Monthly Archives: May 2014

First Portuguese NPL ‘Project Twins’ out, Inside NAB’s Chestnut, RBS planning Mansell, Final bids on Avon on Monday, NAMA’s €425m Spring nears

Banco Comercial Português (BCP) is selling around €300m of Inmobiliaria Chamartín’s debt, predominantly comprised of loans to its Amorin subsidiary for which a similar-sized tranche of connected debt was recently acquired by Lone Star in Project Octopus. Stormharbour has been mandated … Continue reading

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EAA calls for initial expressions of interest for €11bn WestImmo bank by tomorrow night

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Erste Abwicklungsanstalt (EAA), the German bad bank established five years ago, has called for initial expressions of interest by tomorrow afternoon to acquire Westdeutsche Immobilien, the pfandbrief-funded European commercial property lending bank. WestImmo had an overall €13.8bn predominantly performing commercial … Continue reading

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Nationwide has £7.1bn legacy CRE debt remaining after confirmed £694m Adelaide sale

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Nationwide’s legacy commercial property loan exposure has fallen to £7.1bn, comprised of £3.1bn in loan run-offs, maturity and enforcement as well as the post financial year sale of a European sub-performing loan portfolio, virtually completing the building society’s exit from … Continue reading

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Lloyds Banking Group hires former ING director Lee McDowell

Lloyds Banking Group has hired former ING Bank real estate finance director Lee McDowell as a senior director responsible for UK loan origination in its corporate real estate division. McDowell, who started this week and will report into Lloyds’ head … Continue reading

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Inside Bank of Cyprus’ performing £296m Project Avenue UK property loan book

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Bank of Cyprus’ inherited performing UK commercial and residential real estate loan book, dubbed Project Avenue, is an atypical property loan portfolio which is expected to draw interest from the UK’s challenger banks as well as mortgage REITs, private equity … Continue reading

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Last chance to register for Thursday’s CREFC Europe CRE debt knowledge gap seminar

CREFC Europe is running an after work seminar this Thursday on the CRE Debt Knowledge Gap, hosted at DTZ’s offices in the City of London. There is still time to register for the event – on Thursday 29 May at … Continue reading

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Anchorage Capital and Credit Suisse table 11th hour proposal to halt NHP sale

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Anchorage Capital, the US private equity firm, yesterday afternoon published an 11th hour counter proposal to bondholders in a CMBS transaction secured by NHP Group’s 282-strong former Southern Cross nursing homes, in a last ditch effort to delay the impending … Continue reading

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Patron Capital closes NAMA’s Project Drive win paying €49m

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Patron Capital has this afternoon closed the acquisition of NAMA’s Project Drive paying around €49m for the predominantly Irish loan portfolio which includes the Northside Shopping Centre in Dublin. Project Drive had an outstanding loan balance of €228m which implies … Continue reading

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Distressed investor LRC acquires Royal Mint Court loan

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An entity controlled by LRC Group, a low-profile distressed commercial property investor, has emerged as the mystery buyer of the Royal Mint Court loan, secured by the leasehold of the former home of the Royal Mint by Tower Bridge. The … Continue reading

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