L&G fund targets £65m
Legal & General Property is raising an additional £65m from investors in its £1bn Industrial Property Income Fund by the end of August to meet investor demand. The fund this week completed a £350m refinancing with RBS, Wells Fargo and LGIM Commercial Lending.
Hammerson NAV up 6.8%
Hammerson has reported a 6.8% hike in NAV in its half-year results to 30 June. The REIT’s 19.4m sq ft retail portfolio saw a 4.3% revaluation gain of which 93% was driven by yield shift as rental growth remained subdued.
HPI launches debt arm
European loan servicer Hatfield Philips International is launching a new debt advisory and transaction management business. It has hired Lloyds’ structured debt syndication director Rupert Gill to spearhead the business.
Schroder REIT out of the red
Schroder Real Estate Investment Trust has returned to the black, posting a £20.9m pretax profit in the 12 months to 31 March, up from a £10.7m loss the previous year. The profit and 7.8% NAV rise was mainly due to a 6.3% capital value rise and lower debt costs.
Lender numbers jump 47%
The number of active European real estate lenders has jumped 47% to 182 since the first quarter of 2012, according to C&W. The firm found that alternative lenders, including property companies, now account for 40% of the total, up from 16% in Q1 2012.
