Pluto fuels Marden land buys
Pluto Finance has extended a £29m loan to Marden Homes for land acquisition. The loan, which has a term of 28 months, is a stretched senior facility that will fund 70% of the price of development sites across London and Essex.
M&G promotes Gilbert
M&G has promoted Lynn Gilbert to head its senior debt strategies following the departure of Paul Dittmann. Dittmann was head of the senior commercial mortgage group at the insurer. Gilbert was previously head of origination and senior commercial mortgage fund manager.
Hammerson redeems early
Hammerson has redeemed the outstanding £217.9m of a £300m, 5.25% coupon bond that was due to expire in February 2016. The redemption follows the company’s recent issue of 2025 bonds at a 3.5% coupon and helps reduce its debt costs. The redemption will begin on 11 November and will complete by 17 December.
Schroder posts NAV rise
Schroder Real Estate Investment Trust’s net asset value rose by 3% in the three months to the end of September, driven by capital value growth. A 2.4% capital value increase, equivalent to £7.6m, enabled the company to post a NAV of £315.8m or 60.9p per share. Schroder delivered a quarterly return of 3.7%, just pipping its IPD peer group.
