Commercial mortgage-backed securities issuance in Europe is gathering steam, with at least four deals in the pipeline.
An increase in lending activity, a retreat by the German banks and a drop in residential development finance are among the key trends highlighted by the business school’s latest report on UK property lending.
Although some borrowers are asking for higher leverage, lenders should only provide it when there is a clear opportunity to add value to an asset.
Retail property needs to adapt to survive. And to ensure it has an adequate supply of debt, lenders and borrowers must adjust their approach.
Spain’s ‘bad bank’ will not put large portfolios of toxic assets up for sale, despite high demand from investors. This refusal might be unnecessary.
Investment volumes for German offices are down as investors and their lenders increasingly look to Spain.
European banks’ growing interest in funding non-bank lenders illustrates how the continent’s property debt market is coming to resemble its US counterpart.
Panellists at the fifth annual Real Estate Conference in Oxford insisted that reckless lending is no longer the norm, but warned of parallels with the activities that occurred in the run-up to the global financial crisis.
The dubious case involving Blackstone in Milan is only the latest obstacle for foreign investors.
Since it launched in London in 2017, HFF has made significant inroads in European property debt advisory.