Lloyds’ John Gardiner replaces Richard Buckland at AIG amid flurry of people moves

AIG has replaced Richard Buckland, who left the US insurance lender after one year for Marathon Asset Management at the beginning of last month, with John Gardiner of Lloyds Banking Group. Gardiner joined at AIG this month as managing director, … Continue reading →

Nationwide selects Project Adelaide finalists as NPL sales build momentum

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Nationwide has selected three private equity funds to progress to the second and final stage of the bidding process for the granular Project Adelaide German commercial property loan portfolio, as the wave of European NPL activity continues to gather in … Continue reading →

Marathon wins Project Aberdonia paying €280m

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Marathon Asset Management has won the Project Aberdonia, the Lloyds Banking Group Continental European commercial property loan portfolio, paying €280m. The €280m price, which translates to £235m, reflects a 52.5% discount over the €590m (£494m) nominal value and a €1m … Continue reading →

Lloyds selects four finalists for €600m Project Aberdonia loan sale

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Lloyds Banking Group has selected a four-strong shortlist of private equity and hedge funds for its probable final Continental European commercial property loan portfolio sale, Project Aberdonia. CoStar News can reveal that BAML, Cerberus Capital Management, Marathon Asset Management and … Continue reading →

Toys R Us converts PIMCO bridge loan into first non-bank European CMBS

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Toys R Us has priced and closed the re-securitisation of its 31 UK-wide retail stores and distribution centre, as cornerstone bridge loan underwriter PIMCO, along with a minority stake by Marathon Asset Management, convert their £263.16m bridge loan into seven-year … Continue reading →

Toys R Us nears watershed £260m ‘secondary’ CMBS closure

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PIMCO and Marathon Asset Management’s seven-year fixed rate bridge loan for Toys R Us’ UK portfolio will convert into the Debussy DTC £260m CMBS at the end of the month, in the first truly secondary commercial property portfolio to return … Continue reading →

PIMCO and Marathon fund £263m Toys R Us bridge loan ahead of ‘Debussy’ CMBS

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Toys R Us has secured a £263m fixed rate bridge loan from two principal existing CMBS note holders, PIMCO and Marathon Asset Management, ahead of a fresh securitisation, called Debussy DTC, which could close as soon as the summer, CoStar News … Continue reading →

Marathon pays €400m for Project Chamonix as Lloyds readies Project Thames UK NPL

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Marathon Asset Management, the US hedge fund, has paid €400m for Lloyds Banking Group’s Project Chamonix non-performing loan portfolio (NPL), reflecting a 52.9% discount to par value. Goldman Sachs’ Special Situations Fund and Cerberus Capital Management were understood to have … Continue reading →