10.05.2013 - CIC returns to debt markets for Winchester House
China Investment Corporation (CIC), the countryís biggest sovereign wealth fund, has returned to the debt markets to seek to leverage last yearís acquisition of Winchester House in the City seeking around £160m in senior debt. CIC acquired the 310,000 sq ft Winchester House from KanAm, the German open-ended property fund manager, for £245m last November with agreed financing term sheets from Wells Fargo and Deutsche Pfandbriefbank (PBB). At the 11th hour, CIC dropped the Wells Fargo-led circa £150m five-year ticket, opting instead to hold the asset on an all-cash basis, given the sovereign wealth fundís low cost of capital........................................Full Article: Source
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