Kyle Campbell
The $2.8bn sale to Highgate is potentially the first many large hospitality portfolio sales, but a debt transfer of its size is unlikely to be repeated.
Though new relationships are still on hold throughout much of the world, many kinds of investors are still finding ways to grow their real estate exposure.
As retail and office sectors trend toward volatility, the steady returns of sale-and-leaseback strategies are becoming attractive fixed-income substitutes.
Leniency from banks has given private real estate lenders flexibility to pass down, but leveraged investments remain a ticking timebomb.
Securitised real estate debt has been battered by the covid-19 pandemic. Now institutional managers must decide what to do about it.
Distressed hotel deals are now visible, but access to many would-be discounted transactions in the sector looks restricted.
With commercial properties shuttered and daily life shifted online, data-centric real estate has thus found itself higher on investor wish-lists.
Last month’s real estate debt fire sales at the outset of the covid-19 outbreak in the US were just the tip of the iceberg for private real estate.
Coronavirus shutdowns have pushed nearly $25bn of US CMBS loans to the brink of delinquency, and the worst is yet to come.
Otherwise, US private real estate mogul Tom Barrack says, widespread margin calls could trigger the next financial crisis – and it’s hard to disagree.
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