Lone Star completes £2.3bn Project Churchill win in largest NPL deal of the year

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Lone Star yesterday completed the £2.3bn acquisition of Aviva’s final major UK loan portfolio sale, Project Churchill, in the largest NPL trade in Europe this year. JPMorgan, which backed Oaktree in the first round and Apollo in the second round, … Continue reading →

JPMorgan prices the dual currency Blackstone Mint CMBS

JPMorgan has priced the dual currency the Mint CMBS, the securitisation of a loan which refinanced Blackstone’s rebranded three-strong DoubleTree by Hilton portfolio, achieving blended coupons of 202 and 187 basis points for the sterling and euro tranches, respectively. Final … Continue reading →

Fitch Ratings interjects on Mint 2015 CMBS questioning S&P and DBRS’ ratings

Fitch Ratings has interjected in the ongoing sale of the Mint 2015 securitisation debt, issued by JPMorgan which is secured by three rebranded Hilton hotels, with an unsolicited press release issued on Friday afternoon challenging the ratings rationale concluded by … Continue reading →

JPMorgan and Lone Star win Commerzbank’s pan-Euro loan portfolio as Oaktree wins German NPL

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JPMorgan and Lone Star have been selected as the preferred bidders for Commerzbank’s €2.2bn pan-European commercial real estate (CRE) loan portfolio while Oaktree Capital Management has been selected as for the circa €700m German NPL. Cerberus Capital Management, Colony Capital and … Continue reading →

JPMorgan launches multi-jurisdictional Blackstone Mint CMBS

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JPMorgan has launched the refinancing of Blackstone’s reduced Mint hotel portfolio, in the investment bank’s return to European CMBS and also the first post-crisis multi-jurisdictional, dual-currency securitisation, in the three-year Mint 2015 PLC transaction. Mint 2015 PLC is comprised of … Continue reading →

Analysts predict up to €8bn in CMBS issuance levels next year after slow 2014

Primary issuance of new European CMBS transaction is forecast to more than double on 2014’s disappointing €3.5bn in annual volumes, although the annual forecasts so far published fall short of 2013’s revival year. CoStar News has collated four annual European … Continue reading →

Commerzbank confirms closure of Project Octopus trades to JPMorgan and Lone Star

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Commerzbank has this lunchtime confirmed the closure of the sale of the former Eurohypo Spanish commercial property lending business, known as Project Octopus, with €4.4bn in combined Spanish and Portuguese loans trading in separate tranches to JPMorgan and Lone Star. … Continue reading →

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 →

JPMorgan and Lone Star carve up Project Octopus as Davidson Kempner wins RBS’ Project Button tranche

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JPMorgan and Lone Star have won the Spanish commercial property loan book from the formerly-named Eurohypo, acquiring a broadly equal share of the nominal €4.4bn book with diverging investment strategies set to follow. Project Octopus is comprised of two almost … Continue reading →