Mount Street buys MSMS
New European loan servicing business Mount Street has confirmed its acquisition of Morgan Stanley’s £4.5bn Mortgage Servicing business.
The merger will boost Mount Street’s commercial loan book to around £8bn, and double its headcount in Germany.
Safestore in share placing
Safestore has raised £32.5m through a share placing, which it will use to reduce its debt. The self-storage operator aims to cut its £20m annual financing costs by £4m a year and reduce gearing by 7% to 40% of its £730m portfolio.
CBRE GI in £530m merger
CBRE Global Investors is merging its Lionbrook Property Fund and UK Property Income Fund to create a £530m vehicle. The merged ING legacy funds will be called the CBRE UK Property Fund and will continue a diversified investment strategy.
McKay to offer new shares
McKay Securities is planning to raise £86.7m through a share placing to capitalise on the recovering South East and London markets. The REIT offered 45.8m new shares at 189p a share – a 1% discount to its closing price on 28 January.
Alternative lenders proliferate
The number of alternative real estate lenders rose by 30% in 2013, according to Cushman & Wakefield Corporate Finance. The agent’s Lending Review of 161 organisations found that banks accounted for 55% of all CRE lending – down from 67% a year earlier.
