Monthly Archives: December 2014

Sareb confirms winners of projects Meridian, Agatha, Olivia, Corona and nears sale of Kaplan in €850m sale flurry

Sareb has confirmed the sale of four commercial real estate-backed loan portfolios and one portfolio of Madrid offices to a mix of private equity funds, institutional investors and developers with a combined face value of €847m. Cerberus Capital Management has … Continue reading

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Intu Properties finances Spanish retail bet with €225m HSBC bridge loan

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Intu Properties has acquired a Spanish shopping centre and retail park for a combined price of €451m from Orion Capital Managers, financed by a €225m bridge loan from HSBC. The acquisitions reflect a significant bet on the recovering Spanish retail … Continue reading

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Starwood Capital refinances Aldgate Tower with £200m development loan

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Starwood Capital has refinanced a matured speculative development loan secured by the partially-complete Aldgate Tower in the City of London with a £200m whole loan. Aldgate Developments, a privately-controlled Irish developer and investor, has refinanced a £85.5m two-and-a-half-year development loan from … Continue reading

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Goldman Sachs and CarVal Investors win last major IBRC loan portfolio

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IBRC has sold the bulk of Project Quartz, a predominantly Irish commercial real estate loan portfolio, to a joint venture of Goldman Sachs special situations fund and CarVal Investors, CoStar News understands.   The nominal-value of Project Quartz, one of … Continue reading

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Lone Star acquires £1bn of Moorfield legacy fund assets and closes £260m Tiger purchase

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Lone Star has exchanged contracts to acquire the bulk of Moorfield’s first two UK private equity real estate funds for approximately £1bn and has separately completed its acquisition of Rockspring’s UK ‘Tiger’ shopping centre portfolio for £260m. Moorfield, founded by … Continue reading

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Kennedy Wilson acquires £503m UK property portfolio with Aviva Commercial vendor finance

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Kennedy Wilson Europe Real Estate (KWE) has exchanged contracts on a 180-strong mixed-use UK property portfolio for £503.0m, financed by a three-tranche multi-duration £352.3m senior loan from Aviva Commercial Real Estate Finance. The 3.5m sq ft portfolio was assembled from … Continue reading

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CR Investment Management wins Project Sunrise for above €350m

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CR Investment Management (CR) has won the 127-strong Project Sunrise German retail portfolio for a price believed to be north of €350m, which will see note holders in the outstanding securitised Talisman 6 CMBS loan fully repaid. CoStar News understands … Continue reading

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Morgan Stanley carves up Mall Fund debt and sells £197m as ELoC 30 Zephyrus

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Morgan Stanley has carved up the fixed rate tranche of the £380m senior loan secured by Capital & Regional’s six-strong UK Mall Fund and sold on the tranche as an unrated commercial mortgage-backed bond to a single major investor. The … Continue reading

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BoE stress tests: UK banks exposed to £8.7bn CRE impairment charge under stress tests although loan books are ‘markedly improved’

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Seven of the UK major commercial banks would suffer a collective £8.7bn three-year cumulative impairment charge on their commercial real estate (CRE) portfolios under the Bank of England (BoE) stress test scenario published this morning. As much as two-thirds of … Continue reading

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