LandSec signs new facility
Land Securities has signed a £1.3bn revolving facility with eight banks. Citi was mandated lead arranger, with Sabadell, UBS and Bank of China lead arrangers. Lloyds Banking Group, Santander, RBS and HSBC were bookrunners. The facility was priced at 75bps over Libor on a five-year term, extendable to seven years. The facility replaces a £1.1bn RCF.
Schroder for REIT change
Schroder Real Estate Investment Trust has proposed that it become a REIT on the London Stock Exchange. Originally launched as a Guernsey-based closed-end fund in 2004, the company will move on-shore to take advantage of the REIT tax benefits. The fund expects to list, subject to shareholder approval, in May following an EGM on 28 July.
Starwood boosts lending
Starwood European Real Estate Finance boosted lending by 41.3% to £221m in 2014. The fund lent to 12 borrowers, five more than in 2013. Average LTVs rose from 57% to 62.5%. Loan terms fell to 3.7 years from four years. SEREF’s portfolio yielded 9.6%.
PVE purchases portfolio
Credit fund PVE Capital has purchased a €408m (£297m) Italian non-performing loan portfolio from an undisclosed, Italian bank. The portfolio consists of approximately 1,000 underlying loans on a 75% secured basis. The majority of the loans (65%) are residential loans and the balance commercial loans.
