Lucy Scott
The lender originated the loan at a low debt yield but expects this metric to change as the sponsor executes a capex campaign.
UK offices and retail are sectors of most concern as interest coverage ratios plummet.
Lisette van Doorn says urgent action is needed to save assets from decline as ULI launches guidelines to assess transition risks.
The busy conference halls at the Munich event belied a lull in investment activity while the industry awaits stability.
With further interest rate increases expected, lenders in the UK are finding it difficult to underwrite new loans.
An increasing number of firms do not believe environmental strategies help to attract investment, according to a new survey from Auxadi.
The manager said lower refinancing LTVs and falling capital values could cause problems for maturing loans, but described the funding gap as ‘relatively modest’ in historic terms.
The manager, which provided the loan on behalf of investor Phoenix Group, says there is a strong social case for providing finance in the sector.
The UK specialist lender is aiming to lend £1bn by 2024, with the support of a new funding line from NatWest Markets.
Debt providers hope new UK premier Liz Truss’s plan to tackle energy price hikes protects occupiers.