IPD: values rise 1.6%
UK commercial property values increased by 1.6% in June, their highest monthly increase this year. According to the IPD, the total return figure for the month was 2.1%. Offices and industrial were the joint strongest performers, each returning 2.5%.
?M&G puts trust in North
M&G is providing £238m of finance to investment, development and land regeneration firm Northern Trust Group. The five-year loan is secured on a £360m portfolio and takes total commitments by M&G’s real estate finance team to around £1bn in 2014.
?Nama to step up sales
Irish bad bank Nama will step up the pace of loan and asset sales this year. It has an estimated revised sales target of around €9bn (£7.1bn) over the next two-and-a-half years. Nama will then repay 80% of its senior secured bonds by 2016, leaving it with just €6bn outstanding.
?Marathon buys Heuston loans
New York-based Marathon Asset Management has bought the loans associated with Dublin development Heuston South Quarter for around €120m (£79.5m) from Lloyds Banking Group.
?IVG legal wrangle ends
IVG Immobilien’s insolvency plan has taken effect after the Bonn Regional Court rejected legal action by investors unhappy with the bail-out. The debt-for-equity swap will reduce the German giant’s debts by around €2.2bn (£1.7bn), to circa €1bn.
