Tag Archives: Nationwide

Grainger secures £580m HSBC-led five-bank syndicate facility

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Grainger, the listed residential property owner and manager, has refinanced and enlarged its UK clearing bank-led syndicate facility to £580m while capitalising on tightening senior margin spreads. The new facility is approximately 50:50 part revolving credit facility (RCF) and part … Continue reading

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Shaftesbury closes first of two Nationwide refinancings with 15 year £150m Aviva loan

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Shaftesbury, the West End-focussed REIT, has refinanced a maturing Nationwide revolving credit facility (RCF) with a £130m 15-year term loan with Aviva Commercial Finance. Aviva’s senior loan is priced at a fixed interest rate of 3.2% throughout the term and … 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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Cerberus beats Oaktree to win Nationwide’s Project Carlisle

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Cerberus Capital Management has won Nationwide’s Project Carlisle paying just above £680m for the UK commercial property loan portfolio, fending off Oaktree Capital Management in a tightly-contested blind bidding process.    Nationwide, advised by Deloitte on the Project Carlisle sale … Continue reading

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Indicative bids on Nationwide’s £1bn Project Carlisle in this afternoon

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First round bids for Nationwide’s £1bn Project Carlisle UK non-performing loan portfolio are due this afternoon, with at least half a dozen private equity funds and hedge funds expected to compete in a tight contest. Project Carlisle has an unpaid … Continue reading

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Nationwide readies £1bn Project Carlisle UK NPL

Nationwide is preparing to bring to market a circa £1bn UK non-performing loan (NPL) portfolio, dubbed Project Carlisle, as the building society accelerates de-leveraging of its £7bn remaining legacy commercial real estate exposure. CoStar News has learned that a group … 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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Oaktree pays €675m for Nationwide’s Project Adelaide

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Oaktree Capital Management has paid €675m for Nationwide’s Project Adelaide sub-performing granular German commercial real estate portfolio. CoStar News understands that Oaktree’s price reflects an approximate 20% discount to the circa €850m outstanding balance with pricing near par to the … Continue reading

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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

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