BBG: IAG gets EU warning shot over €400m Air Europa deal
BLOOMBERG reports: IAG SA’s €400 million ($428 million) takeover of Air Europa risks being derailed for a second ...
BLOOMBERG reports:
Blackstone Inc. defaulted on a €531 million ($562 million) bond backed by a portfolio of Finnish offices and stores as rising interest rates hit European property values.
Blackstone, which acquired landlord Sponda Oy in 2018, sought an extension from holders of the securitized notes to dispose of assets and repay the debt, according to people with knowledge of the plan. Bondholders voted against a further extension, the people said, asking not to be identified as the sales process was not public.
Property values are dropping in Europe as rising interest rates put off buyers until a clearer picture about how far rates will rise emerges. That’s led to wide gaps between bids and offers, crimping deal volumes and putting pressure on owners with loans that are maturing. About a third of all loans in commercial-mortgage backed securities maturing in 2023 and 2024 face high refinancing risks, according to a study published by Scope Ratings in January…
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