Real Estate Capital, January 2018
Real Estate Capital, December 2017
Alternative lenders have muscled into traditional banking territory in the real estate sector. But will they stand up to scrutiny when a downturn comes?
London based DRC Capital has raised £487m for its second European debt fund, beating its initial target of £400m by tapping institutions across Europe and North America looking for high-yielding deals.
Real estate debt specialist DRC Capital has closed its second European fund on more than £487 million (€596 million; $818 million), significantly beyond its target.
The firm launched the fundraising for ERED II in the second quarter of 2012, held a first close in the fourth quarter of that year, and a second close in Q2 last year.
Barclays has taken on £130m of senior debt from DRC Capital and Cheyne Capital secured against Queensgate Investments’ Executive Offices Group.
Evans Randall has refinanced its Königsbau Passagen shopping mall in Stuttgart, Germany.
Mezzanine fund European Real Estate Debt II has made two more loans, both German refinancings. The fund, which was launched last year by London-based DRC Capital, has now made six investments and raised over £200m in two closings.
European Real Estate Debt II S.à.r.l (“ERED II”), advised by DRC Capital, has provided a €16.2 million mezzanine facility as part of a refinancing of a portfolio of six department stores in Germany fully let to Kaufhof, part of the Metro Group.