L&G hires Ebbs for LPI fund
Legal & General Property has hired Imogen Ebbs from Lloyds Banking Group as senior asset manager on the £315m LPI Income Property Fund. Ebbs was previously associate director in Lloyds’ property solutions team.
Lloyds cuts exposure by £1.2bn
Lloyds Banking Group reduced its exposure to UK real estate loans by a further £1.2bn in Q3. In its interim statement for the three months to the end of September, the bank said that its non-core assets now stand at £70bn – down £12.6bn since June – including reductions of £1.2bn in UK commercial real estate.
Abu Dhabi in London debut
Abu Dhabi Islamic Bank has arranged a £20m structured Islamic financing deal in its London debut. The loan will fund the redevelopment of Paddington office , into luxury flats by Alchemi Group. The building was bought for £19m in July.
Property debt most traded
Commercial real estate debt is the most actively traded non-performing loan class, with more than €15bn (£12.8bn) of transactions so far this year, according to PwC. UK banks have completed more than €4bn of commercial real estate loan transactions in the year to date.
Redefine NAV up 6.2%
Redefine International posted a 6.2% rise in its NAV to 38.7p a share in its full-year results to the end of August. The Johannesburg-listed retail investor raised £144.3m during the period.
Bridget.O’Connell@estatesgazette.com
