Deutsche Bank fell 1.33 euros, or 1.7 percent, to 76 euros. New York real-estate developer Harry Macklowe may not be able to repay a $5.8 billion loan due to Deutsche Bank at the end of this week, Handelsblatt reported, citing unidentified people close to the transaction. >>>>
German Stocks Fall; Hypo Real, Deutsche Bank, Daimler Drop
bloomberg.com/apps/news?pid= … er=germany
FRANKFURT, Feb. 5, 2008 (Thomson Financial delivered by Newstex) – Deutsche Bank (NYSE:DB) AG could face a multi-bln-usd credit fallout if tycoon Harry Macklowe fails to refinance by Friday a loan from the bank used to invest in Manhattan real estate, Handelsblatt quoted sources close to the matter as saying.
Macklowe borrowed 5.8 bln usd from Germany’s largest bank to acquire seven Manhattan office buildings early last year.
The debt is scheduled to come due at the end of the week but Macklowe has not yet managed to refinance it, according to the paper.
It said Deutsche Bank has taken effective control of the buildings, but added that it is questionable whether this collateral will fully cover the debt as the buildings’ value has dropped over recent months. >>>>
Deutsche Bank facing multi-bln credit fallout over Macklowe investment - report
money.cnn.com/news/newsfeeds/art … 776919.htm
Now I wonder who was buying commercial property in the UK at the top of the boom?