UK banking giant Halifax Bank of Scotland (HBOS) has helped shore up the capital structure of its real estate partner Kenmore Property Group, after a £500 mln (EUR 589 mln) UK joint venture failed to meet debt payments due to a drop in the value of UK property, the Financial Times has reported. HBOS co-invests in two property joint ventures with Kenmore, in addition to providing debt at both a fund and corporate level to the company. According to the paper, HBOS and Kenmore have restructured the funds' capital structure and agreed lighter covenants.
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