Alejandrina Catalano
After 30 years writing about real estate finance, I’ve been doing a rather indulgent thing: looking back over that period of real estate history. “Inflation is low, money is cheap and banks are lending freely on commercial property. Lenders and borrowers are on a roll,” I wrote– spookily, exactly 16 years ago, at the end of June, 1999. […]
The Bank of England says it supports lower capital requirements for investors in high quality securitisations.
Wereldhave, the European shopping and office specialist, has raised €211m via a US private placement.
The notes are denominated in four currencies: €120m, £35m, $US30m, $C20m, and with an average weighted maturity of 12.3 years
Blackstone has appointed Jonathan Pollack senior managing director in its real estate group.
Deutsche Bank’s former global head of commercial real estate will be chief investment officer for Blackstone Real Estate Debt Strategies (BREDS). Pollack will report to Mike Nash, the global head of BREDS.
French REIT Gecina has placed a €500m, nine-year bond carrying a coupon of 2%, 115bps over the mid-swap rate.
The latest issue was taken up by a large pan-European base, the company said. The funds will be used to refianance some of the corporate credit facilities related to last week's €1.24bn purchase of two landmark office assets in Paris from Ivanhoé Cambridge: PSA group’s historic headquarters in central Paris near L'Arc de Triomphe and the T1&B towers in La Défense.
Colonial has raised €1.25bn with a bond issue to to replace €1.04bn of syndicated bank debt.
The issue, the first by a Spanish property company, was two times oversubscribed.
Deutsche Wohnen, Germany's second-largest listed residential landlord, will be refinancing €1.5bn of bank debt
"We hope to finish the total £1.5bn refinancing by the end of July, but it depends on market conditions," said Deutsche Wohnen's head of investor relations Torsten Klingner. The company will use mixture of bonds, new bank loans and cash to refinance and repay loans that mature mainly in 2018 and 2019.
Spain's bad bank, Sareb, is selling a €561m portfolio of resort assets and loans, the legacy of developer Polaris World.
Project Birdie includes three golf courses, two five-star hotels and 2,146 residences and land in Murcia.
Centre Parcs, the UK holiday operator, is partially refinancing its debt with a £590m CMBS.
The issue, CPUK Finance, is in two tranches of senior A notes: a five year, £350m piece carries a coupon of 2.667%, 135bps over the benchmark gilt while £140m of 10-year bonds are priced at spread of 165bps, a coupon of 3.588%.
Spanish property company Colonial is planning to refinance €1.04bn of bank debt with a bond issue.
Once the country's second-biggest property company, Colonial ran into severe trouble when Spain's property market crashed in 2008. A restructuring last year finally righted balance sheet with a new €1.04bn syndicated loan and a €1.26bn share issue. The bond issue, which Standard & Poor's has given a preliminary rating of BBB, will repay the syndicated loan. which carries a spread of 400 basis points over Euribor and matured in December 2018.