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> Breaking news > Tishman Speyer secures £109m loan facility from Barclays Real Estate
Tishman Speyer secures £109m loan facility from Barclays Real Estate
Barclays Real Estate has provided the Tishman Speyer Core European Fund with a £109m commercial investment loan facility to purchase Sanctuary Buildings, a landmark freehold office building in Great Smith Street, Westminster let to the UK Government...
Tishman Speyer purchased the 227,000 sq ft property, which is occupied by the Department for Education on a lease expiring in 2017, from Irish property company Vico Capital.
The US-based real estate and real estate-related investor is one of the leading owners, developers, operators, and managers of real estate in the world. Since its inception, Tishman Speyer has managed a portfolio of assets of over 116 million sq ft and more than 92,000 residential units in major metropolitan areas across the United States, Europe, Latin America and Asia.
The acquisition is an ideal fit with the Fund’s strategy of investing in large, prime, stabilised office assets in major European cities that will deliver on-going yield and longer term capital growth.
Janet Shaw, Relationship Director, Barclays Real Estate, said: “Our strong track record in delivering tailored funding solutions to major real estate sponsors ensured we were able to provide the best possible solution to meet Tishman’s funding needs. This transaction demonstrates the bank’s continued support for the UK real estate sector with well-structured finance packages for sector-leading sponsors.”
Last week, UK Asset Resolution Limited (UKAR), the "bad seed" of the bank Northern Rock, anounced the payment of 2,15 billions pounds to the british department of finance after the 1,1 billion pounds in 2010.
The bank still owes 46,6 billions pounds to the Treasury after the British state bought out Northern Rock in 2008 to save it from bankrupcy.
UKAR, which also holds the account of lowns of Bradford & Bingley made a 1,09 billion profit in 2011. The (...)
Northern Rock : 2 billions for the state from the "Bad Bank"
Northern Rock Building Society was formed in 1965 as a result of the merger of two North East Building Societies; the Northern Counties Permanent Building Society (established in 1850) and the Rock Building Society (established in 1865).
During the 30 years that followed, Northern Rock expanded by acquiring 53 smaller building societies, most notably the North of England Building Society in 1994.
The bank has conducted during the 2000s a policy of loan risk: much of its (...)
