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UBS, Mitsubishi team up for £500m UK property debt fund

first_imgUBS GAM and Mitsubishi Corporation already work together in Japan, where their joint venture MC-UBS Realty Management, established in 2000, manages two Japanese real estate investment trusts (REITs).In a statement, Mitsubishi Corporation said it had previously “focused on the domestic real estate market” but was now “intending to expand its asset management business to foreign real estate and other real assets”.Two Mitsubishi employees will join the UBS-PREMF team in London, led by UBS GAM managing director Anthony Shayle.Shayle and Lily Lan, made assistant portfolio manager in December, will be able to start making deals for the fund while capital-raising efforts continue.The new fund will provide single loans to borrowers with relatively high loan-to-values (LTVs) – up to 75% – that would typically require a combination of senior and mezzanine debt from separate lenders.There are other ‘whole loan’ strategies being employed by real estate debt funds in the UK, but the ‘participating mortgage’ model is unusual in that the lender also takes a share of the rental growth and capital appreciation of the underlying property.UBS GAM already has experience with mortgages in the US through its $2bn (€1.5bn) Trumbull Property Income Fund.Shayle said the UK fund would target borrowers looking for loans in the range of £10m to £40m, where “there is a shortage of lenders willing to take on these smaller requirements”.He added: “We are able to look at development and investment prospects across the UK and most sectors.”UBS-PREMF is targeting a total internal rate of return of 8-10% per annum and for annual income to make up approximately 75% of its total return once fully invested. UBS Global Asset Management has teamed up with Mitsubishi Corporation to launch its first UK real estate debt fund and has secured financial backing from a “major European pension fund”.UBS GAM revealed last year it was talking to investors about a proposed £350m (€421.5m) Participating Real Estate Mortgage Fund (UBS-PREMF).Today, it was announced that Japan’s Mitsubishi Corporation would act as a “co-general partner” in a fund targeting £500m.Mitsubishi Corporation has seeded the fund with £50m, while Swiss bank UBS and an unnamed European pension fund will also provide capital, giving UBS-PREMF an initial lending capacity of £114m.last_img read more

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Ecobank Gets New Managing Director

first_imgMr. Gilles Guerard, former Managing Director and Chief Executive Officer of Ecobank Rwanda, has now been appointed to serve as the new managing director for the branch of the bank in Liberia.Guerard took over from Kola Adeleke, who has taken another assignment in Zambia, Lusaka as the new manager in that East African country.Ecobank capital is responsible for overseeing all Ecobank Group treasury, investment banking and asset, managing businesses across the continent.As of his appointment, Guerard said, he is committed to enhanced efficiency that will bring about customer satisfactory as well as creating improved shareholder.He promised to work along with the Government of Liberia as well as the banking sector to improve the economic.“Kola has done a great job”. Mr. Guerard said he will continue from where Adeleke stop, and will improve on it. He indicated that he will be delicate with customers and within the framework of the Central Bank of Liberia (CBL) regulationsHe lauded the outgoing Ecobank Managing Director Kola Adeleke for his contributions to the growth and development of Ecobank-Liberia.He promised that the bank will do it best to contribute to the economy of Liberia, and will focus on financial inclusion and the development of the capital market. He expressed the hope of having a cordial working support from employees and their partners.Earlier in his farewell remark at the dinner tendered in his honor at the Monrovia City Hall, Mr. Kola Adeleke said he has learned a lot since coming to Liberia, recalling his time working in the country as “remarkable.”He explained that over the last five years, his administration made positive contributions to the growth and development of Ecobank-Liberia and to the growth and development of the banking industry in the country.He disclosed that his administration also over the years contributed immensely to the growth and economy of Liberia, for which his heart will always be with Liberia.“I have made positive contributions as managing director of Ecobank-Liberia to the growth and development of Ecobank Liberia; to the growth and development of the banking industry, and to the growth and economy of Liberia,” Mr. Adeleke added.Mr. Adeleke pointed out that Africans owes Africa the responsibility of development and economic growth. For that, he expressed the need for Africans including investment partners on the continent to collaborate efforts that will ensure that the continent is move rapidly to the next level in terms of development, while at the same time, ensuring that capacities of Africans are develop as well.He urged fellow Africans to drop self interest by rising up to solving the challenges of poverty; because doing so will bring pride to Africa and Africans. “We need to drop our self interest by rising up to solving the challenges of poverty, because doing so will make us proud of the continent we call home,” he stressed.He said it was also important for Africans to commit themselves to the growth and development of the continent.He then commended authorities at the Central Bank of Liberia (CBL) for what he referred to as the level of support they rendered the Ecobank.Mr. Adeleke served the bank in Liberia as it managing director from February 2010 to February 2015.As a result of some major improvements done under his administration, the management of the bank last Friday held a dinner at which time; Mr. Adeleke and his wife was both shower and decorated with gifts from the bank’s family as well as staffers and friends.Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)last_img read more

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Forget about Vardy and go for Everton star, Arsenal legend tells Wenger

first_imgArsenal should move on from Jamie Vardy and turn their attentions to Everton’s Romelu Lukaku instead, according to Paul Merson.After Arsene Wenger all but confirmed that the Leicester striker is set to stay with the Premier League champions, the Gunners legend expressed his desire to see Lukaku at the Emirates next season.Merson, speaking on Alan Brazil Sports Breakfast show, said: “If Arsenal come calling for you, and you don’t come in the first 24 hours then you aren’t signing.“I mean, you are talking about one of the biggest clubs in the world. Everybody wants to play for Arsenal.”Lukaku, who bagged a brace for Belgium against the Republic of Ireland in their second group game of Euro 2016, has been linked with a move away from Merseyside all summer.According to Merson, the Belgian would be a welcome addition in North London, provided the fee is right.“I think he’s a bit different, a bit stronger up front which would help Arsenal,” he added.“I can see why Chelsea let him go; he was one of them that needed the ball over the top. But he was a young kid and I think he’s learnt his trade now.“It just depends how much he is.”last_img read more

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