Weekly data sheet: Closes for record loan, resi portfolio and European opp fund

Morgan Stanley’s King’s Cross loan, Catella’s cross-border resi sale and Aermont Capital’s new fund made the biggest headlines last week.

The US investment bank completed a circa £1 bn, single loan facility for King’s Cross Central Limited Partnership (KCCLP) secured by a number of investment assets at the King’s Cross Estate in London.

Robert Evans, CEO of the King’s Cross Estate and joint managing partner of its developer Argent, said securing a refinancing of this calibre in a challenging market ‘represents a powerful endorsement of King’s Cross as a highly desirable place, a resilient asset and leading destination.’

The office-led mixed-use complex achieved carbon neutrality in 2021 and is 100% commercially let to occupiers including Meta, Google, AstraZeneca, Havas, Universal Music and The Office Group.

The sale by two Catella funds to ZBI Group for open-ended fund UniImmo:Wohnen of a German-Dutch residential real estate portfolio was claimed as the second-largest cross-border European portfolio sale ever in the residential sector by adviser CBRE.

Aermont’s final close of its fifth opportunity fund at the hard cap of €3.8 bn is thought to be the largest European-only focused discretionary real estate fund to reach final close this year. It will be seen as another sign of dry powder available for the asset class, despite the volatile economic picture.

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