Actualités Ares Commercial Real Estate
Los Angeles-based $149 billion Ares Management Corp-backed asset reconstruction company, Assets Care & Reconstruction Enterprise (Acre), has agreed to buyout a majority of the assets owned by Sameer Gehlaut-promoted Indiabulls ARC in a deal likely to be signed as soon as Friday, two people associated with the transaction said.The deal is yet another attempt by the Sameer Gehlaut-led Indiabulls Group to shed capital-intensive assets as it moves to a new business model based on fees and trailing income."The total assets Indiabulls ARC has are about Rs 2,100 crore, out of which about Rs 1,800 crore are being sold to Acre,” said one of the persons cited above. “These are mostly small retail loans like mortgages and loans against property with a small part of corporate and SME loans. The transaction is very close to completion."Indiabulls plans to wind down the rest of the book in line with the company's objective to focus on new businesses like telemedicine, healthcare and fintech. The ARC business is a 100% subsidiary of the erstwhile Indiabulls Ventures, which has been renamed as Dhani Services.
NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (the “Company”) (NYSE:ACRE), today announced the pricing of an underwritten public offering of 7,000,000 shares of common stock for total estimated gross proceeds of approximately $101.9 million. The Company has also granted the underwriters an option for 30 days to purchase up to an additional 1,050,000 shares of common stock. The offering is expected to close on or about March 17, 2021, subject to customary closing conditions.
NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (the “Company”) (NYSE:ACRE), today announced the launch of an underwritten public offering of 7,000,000 shares of common stock. The Company expects to grant to the underwriters of the offering an option to purchase up to 1,050,000 additional shares of common stock. The Company intends to use all of the net proceeds from the offering for general corporate purposes, including repaying indebtedness and investing in mortgage loans a
Asia Capital Real Estate Provides Austin Lawrence Partners with $34M Bridge Loan for High-Rise Development in Durham, N.C.09 Mar, 19:44, Business Wire • Développer
DURHAM, N.C.--(BUSINESS WIRE)--Asia Capital Real Estate (ACRE) today announced it has finalized a $34 million bridge loan for mixed-use community ‘One City Center’ in Durham, N.C.
Bank of Baroda lead lender of Reliance Home Finance Limited representing 34 banks and institutions drags Shapoorji Pallonji Group to Delhi High Court05 Mar, 07:01, Sify.com • Développer
New Delhi: Bank of Baroda (BoB), the lead lender of Reliance Home Finance Limited representing 34 banks and institutions has dragged SP Group to Delhi High Court. BoB alleges that SP Group has refused to join the resolution process and is stalling the resolution process and also not cooperating with other lenders. BoB has filed an application before the Delhi High Court on March 3, 2021. In its petition, Bank of Baroda said that in the hearing held on October 1, 2020, the applicant has made an offer that it is willing to secure the principal amount payable to the petitioner by investing a sum of Rs 200 crore in a fixed deposit receipt, which amount could be released in accordance with the final resolution plan. "Yet the petitioner remained persistent in its unreasonable stance and refused to accept the offer," Bank of Baroda said. "As a matter of law, in grant of interim order (or for continuing it), the Court ought to take into account the public interest and the likelihood of injury to the other stakeholders.
Bank of Baroda (BoB) the lead lender heading the resolution for Anil Ambani's Reliance Home Finance Ltd (RHFL) has petitioned the Delhi High Court asking it to vacate its stay on disposing off assets of Reliance Home Finance in a case involving inter corporate deposits of the Shapoorji Pallonji Group (SPG). BoB has said that the stay on disposal of assets will is creating a "stumbling block" in the ongoing recovery process from RHFL.The case refers to inter corporate deposits (ICDs) of Rs 200 crore invested by SPG subsidiary Always Remember Properties Pvt Ltd in June 2019 into RHFL which defaulted in its payment obligations.Reliance Capital the holding company of RHFL had promised to pay back the total dues of Rs 217.92 crore by raising money out of the money raised through its stake sale in its asset management company following which SPG took it to court.In an order on November 20, 2019, the Delhi High Court had stayed any attempt by RHFL to dispose or encumber any asset expect for the payment or salaries and other dues.RHFL had approached the court asking for the stay to be vacated which SPG had opposed accusing RHFL of evading payment.In its plea BoB has said that 95% of the lenders have agreed to the resolution plan for RHFL and the stay by the high court will have an unintended consequence of stalling the resolution process."The claim of the petitioner (SPG) constitutes only 1.9% of the total debt of the respondent.
Mumbai: The debt resolution process of Reliance Home Finance Ltd (RHFL), which is at the final stages, has been hit by the Shapoorji Pallonji (SP) Group's litigation against the home finance company. The lenders of RHFL are unable to proceed with the resolution process due to a coercive stay obtained by the SP Group from the Delhi High Court in November 2019. As per the stay order, RHFL is prohibited from disposing, alienating, encumbering either directly or indirectly or otherwise part with the possession of any of its assets, thus directly impacting the ongoing debt resolution process. SP Group is a secured lender with just Rs 200 crore exposure out of a total debt of Rs 11,200 crore, i.e., less than 1.8 per cent of the total debt of RHF. RHFL's lenders have received four binding bids. Two of the bids, from ACRE and Authum Investments, are for all the assets of the company, while the other two bids, from Capri Global and Avenue-Arcil, are for only the retail assets of the company. The bids are considered to be extremely attractive to the lenders as their values have crossed the fair value as determined by two independent valuers appointed by the lenders.
Reliance Housing Finance resolution likely to hit barrier due to Shapoori Pallonji Group's HC stay in 201901 Mar, 17:25, Economic Times India • Développer
Even as Reliance Housing Finance has got attractive bids under the corporate resolution plan that is in final stages, there could be barrier on a speedy resolution as the Shapoori Pallonji Group had in 2019 got an stay from the Delhi HC against the company to sell its assets, according to sources. Anil Ambani-controlled Reliance Home Finance Ltd (RHFL) is at the final stages of the debt resolution process. However, according to the sources, lenders cannot proceed with the resolution process due to a coercive stay obtained by the Shapoorji Pallonji (SP) Group from Delhi High Court against RHFL in November 2019. As per the stay obtained by SP Group, RHFL is prohibited from disposing, alienating, encumbering either directly or indirectly or otherwise part with the possession of any its assets, thus directly impacting the ongoing debt resolution. According to a senior banker involved in the resolution process, it is imperative for the lenders of RHFL to settle the issue with SP Group for the successful closure of the ongoing resolution plan.
NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (the “Company”) (NYSE:ACRE), a specialty finance company engaged in originating and investing in commercial real estate assets, reported generally accepted accounting principles (“GAAP”) net income of $14.4 million or $0.43 per diluted common share and Distributable Earnings(1) of $13.7 million or $0.41 per diluted common share for the fourth quarter of 2020. The Company reported GAAP net income of $21.8 million or $0.66 per dil
Ares Commercial Real Estate (NYSE:ACRE) is scheduled to be announcing its earnings results before the market opens on Thursday, February 18th. Analysts expect the company to announce earnings of $0.35 per share for the quarter. Parties interested in participating in the company’s conference call can do so using this link. Shares of NYSE ACRE opened […]
NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (NYSE: ACRE) (the “Company” or “ACRE”) announced today that the Company, through wholly owned indirect subsidiaries, closed an approximately $667 million commercial real estate collateralized loan obligation (“CRE CLO”). The CRE CLO financed interests in 23 senior loans with an initial advance rate of 81% and an initial weighted average coupon of one-month LIBOR + 1.17%, excluding transaction costs. The CRE CLO is match-term, no
NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (NYSE: ACRE) (the “Company”) today announced the 2020 tax treatment for the Company’s common stock distributions (CUSIP # 04013V-10-8). Form 1099 Reference: (Box 1a+2a) Box 1a Box 1b Box 2a Box 2b Box 5 Record Date Payment Date Cash Distribution Per Share Distribution Allocable to 2020 Taxable Ordinary Dividends Taxable Qualified Dividends(1) Total Capital Gain Distribution Unrecap
Ares Commercial Real Estate Corporation Schedules Earnings Release for the Fourth Quarter and Full Year Ended December 31, 2020↳ 11:30, Business Wire • Développer
NEW YORK--(BUSINESS WIRE)--Ares Commercial Real Estate Corporation (NYSE: ACRE) announced today that it will release financial results for the fourth quarter and full year ended December 31, 2020 on Thursday, February 18, 2021 prior to the opening of the New York Stock Exchange. The Company invites all interested persons to attend its webcast/conference call at 12:00 p.m. (Eastern Time) on the same day to discuss its fourth quarter and full year ended December 31, 2020 financial results. All in
Mumbai: Two US-based funds Avenue Capital/ARCIL and Aries SSG/ACRE have placed their bids to acquire RHFL as a Company.Banking sources added that Capri Global and Kotak Special Situation Fund have bid for retail assets.Lenders are supporting for a full solution by selling the entire company. It is believed that Capri Global is the highest bidder for the retail assets of RHFL.However, lenders are skeptical on Capri Global being able to pass the "fit and proper" test due to the alleged criminal background of its promoter Rajesh Sharma.Sharma was arrested by CBI for the bribe-for-loan scandal. CBI registered five cases against Sharma, who was allegedly co-conspirator and abettor in the bribery scandal, having nexus with high ranking officials in public sector banks and financial institutions and paying bribes to them for sanctioning loans in favour of his client companies.Rajesh Sharma also allegedly entered into criminal conspiracy with officers of various banks for recommending his name to the companies for obtaining huge pecuniary advantage Rajesh Sharma was charged for committing the offences under sections 120B of the Indian Penal Code, Section 7, 12, 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 and under sub-section (5) of Section 5 of the Prevention of Money Laundering Act, 2002.The RHF has cash on hand of Rs 1,500 crore.
NEW YORK--(BUSINESS WIRE)--Asia Capital Real Estate (“ACRE”), a global real estate private equity firm managing capital for institutional and family office investors, today announced that a fund managed by Almanac Realty Investors, the private real estate investment arm of Neuberger Berman, has made a $320 million capital commitment to various funds managed by ACRE. The investment will serve to provide strategic growth capital to ACRE’s general partner and investment manager as well as anchor i
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