September has proved a busy month for closing loans, with investment banks back again on some of the biggest deals.
This week, J P Morgan, Bank of America and Deutsche Bank led on financings closing in London: for Lone Star-owned Quintain (J P Morgan, for Wembley BTR); Canary Wharf (Deutsche with SocGen providing a finance framework to support the London Docklands group’s aim to move towards net zero); and BofA, which according to Costar, has now signed off the financing for AXA IM Alts’ 22 Bishopsgate with a whopping £1.25 bn of debt.
Earlier this month, Morgan Stanley underwrote a £1 bn loan for King's Cross Central Limited Partnerhip, refinancing a number of separate loans at a stroke.
Market participants say a gap opened up for these banks earlier this year when their normally cheaper clearing bank competitors pulled back.
Insurers who like chunky loans with decent margins were also active, notably Rothesay which wrote a 10-year senior loan for Lendlease and TCorp’s £809 mln acquisition from Landsec of Deutsche Bank’s new London HQ, 21 Moorfields.
Across Europe, Pbb Deutsche Pfandbriefbank has been filling its boots with logistics loans, supporting LIP in Germany and Valor in France this week, after Atmira (Germany), abrdn (Netherlands) and EQT (Poland) in preceding weeks.
The volatility in financial markets reads across to real estate too, with vendors pulling out of high profile transactions, or sellers deciding to pause and wait.
A high profile transaction which is going ahead as planned was GIC’s purchase from AXA of Technocampus in Berlin.
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