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Allianz RE grows European debt portfolio to over €10 billion

Allianz Real Estate, the property arm of global insurer Allianz Group, has seen its European debt portfolio grow to €10.6 bn in assets under management as at the end of 2020, up by around 15% year-on-year. 

The firm delivered €1.9 bn in new investments across the year, with capital deployed by its Luxembourg-based European debt fund, Parec, increasing to more than €4 bn, up by a third, the firm said. 

Cheyne Capital provides senior loan for French office refurbishment

Alternative asset manager Cheyne Capital Management (UK) LLP (Cheyne Capital) has provided a EUR96 million senior loan to finance the refurbishment of a large office building in Paris, France. 

This investment marks the latest stage in the growth of Cheyne’s French lending platform, which has originated EUR450 million in the past 18 months.   
 

PGIM Real Estate grows European debt portfolio in logistics and last-mile

PGIM Real Estate continued to build its European senior loan portfolio in the logistics and industrial sectors, providing financing for three separate portfolios across the UK and Continental Europe, in the fourth quarter of this year. 

PGIM Real Estate is the real estate investment and financing business of PGIM, the USD1.4 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).

Record €32 billion raised for global real estate debt vehicles

Debt vehicles deliver robust performance.  Investors and managers target multi-country and senior debt strategies 

17 November 2020, Amsterdam – Non-listed real estate debt products continue to attract attention from institutional investors and investment managers, with a record high of €32 billion raised globally in 2019, according to the INREV Debt Vehicles Universe 2020 study*.  

Invesco Real Estate takes over property debt fund business from GAM

Invesco Real Estate has taken over the European real estate debt business of GAM Investments, giving the fund manager global lending capabilities.
A seven-strong team, led by Andrew Gordon, have been transferred from GAM to Invesco, along with a US$300m (€250m) of assets held in two funds and a separate account.

The acquisition adds to Invesco real estate debt businesses in the US and Asia-Pacific, and comes amid efforts at GAM to reduce staff and costs.

Fundraising for LaSalle European property debt fund reaches €435 million

LaSalle Investment Management’s fourth European real estate debt fund has so far raised €435m and is on track to reach its €1bn fundraising target, the manager said.

LaSalle said the capital raised by the LaSalle Real Estate Debt Strategies IV (LREDS IV) fund at the first close was received from both existing and new clients, made up of pension funds and insurance companies across Europe and Asia.

The previous fund, LREDS III, exceeded its initial £750m target to raise over £800m of commitments in 2017.

PGIM Real Estate European debt platform funds Dutch portfolios

PGIM Real Estate has expanded its European senior loan portfolio with the provision of €161m to finance two portfolios in the Netherlands.

The real estate manager has provided a €56m for the acquisition and refinance of seven logistics assets and €105m to refinance the development of a private rented sector (PRS) portfolio owned by Foolen & Reijs Vastgoedgroep.

The PRS development loan is a co-investment between PGIM Real Estate and ABN Amro, who also arranged the loan.

Lazari secures £400 million Allianz loan for London office portfolio

Allianz Real Estate has expanded its European debt portfolio with the provision of a £400m (€440m) loan in London, in a deal which represents the manager’s largest single-loan debt transaction in Europe.

The manager, through its Luxembourg-based debt fund PAREC, has financed a 630,000sqft portfolio of five central London offices owned by Lazari Investments.
The deal is the first transaction between Allianz and the Lazari and Allianz’s seventh debt transaction in London and it is the third since it opened its London office in June last year.