Laxfield arranges two deals for MünchenerHyp totalling GBP54.2m
Münchener Hypothekenbank and Laxfield Capital have closed two deals totalling GBP54.2m.
The first is a GBP29.2m participation in a senior facility provided by Lloyds Banking Group to finance a portfolio of three office assets in Central London for Lazari Investments.
The second is a GBP25m participation in a City of London office financing.
Laxfield Capital acted as arranger for both transactions.
MünchenerHyp is an independent German mortgage bank. It has retained its legal status as a registered co-operative and member of the Co-operative Financial Network in Germany.
Over the past 12 months MünchenerHyp has increased its activities in the UK and France, bucking the trend of other German banks and providing a total of GBP244m in 11 UK transactions since January 2011, following a period of low activity in 2009 and 2010. It counts amongst its clients some of the major German funds including DEKA Immobilien Investment and IVG, and HPUT and Two Rivers in the UK.
Bernhard Heinlein (pictured), board member of MünchenerHyp, says: “The UK continues to be a core market for our commercial lending business. As ever we follow a conservative policy, but with our strong refinancing position, this is the right time to increase market share with good clients.”
Adam Slater of Laxfield says: “At a time when major lending institutions are withdrawing from the real estate debt markets, we are extremely pleased to have advised MünchenerHyp on these two deals, which sit well within their strategy of core lending in good locations. The ongoing lack of liquidity in the lending markets has ensured institutions with strong funding resources are able to select from a growing number of compelling opportunities such as these transactions announced today.
“We will continue to work closely with our client to source and evaluate similar opportunities in the coming months.”
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