Category Archives: Excalibur

Lone Star signs agreement to buy 100% of Coeur Défense SPV

Lone Star has signed an agreement to acquire 100% of the shares in the vehicle which controls the 1.9m sq ft Coeur Défense office complex in Paris, paving the way for the private equity firm to seize control over the … Continue reading

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D-day looms for Lone Star’s efforts to oust Hatfield Philips on Windermere XIV

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Lone Star’s efforts to oust Hatfield Philips as the master servicer on all the loans in the pan-European Lehman Brothers CMBS, Windermere XIV, will be determined this Friday, in a battle for control which exemplifies legacy European structured finance at … Continue reading

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AgFe readies Bundesbank’s €238m Portfolio Green sale

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Deutsche Bundesbank, Germany’s central bank, is bringing to market the €238.78m Portfolio Green CMBS, a legacy Lehman Brothers securitisation, in a private debt auction arranged by AgFe, CoStar News understands. AgFe, the European structured finance advisory firm, is understood to … Continue reading

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Lone Star and Bundesbank sign second €960m Excalibur deal

Lone Star and Deutsche Bundesbank, Germany’s central bank, agreed on Thursday night the final transfer of the remaining outstanding €960m notes in the former Lehman Brothers collateralised debt obligation (CDO), Excalibur, financed with a near €300m senior loan from Citigroup … Continue reading

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Lone Star wins €200m SocGen NPL and nears Excalibur closing

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Lone Star has won the nominally valued €200m non-performing loan (NPL) portfolio from Société Générale, marking the private equity real estate giant’s third major European NPL win in four months, CoStar News can reveal. SocGen is understood to have sold … Continue reading

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Part III: Excalibur’s CMBS bonds and B-notes

In the final part of CoStar News’ analysis of Excalibur, we look at the deal’s CMBS bond portfolios and the Windermere XIV B-notes. Excalibur’s CMBS bonds Diversity Funding – outstanding €107.67m CMBS bond balance (Jan IPD) Lehman Brothers bought Northern … Continue reading

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Part II: Excalibur unmasked

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In the second part of a CoStar News insight into Europe’s most beguiling structured real estate finance structure, the underlying borrowers that lay behind the remaining positions are unmasked, which is a reminder of how convoluted Lehman’s real estate strategies … Continue reading

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Part I: The Birth of Excalibur

Lehman Brothers’ legacy throughout European real estate lives on almost three-and-a-half years after its stunning collapse. Nothing better encapsulates the tangled web of its own making on this side of the Atlantic than the hastily-assembled collateralised debt obligation (CDO), Excalibur, … Continue reading

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Lone Star closes Excalibur Carlyle loan at 35% discount

Lone Star has bought the €430.4m Carlyle loan, secured by a portfolio of bonds in a Lehman Brothers European CMBS, from Deutsche Bundesbank for €279.28m, reflecting a blended 35.11% discount. The sale, which CoStar News has learned was traded and … Continue reading

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