Belgium's largest listed property developer Immobel has launched a private placement of 262,179 treasury shares, corresponding to approximately 2.6% of the current outstanding share capital, through an accelerated bookbuilding process.
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Spanish lender Sabadell is reportedly finalising the sale of a €500 mln non-performing loan package to US private equity firm Lone Star.
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Piraeus Bank, Greece’s largest lender by assets, has finalised the sale of a stake in the €1.9 bn Project Phoenix residential mortgages NPE securitisation to Swedish debt specialist Intrum.
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GWM’s Commercial Real Estate Debt Opportunities Fund (CREDO Fund) has committed to provide an approximately €70 mln senior loan for the acquisition and development of a portfolio of prime logistic assets in the Greater Milan area.
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Invel Real Estate, the investment firm focusing on real estate opportunities in key markets in southern Europe including Italy, Greece and Cyprus, has originated and advised in the due diligence and structuring of a €45 mln bond on behalf of an institutional investor.
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German lender Helaba is providing a loan more than €100 mln to finance the acquisition of the Churchill Square office project in Prague. The buyers are the Czech office real estate company Ceskomoravská Nemovitostní (CMN) and the CFH Group, an investment group active in Europe and the US with focus on core investments in major cities in Germany, UK, US, the Netherlands and Poland.
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European logistics platform Valor Real Estate Partners has completed a new €30 mln debt facility with Acofi Gestion (Acofi), a Paris based financial services group. It represents Valor’s first impact loan containing specific environmental criteria linking improvements made to its assets to step downs in margin and is a milestone for Acofi as the first real estate impact loan underwritten by a non-bank lender in France.
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Although volumes are lower, Europe’s leading real estate banks are still cautiously underwriting new business while loan loss provisions are ‘manageable’.
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German lender Berlin Hyp is providing Matrix Innovation Center with a long-term loan of €75 mln. The financing is secured against a portfolio of six existing buildings and one construction project.
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Italian asset manager Prelios Sgr announced this week that the Back2Bonis property-backed debt fund has reached a size of €850 mln following new subscriptions by lenders Intesa Sanpaolo, UniCredit Leasing and Banco Desio.
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German property investment volumes plummeted 48% in the first quarter, with only €14.8 bn of assets traded in the first three months of the year, according to broker CBRE.
