Westfield Group finds funds
Australian shopping mall giant Westfield Group has secured A$22bn (£12.2bn) of financing facilities required for its restructuring. The A$14bn of two-year bridge facilities and A$8bn of two to six-year bank facilities will fund the parting of its Australasian set-up from its international business.
Tamar cuts losses to £1.1m
Tamar European Industrial Fund cut its losses to £1.1m in 2013, down from £11.7m in 2012 thanks to asset sales, refinancing and renewed leasing activity. The Guernsey closed-ended sheds investor sold £7.2m of property as it continued to return cash to shareholders.
Aldermore seeks security
Challenger bank Aldermore is selling £330m of prime residential mortgages in its first securitisation. The bank wants to reduce its reliance on the BoE’s funding for lending scheme and raise funds to increase lending volumes.
RBS and Patron in hotels deal
RBS and Patron Hotels have taken over the management of five East Anglia hotels through their Jupiter Hotels jv. RBS Real Estate Asset Management passed management of the portfolio to Jupiter Hotels Management after the tenant filed for administration.
Housing group issues bond
A Hertfordshire housing association has issued a £125m bond. Thrive Homes has sold £70m of bonds to investors. The bonds mature in 2051 and have a coupon of 4.7%.
Bridget.O’Connell@estatesgazette.com
