US investment firms are making all the running in the race to acquire real estate loan portfolios in Europe, PropertyEU Magazine reports.
US investment firms are making all the running in the race to acquire real estate loan portfolios in Europe, PropertyEU Magazine reports.
New York-based Kennedy Wilson completed the largest loan acquisition in Europe in the current market cycle with the purchase
of a UK portfolio from Bank of Ireland for $1.8 bn (EUR 1.3 bn).
A majority of the loans are secured by high quality, London-based office, multifamily and retail properties. The acquisition occurred in two phases, with $1.4 bn closed on 21 October and $400 mln closed on 5 December.
Kennedy Wilson established a European presence in June when it acquired Bank of Ireland Real Estate Investment Management (BOI REIM), a business that managed EUR 1.6 bn of commercial real estate on behalf of the bank’s clients.
Meanwhile another big US player, Värde Partners, is believed to be close to completing the purchase of a retail portfolio across Spain at a massive discount.
Read more in the December edition of PropertyEU Magazine. Click on the link below to subscribe
