Nordea invests in property financing through Kinnerton fund

first_img“Investments are focused on Denmark, and our ambition with future vehicles is to expand them over time to the Nordics,” he said.The fund was set up to offer loan financing to real estate construction projects, providing an alternative to bank financing, Bisgaard-Frantzen said.It is focusing on smaller projects, typically providing loans of between DKK20m and DKK100m.“We lend the money via a special purpose vehicle (SPV), where the property and the liquidity are ringfenced, so we are in total control of all liquidity going in and out of the SPV,” he said.The loans are meant to provide up to 90% of the cost of a project, he said, which equates to a 75-80% loan-to-value ratio.The return on these loans is 12-13% a year, Bisgaard-Frantzen said.Although the risk of this type of lending is arguably high, Bisgaard-Frantzen said that, in practice, this was lowered by close monitoring of the lending, as well as the fund’s ability to get involved in projects should anything go wrong.“Because we are very close to these projects, we feel we are in control – also because of the fact we release the loans in tranches,” he said.“In the event of a default, we can go in and take control of the project, so we feel really confident our losses will be very limited if there are any at all.”Bisgaard-Frantzen has two ideas to expand the investments offered by Kinnerton, which received authorisation as an alternative investment fund manager in March 2016.The first of these is to expand into other Nordic countries providing property development loans, and the second is to provide second-lien commercial mortgages, typically at 50-85% loan-to-value at rates of between 8% and 9.5%, mainly to existing property owners.“The whole rationale is that, once Basel 3 is implemented, several of these loans will be unprofitable for banks to have on their balance sheet,” he said.He said interest from institutional investors in these types of fixed income investments was beginning to pick up particularly strongly right now.“With the current interest rate level, it is providing an alternative, and if you look at where we are in the credit cycle, we are convinced the level of defaults are acceptable if you are cautious or conservative in your underwriting,” he said.“Also, because of regulation, banks are unable to take on the projects the way pension funds and other investors can.” Nordea Life & Pension in Denmark is investing DKK500m (€67m) in real estate financing through a fund it launched alongside other investors.The fund aims to raise DKK2bn of capital from Danish and other European institutional investors.Nordea Life & Pension was one of the lead investors in the fund, Kinnerton Opportunistic Credit C, alongside the Danish investment adviser and the UK firm Kinnerton Credit Management, which expects to take over management of the fund subject to regulatory approval.Jens Bisgaard-Frantzen, chief executive at Kinnerton Credit Management, told IPE the fund had already raised DKK570m of its intended total of DKK2bn, and that pension funds made up the bulk of investors so far.last_img read more

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New York holds gay marriage lottery

first_img Share 36 Views   no discussions Sharing is caring! InternationalLifestylePrintRelationships New York holds gay marriage lottery by: – July 20, 2011 Tweetcenter_img Share Share The passage of the same-sex marriage law was greeted with euphoric celebration in New YorkNew York City is holding a lottery to award couples the right to marry on Sunday, the first day same-sex couples can be wed under a new law.The lottery will select 764 couples, and opposite sex couples are eligible.“The number of couples who want to marry on Sunday is more than the City Clerk’s offices could possibly handle,” Mayor Michael Bloomberg said.The state of New York on 24 June became the largest state by far to allow same-sex nuptials.Same-sex marriage is legal in six states and Washington DC. Eight other states offer civil unions that are legally equivalent to marriage.‘Unforgettable moment’New York’s marriage lottery opened at noon on Tuesday and closes at the same time on Thursday, with winners to be notified a day later.“We are going to make history on Sunday, with the eyes of the nation once again turning to New York City,” Mr Bloomberg said.“The last thing we want is for couples to wait on line for hours and hours, only to walk away upset on what was supposed to be the happiest day of their lives.“The fairest way to determine who gets the chance to wed on Sunday and ensure everyone can properly plan for their own big day is through an even-handed lottery system.“Nobody puts on big events like New York and we will be ready on Sunday for what will no doubt be an historic and unforgettable moment.”Since 5 July, 2,661 couples have applied to be married, and 1,728 of those are same-sex couples, the city said.Fifty-four per cent planned to marry on Sunday 24 July, the day the law takes effect.In New York state, couples wishing to wed must typically wait 24 hours after the issuance of the marriage licence before they are allowed to hold the marriage ceremony.But on Sunday, more than 60 judges have volunteered to be available to hold on-the-spot hearings to waive the 24-hour waiting period, so couples can wed right away, the city said.Record surpassedThe city clerk’s five offices – one for each borough in New York City – are typically closed on Sunday, but officials across the state have said they plan to open specially for the first day of same-sex marriage in the state.“We will be completely prepared and ready,” New York City Clerk Michael McSweeney told reporters.“We look forward to being a part of history.”If all 764 lottery winners tie the knot on Sunday, it will be the most weddings on any single day in New York City history, the mayor’s office said.It would surpass 621 marriages on Valentine’s Day in 2003 and 610 marriages on 8 August 2008 – 8/8/08.BBC Newslast_img read more

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BetBright unveils £10 million World Cup prediction challenge

first_img Aiming to set its offering apart at the World Cup, BetBright has launched its biggest ever prize fund promotion ahead of the 2018 football World Cup, giving customers the chance to win £10 million. The competition challenges punters to accurately predicting the first goalscorer, correct score and the time of the first goal of the World Cup Final.Open to new and existing customers, to qualify for the chance to win £10million, customers will need to complete specific daily challenges set by BetBright. Points are awarded for each completed daily challenge and a leaderboard will be updated daily throughout June and July, showing the number of points earned by customers.Sarne Lightman, Managing Director at BetBright commented: “We are making a major investment in user engagement during this summer’s biggest sporting competition.“We really wanted to create something different for our customers, old and new, to what the rest of the market is likely to offer. “With daily rewards, weekly leaderboard cash prizes and 10 users winning a shot at £10,000,000, we believe we have created a really exciting message that will cut through the noise of our competitors and provide a compelling reason to play with BetBright during the World Cup.”The primary game mechanics are based around rewarding people with a set amount of points for various activities and engagement with the site. Ranging from one point for simply logging in and up to 10 points for specific stretch bets.The campaign will be divided into eight periods of seven days with an individual leaderboard for each period – and each week, the top ten customers on the leaderboard will each receive £250 cash, with whoever is in the first place for each period also receiving entry to the £10million World Cup Final prediction challenge.Those players finishing 11th – 100th on each weekly leaderboard will be rewarded with free bets and bonuses throughout the competition, too.In total, ten lucky customers will have the opportunity to play for the £10million prize by making the prediction for the World Cup Final, which takes place in Russia on July 15. 888 Holdings’ Guy Cohen on purchases, PASPA and poker August 20, 2019 Submit Share Share UKGC reminds licensees of expectations when leaving the market October 4, 2019 Related Articles StumbleUpon Interwetten targets €100 million GGR mark for 2019 August 5, 2019last_img read more

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