Structure for Harrow project
Investec Structured Property Finance has provided a £23m two-year loan to Cromer Homes for a Harrow residential scheme. Bradstowe House comprises 177 flats and has a completion value of £62m. The project stalled in 2009 after a syndicate of Irish banks providing senior debt fell apart.
Derwent in £100m placement
Derwent London has signed terms with New York Life for a £100m unsecured private bond placement. The facility comprises £25m for 15 years at a fixed rate of 4.41% and £75m for 20 years at a fixed rate of 4.68%. The funds will be drawn in January 2014.
GPE outperforms market
Great Portland Estates has outperformed the market, delivering a 9.2% leap in NAV to 487p a share. The REIT’s 5m sq ft portfolio rose in value by 6.7% in the six months to the end of September.
IPD: property returns 1.1%
Commercial property returned 1.1% in October, as improving UK economic performance continued to drive regional growth. According to the IPD UK Monthly Property Index, property values increased by 0.6% for the month, now matching income returns of 0.6%.
pbb to beat 2012 loan volume
Deutsche Pfandbriefbank has made €4.6bn (£3.9bn) of European real estate loans this year, compared with 2012’s full year total of €4.9bn. The German lender has completed 85 deals including UK loans totalling €529m in the year to the end of September.
