London, 11 February 2013
Macquarie Real Estate Lending, part of Macquarie’s Corporate and Asset Finance Group, has acquired a portfolio of 700 first lien residential mortgages in Germany.
The portfolio, with a face value of around €90m, was acquired from RBS's Non-Core Division through a competitive auction, with Macquarie delivering a binding purchase offer and completing the transaction ahead of schedule.
The acquisition represents Macquarie Real Estate Lending’s first investment in German residential mortgages, an attractive sector due to steady property prices, strong borrower covenants and its stable regulatory environment.
Peter Vega, Managing Director, Real Estate Lending, said: “We are pleased to have worked closely with RBS to ensure a successful and efficient outcome for both parties. This transaction is a great opportunity for Macquarie to continue expanding its real estate lending book through the acquisition of quality assets.”
The acquisition follows a successful two years for Macquarie Real Estate Lending, having closed a total of ten transactions since entering the European real estate lending market in 2010. With a broad investment mandate, Macquarie Real Estate Lending provides bespoke finance solutions to companies operating across the full real estate spectrum including residential, retail, light industrial, data centres, office and hotels.