RBS slashes RE exposure
Royal Bank of Scotland has removed £4.2bn of gross commercial real estate loans from the books of its internal “bad bank” RBS Capital Resolution in the first three months of the year, reducing the total by a third to £8.4bn from £12.6bn. The reduction included £2.5bn of write-offs. Against the remaining loans it is has £5.1bn of provisions.
TIAA-CREF finishes buyout
TIAA-CREF has bought the remaining 40% of fund manager TIAA Henderson Real Estate that it did not own from Henderson Group for £80m. The company will operate as a stand-alone subsidiary within TIAA-CREF’s assets management platform. The firm’s name will change to TH Real Estate in June.
Guthrie to advise SVP
Ian Guthrie has been appointed as a member of distressed investor Strategic Value Partners’ advisory council. Guthrie was previously a managing director in Lloyds Banking Group’s real estate business support unit, which was responsible for selling off the bank’s non-core property post-downturn.
K&C REIT in £6m share issue
K&C REIT is aiming to raise £6m on the AIM later this month to build a company with an eventual portfolio of central London residential property of £500m. It will be run by chief executive Tim James, the founder of Gander Holdings. The company will look to raise more capital soon after the initial blind pool is invested.
