RBS sells £400m loan book
Royal Bank of Scotland has announced the sale of more than £1.1bn of assets to Deutsche Bank and Apollo Global Management for £400m in a process codenamed Project Finn. The loans were held in the bank’s capital resolution division. RBS said that the carrying value of the loans was £376m; they generated a loss of around £70m in 2014.
Prologis posts FFO rise
US industrial property giant Prologis posted a rise in its funds from operations of 12% year-on-year to $274m (£176m) in the second quarter of 2015. The rise in the US accounting equivalent of net asset value came as the portfolio increased in value by 24% to just under $23.7bn since the end of the first quarter.
Empiric issue oversubscribed
Empiric Student Property has increased the size of its US private placement and share issue after its initial £50m offer was oversubscribed at £75m. The proceeds of the issue will be used to fund the company’s student housing development pipeline.
Starwood raises £24.5m
Starwood European Real Estate Finance has raised £24.5m in share capital at a premium of 3% to its net asset value. The lending arm of the US real estate investor issued 23.78m ordinary shares at 103p per share. The proceeds of the sale will be used to fund a loan currently at execution stage as well as other transactions in the pipeline.
