Monthly Archives: April 2014

Oaktree pays €675m for Nationwide’s Project Adelaide

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Oaktree Capital Management has paid €675m for Nationwide’s Project Adelaide sub-performing granular German commercial real estate portfolio. CoStar News understands that Oaktree’s price reflects an approximate 20% discount to the circa €850m outstanding balance with pricing near par to the … Continue reading

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Goldman Sachs hires three executive directors in quintet of summer recruits

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Goldman Sachs is recruiting three executive directors and two associates as the US investment bank expands its teams across European real estate finance and special situations. Jan Janssen, who has spent seven years as a director at Bank of America … Continue reading

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Blackstone pays €1.1bn for NAMA’s Project Tower

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Blackstone has paid around €1.1bn to win the vast majority of NAMA’s Project Tower loan portfolio, edging out Lone Star and Davidson Kempner. The original nominal €1.85bn Project Tower loan portfolio, which is the loan book of Irish developer and … Continue reading

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KPMG to re-sell remaining legacy IBRC loans in new sale process

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IBRC’s special liquidators KPMG has confirmed today that a process is now underway to attempt to re-sell all the remaining unsold debt from projects Evergreen, Stone and Sand. KPMG will attempt to sell the legacy debt which did not trade at … Continue reading

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Trouble at the Gherkin: what next for the City of London skyscraper?

Creditors’ decision yesterday to finally call time on the five-year saga over the Gherkin’s overly complex capital structure will lead to a lose-lose-lose situation for all equity and debt stakeholders as well as something of an unwelcome reminder of how … Continue reading

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Shaftesbury secures 15-year Canada Life Investments fixed rate senior loan

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Shaftesbury, the specialist West End REIT, has secured a £134.75m 15-year term fixed rate senior loan with Canada Life Investments, taking advantage of the low cost of debt for long duration lending. The 50% LTV Canada Life fixed rate senior … Continue reading

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NHP nursing home sale process back on track after High Court ruling against Anchorage Capital

The prospective sale of NHP Group, the property company which owns 282 UK nursing homes valued at around £450m, is back on track after a High Court judgment published yesterday afternoon rejected Anchorage Capital’s claim as the “controlling party” in … Continue reading

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RBS to wind-up West Register as bank’s commissioned review clears malpractice allegations

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Royal Bank of Scotland announced today that West Register, the division of the bank’s Global Restructuring Group (GRG) which buys and manages direct real estate, is to be wound up in response to the “damaging perception that the bank had … Continue reading

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C&W: €30bn in both live European loan sales and completed YTD trades

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European real estate loan portfolio sales year-to-date have virtually matched last year’s €30bn annual tally with as much again in current live portfolio sale auctions, as the most frenetic period for de-leveraging legacy real estate debt continues to dominate market … Continue reading

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