M&G appoints Crosbie
M&G Real Estate has poached fund manager Paul Crosbie from Rockspring to work in its industrial investment team.
Crosbie was at Rockspring for 10 years.
The move follows M&G’s industrial head Adam Coulston’s departure to Aspect Property Consultants in January.
Widows in £20m loan debut
Scottish Widows has arranged its first commercial real estate loan through Lloyds Bank, providing a 10-year facility to Custodian REIT.
The life assurance arm of Lloyds Group entered the market for long-term loans this year using its parent as arranger.
The deal sees the REIT take a £20m facility to August 2025 at a fixed rate of 3.9% per annum.
pbb fuels Harbert buy
Deutsche Pfandbriefbank has provided £81m to Harbert for the purchase of the Eastgate Shopping Centre in Inverness.
The loan finances the £120m purchase completed in May this year.
The asset was purchased by a joint venture between Harbert and Scoop Asset Management.
The loan represents close to 67% LTV on the original purchase price.
M&G agrees Romford refi
M&G Investments has completed a deal to provide a £140m, five-year refinancing of Cosgrave Property Group’s Liberty Shopping Centre in Romford, Essex.
M&G will also lend £13m for the partial redevelopment of the centre, which is let to BHS, Topshop, H&M, Next and Boots, among others.
