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Real Estate Capital Awards 2014

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Real Estate Capital Awards 2014 eal Estate Capital launched its inaugural awards last EUROPEAN WINNERS December as part of a desire to continue expand- PAN-EUROPEAN LENDER OF THE YEAR ing and getting closer to our real estate finance Deutsche Bank EUROPEAN FINANCING OF THE YEAR community. During the process, it was fascinating Bank of America Merrill Lynch, Coeur Défense Rto look back at the highlights of 2014 and take soundings about UK LENDER OF THE YEAR the companies and teams that made an impact over the year. Wells Fargo We came up with the categories and shortlists, but deciding EUROPEAN DEVELOPMENT FINANCING OF THE YEAR the winners was for Real Estate Capital’s readers and clients. Battersea Power Station Development Co & banks EUROPEAN INSURANCE COMPANY LENDER OF THE YEAR There were thousands of votes and respondents were not AXA Real Estate allowed to tick the box for their own firm. That means the 14 EUROPEAN MEZZANINE LENDER OF THE YEAR winners across the 20 categories are the firms their peers DRC Capital judged most worthy. See whether you agree. EUROPEAN CMBS ARRANGER OF THE YEAR Deutsche Bank Five companies won more than one award. Four are giants in EUROPEAN BORROWER OF THE YEAR real estate, operating in the US and Europe and winning awards Great Portland Estates in each region: Bank of America, Blackstone, Deutsche Bank and FUND MANAGER FINANCE TEAM OF THE YEAR Wells Fargo. The fifth, DRC Capital, is one of the new breed of CBRE Global Investors non-bank lenders, an independent firm and pioneer in targeting EUROPEAN DEBT FUND CAPITAL RAISING OF THE YEAR DRC Capital the European financing gap that opened after the financial crisis. EUROPEAN DEBT ADVISER OF THE YEAR Deutsche Bank, internationally respected for its understanding Eastdil Secured of real estate, was the only company to win three awards: pan- EUROPEAN DEBT WORK-OUT ADVISER OF THE YEAR European lender of the year in Europe, plus CMBS arranger/ Brookland Partners EUROPEAN NPL SALE OF THE YEAR lender of the year in both Europe and the US. But rival Bank of IBRC, Project Stone America wasn’t usually far behind and won the European and EUROPEAN NPL ACQUISITION OF THE YEAR US financing of the year categories. There were some very close Blackstone, Project Hercules results: Eastdil pipped competitor CBRE to European debt US WINNERS adviser of the year – but the table was turned for the US award, DEBT FUND CAPITAL RAISING OF THE YEAR with CBRE holding Eastdil down in second place. Lone Star Funds After the review of the winners, the supplement turns to BANK LENDER OF THE YEAR Wells Fargo 2014’s most interesting trends. It was a year when property deals US DEBT BROKER OF THE YEAR picked up and debt capital followed equity into more markets. CBRE The resulting liquidity made borrowing costs even cheaper for MEZZANINE LENDER OF THE YEAR investors, oiling the wheels and underpinning recovery. It also Blackstone Real Estate Debt Strategies CMBS LENDER OF THE YEAR helped the expansion in the number of debt providers, making it THE WINNERS Deutsche Bank essential for lenders and borrowers to understand one another’s FINANCING OF THE YEAR strategies. We hope that’s where Real Estate Capital can play a part. Bank of America, Saks Fifth Avenue 2 REAL ESTATE CAPITAL MARCH 2015 MARCH 2015 WWW.RECAPITALNEWS.COM 3 eal Estate Capital launched its inaugural awards last EUROPEAN WINNERS December as part of a desire to continue expand- PAN-EUROPEAN LENDER OF THE YEAR ing and getting closer to our real estate finance Deutsche Bank EUROPEAN FINANCING OF THE YEAR community. During the process, it was fascinating Bank of America Merrill Lynch, Coeur Défense Rto look back at the highlights of 2014 and take soundings about UK LENDER OF THE YEAR the companies and teams that made an impact over the year. Wells Fargo We came up with the categories and shortlists, but deciding EUROPEAN DEVELOPMENT FINANCING OF THE YEAR the winners was for Real Estate Capital’s readers and clients. Battersea Power Station Development Co & banks EUROPEAN INSURANCE COMPANY LENDER OF THE YEAR There were thousands of votes and respondents were not AXA Real Estate allowed to tick the box for their own firm. That means the 14 EUROPEAN MEZZANINE LENDER OF THE YEAR winners across the 20 categories are the firms their peers DRC Capital judged most worthy. See whether you agree. EUROPEAN CMBS ARRANGER OF THE YEAR Deutsche Bank Five companies won more than one award. Four are giants in EUROPEAN BORROWER OF THE YEAR real estate, operating in the US and Europe and winning awards Great Portland Estates in each region: Bank of America, Blackstone, Deutsche Bank and FUND MANAGER FINANCE TEAM OF THE YEAR Wells Fargo. The fifth, DRC Capital, is one of the new breed of CBRE Global Investors non-bank lenders, an independent firm and pioneer in targeting EUROPEAN DEBT FUND CAPITAL RAISING OF THE YEAR DRC Capital the European financing gap that opened after the financial crisis. EUROPEAN DEBT ADVISER OF THE YEAR Deutsche Bank, internationally respected for its understanding Eastdil Secured of real estate, was the only company to win three awards: pan- EUROPEAN DEBT WORK-OUT ADVISER OF THE YEAR European lender of the year in Europe, plus CMBS arranger/ Brookland Partners EUROPEAN NPL SALE OF THE YEAR lender of the year in both Europe and the US. But rival Bank of IBRC, Project Stone America wasn’t usually far behind and won the European and EUROPEAN NPL ACQUISITION OF THE YEAR US financing of the year categories. There were some very close Blackstone, Project Hercules results: Eastdil pipped competitor CBRE to European debt US WINNERS adviser of the year – but the table was turned for the US award, DEBT FUND CAPITAL RAISING OF THE YEAR with CBRE holding Eastdil down in second place. Lone Star Funds After the review of the winners, the supplement turns to BANK LENDER OF THE YEAR Wells Fargo 2014’s most interesting trends. It was a year when property deals US DEBT BROKER OF THE YEAR picked up and debt capital followed equity into more markets. CBRE The resulting liquidity made borrowing costs even cheaper for MEZZANINE LENDER OF THE YEAR investors, oiling the wheels and underpinning recovery. It also Blackstone Real Estate Debt Strategies CMBS LENDER OF THE YEAR helped the expansion in the number of debt providers, making it THE WINNERS Deutsche Bank essential for lenders and borrowers to understand one another’s FINANCING OF THE YEAR strategies. We hope that’s where Real Estate Capital can play a part. Bank of America, Saks Fifth Avenue 2 REAL ESTATE CAPITAL MARCH 2015 MARCH 2015 WWW.RECAPITALNEWS.COM 3 AWARDS: EUROPEAN WINNERS Pan-European lender of the year W INNER: teams already in place and ready to made several appearances as a handle increased volumes.” lending partner. D eutsche Bank The bank’s largest deal was its DB also provided a £200m whole €1.5bn refinancing of distressed loan to Park Lane Properties to RUNNER UP: German property company IVG in refinance Grosvenor House Bank of America October. The refinancing included a Apartments, also in the West End, CMBS in December of €680m of the subsequently selling a £39m Merrill Lynch senior debt, known as Deco 2014 mezzanine tranche to Apollo. Bonn, plus a syndication. “We have been lending in the Real Estate Capital’s readers voted “The deal itself was relatively hospitality space since 2011,” says Deutsche Bank as the most straightforward, but it was the sheer Casby. “Since it’s not core for some consistent lender across all sectors size that was unusual,” says Bhavesh lenders, we tend to do well, when a and European countries in 2014. The Patel, the bank’s head of distribution large deal that requires a one-stop- German bank completed more than Gad Casby and underwriting. “It was producing shop appears.” €5bn of deals during the 12 months. stable office income in Germany, BAML was a strong second Once again, it was busiest in the which is pretty much poster-child place in the voting and competed UK, in line with overall investment collateral for CMBS,” throughout the year against volumes, but it was also active in Last year DB was also highly Deutsche Bank to win Europe’s Ireland, Holland, Spain, France, Italy active in the hotel and leisure sector, largest mandates. and its homeland. a corner of the market it likes, as The US bank was active in the UK, “In 2014 every aspect of our “IN 2014 EVERY some other lenders shy away from France, Germany, the Netherlands business grew both in terms of ASPECT OF OUR this somewhat more complex area. and completed three CMBS deals. Its volumes and number of deals,” says In August, the bank completed a stand-out transaction was the €935m Gad Casby, managing director and BUSINESS GREW £200m senior loan to refinance the refinancing of Lone Star’s Coeur head of commercial real estate in BOTH IN TERMS iconic Savoy Hotel in London for Défense in Paris last February, which Europe, the Middle East and Africa. Kingdom Hotel Investments. A also resulted in a €410m CMBS of “We came into the year well OF VOLUMES AND £100m mezzanine loan was provided part of the senior loan in August positioned in terms of having our NUMBER OF DEALS” by Apollo Global Management, which (see below). European financing of the year W INNER: players. First it bought the special- AXA Real Estate came in alongside purpose vehicle that owned the BAML, taking a 34% stake across the Bank of America asset by striking a deal with the debt stack.
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