Helical bonds beat target
Helical Bar has raised £100m through the sale of senior, unsecured five-year convertible bonds – £15m above the target. The convertibles, which will repay existing debt, were priced at a 4% coupon and 35% premium to its bookbuilding share price.
New faces at TH Real Estate
TH Real Estate has made two origination hires for its debt platform. Shawn Kaufman has started his new role as director of debt strategies – origination and structuring after leaving RBS. Christoph Wagner is leaving BlackRock and will join the fund manager on 25 July.
Cheyne CMBS fund grows
Cheyne Capital’s CMBS-focused debt fund saw its gross assets grow to £157m in the year to 31 March, while NAV fell slightly to £1.54. Real Estate Credit Investments’ commercial and residential loan portfolio grew to £51m, a 155% increase from £20m a year ago.
First plans £100m office fund
First Property Group plans to raise a £100m offices income fund. The fund manager and co-investor will target offices with a ticket size of around £5m, and aims for an annual total return of 6-7%. The closed-ended fund would have a lifespan of seven to 10 years.
Hibernia gets new CFO
Hibernia REIT has appointed a new chief financial officer to its investment manager, WK Nowlan REIT Management. Tom Edwards-Moss will join the firm on 16 June after nine years with Credit Suisse.
Bridget.O’Connell@estatesgazette.com
