First close for new AgFe fund
Asset manager AgFe has completed a £545m first-closing of its new senior debt fund. The AgFe UK Real Estate Senior Debt Fund LP will focus on investment properties with loan sizes of up to £150m and maximum LTVs of 65%.
Resi risk appetite increasing
Risk appetite has increased among lenders to residential developers, with more than 40% now providing higher-yielding mezzanine finance, up from 20% last year, according to a survey by Knight Frank. Banks, hedge funds and private equity firms are also venturing outside London more.
Santander appoints Peet
Santander Corporate and Commercial has appointed Nick Peet as head of real estate for Scotland, north-east England and Northern Ireland. Peet previously worked for Banco Santander in the real estate team.
UPP to refinance in Exeter
Student housing provider UPP has raised £149.7m through the bond market. The proceeds will be used to refinance the operational assets of UPP (Exeter) and increase the quantum of notes issued under the bonds programme to date to £531.8m. Macquarie Capital advised on the deal; Barclays and RBS arranged the bond.
Equity record at AEW Europe
AEW Europe has completed its largest equity raising with the final close of its LOGISTICS shed fund, which took in €820m (£650m) of new cash from institutional investors from Europe and Asia.
