Duet is pleased to announce further progress in deploying capital through the growth of the investment portfolio of the European Real Estate Debt Fund.
This report examines the UK Senior Lending Market in terms of the market’s lending appetite and parameters. Of the 356 institutions with banking licence present in the UK (according to the FSA’s regulatory list), 113 have a commercial real estate loan book. This report has been compiled by CBRE’s Debt Advisory team to monitor the capacity of the UK senior lending market.
Duet’s new mezzanine fund is hoping to tap into the huge market between senior debt and equity. Paul Norman meets the team from Duet. Portraits by Marcus Rose.
Duet announces £75 million second close for its European Real Estate Debt Fund – set up to capitalise on the lack of capital available to finance European Commercial Real Estate.
Duet Real Estate Finance Limited is pleased to announce that the Company has raised £50 million at a price of 100 pence per Ordinary Share through the Placing and the Offer for Subscription. This is significantly in excess of the minimum target and the IPO generated interest from a range of investors.
Duet Private Equity Ltd (“Duet”), through the European Real Estate Debt Fund, which it advises, has completed a €14.5m mezzanine financing secured by a portfolio of hotels in Germany owned by Blackstone Real Estate Partners (“BREP”) International Fund II and BREP Fund V. The hotels, including the Grand Esplanade in Berlin, were previously financed by Citibank. The senior debt was provided by Deutsche Bank AG, London.
The European Real Estate Debt Fund I has successfully arranged the refinancing of 17 Columbus Courtyard in Canary Wharf, London.
At the end of 2009, the total outstanding debt to commercial real estate across 24 countries in Europe totalled €1,848bn, 65% higher than in 2004.