European real estate loan portfolio sales year-to-date have virtually matched last year’s €30bn annual tally with as much again in current live portfolio sale auctions, as the most frenetic period for de-leveraging legacy real estate debt continues to dominate market attention.
In the first quarter of this year, the nominal balance of traded European loan portfolio sales reached €23.9bn, with a further €5.9bn having closed so far in April taking the year-to-date total to €29.8bn, according to data compiled by Cushman and Cerberus. Lazard’s in Germany is selling Project Octopus. For the latest report, please click here.
NAMA’s €1.7bn remaining Project Tower, which comprises Irish property developer Micheal O’Flynn Irish, UK and German property loan book. Lone Star, Blackstone and Davidson Kempner are the three finalists. UBS is selling Project Tower.
Nationwide’s €850m Project Adelaide, the granular German commercial property loan portfolio. Final bids are due in next Wednesday (23 April), with the three finalists comprised of Oaktree, Cerberus and Kildare Partners. Deloitte is selling Project Adelaide. For the latest report, please click here.
Lloyds Banking Group’s £625m (€780m) Project Avon portfolio, its latest – and possibly penultimate – UK commercial property portfolio. Deloitte is selling Project Avon. For the latest report, please click here.
Ulster Bank’s reduced €715m Project Button which is secured by six separate tranches of multiple loans collectively secured by 71 Irish retail and office commercial properties. CoStar News understands that Blackstone’s Real Estate Debt Strategies, LaSalle Investment Management and a combined bid by Kennedy Wilson and Deutsche Bank are all through to the second round. Eastdil Secured is selling Project Button. For full details, please click here.
NAMA’s €225m Project Drive, secured by loans extended to Irish property developer Brian O’Farrell’s N1 Property Developments. Finalists include Development Securities, Patron Capital and CarVal Investors. EY is selling Project Drive. For the latest report, please click here.
NAMA’s €300m Project Spring, secured by Irish developer Gerry Conlan loans. DebtX is selling Project Spring.