Tchenguiz vehicle loses £2.9m
Rotch Property Group, the Tchenguiz brothers’ investment vehicle, lost £2.9m last year as the effects of the brothers’ unlawful arrest in 2011 continue to bite. The business turned over £9.5m in the year to 31 May, down from £11.6m the previous year.
?UK returns up 1.6%
UK commercial property returned 1.6% in March – up from 1.1% in February – according to CBRE. The agent’s monthly index found capital value growth of 1.1% was the main driver, pushing Q1 total returns to 3.7%.
?HSBC in £50m PHP refi
HSBC is providing Primary Health Properties with a ?£50m loan to restructure £178m of acquisition debt. Harry Hyman’s specialist ?REIT took on the debt with ?its £223m acquisition of the Prime Public Partnerships portfolio.
?Valad nabs Bridge brief
Valad Europe has been appointed asset manager to sell off the six-strong €325m German Bridge portfolio. Special servicer Hatfield Philips made the appointment to the properties formerly owned by Fortress Investment Group-controlled Eurocastle Investment.
?Orchard Street wins mandate
Orchard Street Investment Management has won a £150m mandate from a client of Aon Hewitt. The investment manager will target UK investments sized between £10m and £30m, and will deploy the capital over 12 to 24 months.
bridget.oconnell@estatesgazette.com
