Macquarie Group has bought a package of 700 German residential mortgages with a face value of 鈧�90 mln from the Royal Bank of Scotland.
Macquarie Group has bought a package of 700 German residential mortgages with a face value of 鈧�90 mln from the Royal Bank of Scotland.
The Australian bank said the deal represented its first foray into German residential lending, describing it as an attractive sector due to strong borrower covenants, stable regulatory environment and steady property prices. The portfolio was acquired through Macquarie's corporate and asset finance division.
The portfolio 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.
'This transaction is a great opportunity for Macquarie to continue expanding its real estate lending book through the acquisition of quality assets,' Macquarie Real Estate Lending managing director Peter Vega said in a statement.
The bank has completed 10 transactions in the European real estate market since entering the European real estate lending market in 2010. Macquarie Real Estate Lending provides finance solutions to companies operating across the full real estate spectrum including residential, retail, light industrial, data centres, office and hotels.
Last month, the company appointed Neil Hasson as head of real estate lending within Macquarie鈥檚 corporate and asset finance group. Based in London, Hasson will focus on managing and building out Macquarie鈥檚 real estate lending activities. He joined Macquarie from Citi, where he was responsible for Citi鈥檚 real estate private equity platform in Europe.
