Lloyds readies Project Avon, IBRC’s Stone bids in, RBS’ Button bids due next Friday, NAMA receives Tower bids and readies Project Spring

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Lloyds Banking Group has launched one of its final UK non-performing loan portfolios, Project Avon, in the midst of the most active period for legacy commercial property de-leveraging in the last four years. By total unpaid loan balance, the £625m … Continue reading

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Nationwide selects Project Adelaide finalists as NPL sales build momentum

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Nationwide has selected three private equity funds to progress to the second and final stage of the bidding process for the granular Project Adelaide German commercial property loan portfolio, as the wave of European NPL activity continues to gather in … Continue reading

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Former RBS credit boss Pradeep Pattem joins Ellis Short’s Kildare Partners

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Pradeep Pattem, the former head of credit and mortgage markets for Europe and Asia at RBS, has joined Kildare Partners, the new distressed European opportunity fund backed by billionaire and Sunderland football club owner Ellis Short. Pattem joined Kildare this month … Continue reading

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