Forced sale on the way?

PropertyEU is reporting that Eurohypo may have to opt for a forced sale on a Uni-Invest Dutch-based €865m office portfolio. This follows a breakdown in talks with the bondholders of the Opera Finance CMBS vehicle it created to underpins the assets. “Uni-Invest defaulted on a senior loan balance target in February 2011. Uni-Invest’s EUR 752 mln debt load was already extended in February 2010, and it now comes to maturity in February 2012.” Uni-Invest was taken over in 2003 by Lehman Brothers Real Estate Partners with HVB providing financing. Eurohypo provided financing in 2005, which it extended in 2010 in order to avoid a forced sale.

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