Poitrinal and Meijer launch firm
The former chief executive of listed retail giant Unibail Rodamco, Guillaume Poitrinal, is setting up a fund management business. He will be joined by JP Morgan’s head of European real estate research, Harm Meijer.
Lenders eye Grade-C assets
Lenders are more willing to write loans against lower-quality properties, reducing the funding gap for grade-C assets, says DTZ’s Debt Funding Gap report. The trend makes it easier to refinance legacy loans.
GE buys Postbank loan book
GE Capital has confirmed its purchase of £1.4bn of commercial property loans from Deutsche Postbank AG. The portfolio, Project Tower, comprises 55 loans to primarily UK borrowers, many with near-term loan expiries.
Grainger in £200m bond issue
Grainger is seeking to raise up to £200m in a fresh seven-year, 5%, secured corporate bond issue to pay down £106m of debt and £37m of swap break cost. It has appointed Barclays, HSBC, Lloyds Banking Group and Royal Bank of Scotland as bookrunners.
Internos nabs Pillar mandate
British Land has appointed fund manager Internos Global Investors to manage the three-year wind-down of the €230m (£193m) Pillar Retail Europark Fund. Eight BL staff will transfer to Internos to manage the closed-ended Luxembourg-based vehicle, which owns 10 retail parks valued at €230m.
Bridget.O’Connell@estatesgazette.com
