Sareb Sells a €247M Property Developer Loan Portfolio

21 December 2018 – Europa Press

The Company for the Management of Assets proceeding from the Restructuring of the Banking System (Sareb) has closed the sale to an international consortium of a new portfolio of property developer loans, whose nominal value amounts to €247 million.

According to a statement issued by the bad bank, the portfolio, called Adra, groups together loans secured by properties located primarily in Andalucía, the Balearic Islands, Cantabria and the Community of Valencia.

The process was launched in June and the transaction has been undertaken in compliance with the most stringent requirements in terms of transparency and fair competition, assured Sareb.

The sale of this portfolio has received financial advice from Colliers and legal advice from Herbert Smith Freehills (HSF).

Original story: Europa Press 

Translation: Carmel Drake

Allianz Invests €400M in Student Halls of Residence in UK

22 June 2018 – Eje Prime

Allianz is joining the wave of student halls of residence. Allianz Real Estate, the real estate arm of the insurance group, is preparing to invest €400 million in the sector in the United Kingdom. The company has created a joint venture with Greystar Real Estate Partners and the Public Pension Investment Board (PSP Investment) to promote Chapter, a brand of halls of residences for students in London.

Chapter is owned by Greystar, a US group specialising in this type of accommodation. Allianz has acquired a stake in Chapter’s share capital, together with PSP Investment, one of the largest pension fund managers in Canada. The insurance company is going to disburse GBP 350 million (€399 million) for the operation.

With this alliance, Chapter will double its size to 10,000 beds in five years. Greystar will continue to manage its portfolio, which currently contains 5,100 beds in ten locations in the centre of London. The next one to be added to the portfolio, in September, will be located in White City, West London.

“This joint venture with Greystar and PSP Investments demonstrates our strategic commitment to scale our global business with high-quality halls of residence for students in established markets”, explained Olivier Téran, Director of Investment at Allianz Real Estate. In the operation, which is pending approval, Allianz has been advised by Savills and Herbert Smith Freehills.

Original story: Eje Prime 

Translation: Carmel Drake