Renshaw Bay in second close
Renshaw Bay has completed a second close for its Real Estate Finance Fund, taking total deployable capital to around £270m. The pan-European vehicle, which originates whole loans, is expected to hit its £450m hard cap by the end ?of 2014.
?London works for Max
Max Property Group’s ?London-biased value-add portfolio has delivered a 21% increase in net asset value to 164.5p a share. Property values were up by 12.4% in the year ?to 31 March, led by Max’s London assets, which rose ?in value by 18%.
?Kennedy Wilson buys NPLs
Kennedy Wilson Europe ?Real Estate is buying six loans from Lloyds Banking Group’s UK non-performing loan portfolio, Project Avon, for £93.5m. The Bank of Scotland loans are secured against five fire control centres in England.
?Pair ready to spread tentacles
Lone Star and JP Morgan ?have been selected to buy Commerzbank’s Spanish commercial property loan ?book and lending platform. ?The partners beat three underbidders to win the €4.4bn (£3.6bn) former Eurohypo book, which is code named Project Octopus.
?GPE posts NAV boost
Great Portland Estates posted a 27.6% net asset value surge to 569p a share in the year to 31 March. The value of the central London REIT’s portfolio swelled by 18.7% and its 8.8p total dividend a share rose by 2.3% on 2013.
bridget.oconnnell@estatesgazette.com
