US insurers target European commercial real estate debt

US insurers target European commercial real estate debt
Author: Louie Woodall
Source: Insurance Risk | 03 May 2013
Categories: Asset allocation, Insurance

Attractive yields and supply demand mismatch spur interest

American insurers are increasing their investment in UK and European commercial real estate (CRE) debt, as domestic insurers struggle to meet burgeoning demand.

http://www.risk.net/insurance-risk/news/2266005/us-insurers-target-european-commercial-real-estate-debt

Worldwide Plaza Confirms Recapitalization Plans

Worldwide Plaza Confirms Recapitalization Plans
By Karsten Strauss 11/21/12 1:37pm

Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.

http://commercialobserver.com/2012/11/worldwide-plaza-confirms-refinance-plans/

$600M Worldwide Plaza sale approved

$600M Worldwide Plaza sale approved
July 07, 2009 12:32PM

http://therealdeal.com/blog/2009/07/07/george-comfort-completes-worldwide-plaza-deal-deutshce-bank-rcg-longview-macklowe-properties/

After the last deal fell apart, George Comfort & Sons and RCG Longview finally completed a $600 million deal with Deutsche Bank to purchase Worldwide Plaza. Rather than creating a joint venture, Deutsche Bank will just provide a $470 million mortgage for George Comfort and put up about $135 million in equity. The price comes to about $375 a square foot for the 1.6 million-square-foot tower at 825 Eighth Avenue, and the deal is expected to close later this month. As part of the agreement, Deutsche Bank will write down the original $1 billion mortgage it held on the property when Macklowe Properties bought the building in 2007.

http://therealdeal.com/blog/2009/07/07/george-comfort-completes-worldwide-plaza-deal-deutshce-bank-rcg-longview-macklowe-properties/

George Comfort blames Deutsche Bank for botched Worldwide Plaza deal

George Comfort blames Deutsche Bank for botched Worldwide Plaza deal
June 24, 2009 02:58PM

http://therealdeal.com/blog/2009/06/24/george-comfort-blames-deutsche-bank-botched-worldwide-plaza-deal-harry-macklowe-rcg-longview-peter-duncan/

George Comfort & Sons President Peter Duncan blamed lender Deutsche Bank for the breakdown in a deal to buy the former Macklowe Properties Worldwide Plaza west of Times Square. The real estate firm and investment partner RCG Longview were “disappointed that the seller, Deutsche Bank AG, has decided not to honor the contract,” Duncan said in a statement. The companies were in contract to purchase the 1.8 million-square-foot office tower at 825 Eighth Avenue between 49th and 50th streets after the bank took it back from Macklowe Properties. Duncan held out hope the deal could still be finalized. “We have an executed sales contract, a significant hard deposit in place, and even a closing date of June 30th from the seller’s attorneys. We are ready to close,” he said. TRD

http://therealdeal.com/blog/2009/06/24/george-comfort-blames-deutsche-bank-botched-worldwide-plaza-deal-harry-macklowe-rcg-longview-peter-duncan/

Worldwide Plaza for sale

Worldwide Plaza for sale
May 27, 2009 09:00 AM

Worldwide Plaza, the last piece of Macklowe Properties’ portfolio, is for sale. The lender in control of the 1.7 million-square-foot building, Deutsche Bank, wants to retain an ownership stake, but is also prepared to write down the current $1.02 billion in outstanding principal to an $800 million mortgage. The buyer of the building at 825 Eighth Avenue, at 50th Street, is expected to contribute $200 million in equity, and the deal would be valued between $300 and $350 per foot. The leading potential buyer, according to the Post, is George Comfort & Sons. According to CoStar Group, 639,540 square feet is available in the building.

http://therealdeal.com/blog/2009/05/27/worldwide-plaza-for-sale-macklowe-deutsche-bank/