The 2022 edition of our annual list of leading lenders serves as a snapshot of an industry functioning during challenging times.

Many of Europe’s real estate debt providers began the year buoyantly, with momentum from a busy 2021. But towards the end of the first quarter, concern about inflation turned to alarm as Russia’s invasion of Ukraine placed intense pressure on costs, forcing central banks to react by raising rates. Through the summer and into autumn, as pressure on rates continued to build and fears of recession grew, underwriting real estate financings became a difficult endeavour. Lending volumes dipped considerably, but as the evidence across the following pages shows, some continued to provide liquidity to the market.

For those unfamiliar with our annual list, it began in 2014 as Top 30 European Lenders. It is not a ranking; lenders with different capital sources and loan products cannot be compared. Rather, the list is compiled through editorial judgment. In September, we invited submissions. We studied them, did our own research, and then considered which 50 organisations warranted a place on the roster.

Lending volumes were important but did not tell the full story. We also looked for examples of transactions, and asked: did they make an impact? Some on this list closed large, impressive underwritings. Some provided liquidity through multiple deals across European jurisdictions. Some supplied finance in challenged sectors. And some demonstrated a commitment to sustainability through their lending activities.

You may disagree with certain selections or believe your organisation should be considered a top lender. If so, the editor wants to hear from you and can be reached at daniel.c@peimedia.com. The more information our editorial team has about the activities of Europe’s myriad of lenders, the better placed we are to identify its leading participants.

For now, enjoy discovering the organisations we believe deserve to be considered Europe’s Top 50 Lenders during a tough year.

Below are the banks from A-G. Tomorrow will follow those listed H-Z

Aareal Bank

Senior, whole loan lender
Active in Germany, UK, France, Spain, Italy, Benelux, Nordics, Czech Republic, Poland, Austria

Lending in 2021: €5.6bn
Lending in 2022 to end Q3: €4.8bn
Loan book at end Q3 2022: €20.35bn

The German bank demonstrated its pan-European range. In March, it refinanced logistics manager GLP, syndicating a €586 million loan for the purchase of 26 properties in France, the UK, Netherlands and Germany. In July, it provided a €470 million green loan to an international property investor for the acquisition of logistics in Poland, Germany and the UK. In April, it closed a €360 million refinancing of the retail park investment vehicle of manager Pradera, with assets across Germany, France and Poland. The bank has stuck with the hotel sector, providing €140 million in July to Vertiq Capital for hotels in Paris and London.

Bank of America

Senior, whole loan, mezzanine, loan-on-loan lender
Active across Europe

Lending volumes and loan book: undisclosed

The US lender was tight-lipped on volumes, but deal evidence was strong. In September, it was sole arranger and underwriter of a £1.25 billion (€1.43 billion) refinancing of AXA IM Alts’ 22 Bishopsgate skyscraper in London. The major office sector deal was subsequently syndicated. In another UK loan, it provided a £400 million refinancing for a portfolio of London student housing in May. In Q1, it partnered with another bank in a £700 million financing of a portfolio of data centres owned by Ark Data Centres. In Finland, it financed two portfolios of residential assets for GIC, totalling around €500 million.

Barclays Corporate Banking

Senior, mezzanine, whole loan, development lender
Active in UK

Lending in 2021: €11.1bn
Lending in 2022 to end Q3: €5.8bn
Loan book at end Q3 2022: c€11.5bn

The UK bank participated in major financing deals for listed property companies. In February, it took a £200 million role in an £800 million, five-year revolving and term facility for residential developer The Berkeley Group, including the introduction of a green term loan. It also participated in £150 million of a £600 million financing for sheds specialist SEGRO, and a £103 million participation in the £412 million refinancing of Supermarket Income REIT. Barclays also provided a £180 million bilateral facility to UK Commercial Property REIT. It was also involved in the financing of the mergers of UK companies LXi and Secure Income REIT, as well as Capital & Counties and Shaftesbury.

Berlin Hyp

Senior, development lender
Active in Germany, Poland, France, Netherlands

Lending in 2021: €7.1bn
Lending in 2022 to end Q3: €4.4bn
Loan book at end Q3 2022: €26.5bn

The Berlin bank was active in development lending. In September, it agreed a €111 million loan to developer neuplan zwei for a new, seven-storey office building in Munich. The loan was a Berlin Hyp ‘taxonomy loan’, compliant with the EU Taxonomy. In June, it provided €71 million to AnaCap Financial Partners and FREO Group to refinance the acquisition and finance the construction of a 645-bed student housing and co-living scheme in Paris. In April it provided Swiss private bank Union Bancaire Privée’s governmental real estate strategy with €152.7 million for the development of the HAMØ office building near Paris.

BNP Paribas

Senior lender
Active in UK, France, Germany, Spain, Italy, Netherlands, Belgium

Lending volumes and loan book size: undisclosed

The French bank underwrote several loans, each of more than €150 million, in the first nine months of 2022. In July, it was underwriter, bookrunner and mandated lead arranger for the acquisition financing by Brookfield of a majority stake in Belgian office REIT Befimmo. In April, it was sole underwriter of a term loan to refinance the capex on McArthurGlen’s La Reggia Designer Outlet, the biggest outlet retail scheme in southern Italy. It was also underwriter of a term loan and revolving credit facility financing to Spanish healthcare firm Healthcare Activos to refinance its outstanding debt. In October 2022, it provided a green loan facility to finance the acquisition of a mixed-use asset in Lyon for a fund owned by BlackRock Europe.

Citi

Senior, mezzanine lender
Active across Europe

Lending in 2021: €4bn
Lending in 2022 to end Q3: €6bn
Loan book size: undisclosed

In Q1, the US bank was lead arranger and underwriter of a circa €1.5 billion financing for the unnamed buyer of a €3 billion, 23.6 million square feet logistics portfolio sold by manager EQT Exeter’s European Value Venture III fund. In Q2, it participated in 16 percent of the financing of KKR and Global Infrastructure Partners’ $15 billion acquisition of data centre company Cyrus One, including 15 European assets. In Q3, it provided €250 million to manager MARK’s Crossbay platform, in its second financing for the urban logistics vehicle. In the same quarter, it also provided a €200 million facility to support manager Stoneshield Capital’s life sciences strategy in Madrid.

Credit Agricole Corporate & Investment Bank

Senior, development lender
Active in France, Italy, Spain, Portugal, UK

Lending in 2021: €3.3bn
Lending in 2022 to end Q3: €2.2bn
Loan book at end of August: €11bn

The French bank closed a significant transaction in the healthcare sector. In March, alongside French peer BNP Paribas, it provided a €390 million, five-year facility for sector specialist Healthcare Activos to refinance 49 assets in Spain and Portugal, including assets under development. It provided details of large office transactions, including arranging a €157 million green refinancing for Italy’s Coima SGR of three office-led assets in Milan’s Porta Nuova district in June. In February, it refinanced the Orange Gardens campus of eight office buildings in Paris. Its 2022 lending to the end of Q3 comprised €1.5 billion of new production and €700 million of refinancing.

DekaBank

Senior lender
Active in UK, France, Germany, Ireland, Italy

Lending in 2021: €1.95bn
Lending in 2022 to end Q3: €1.2bn
Loan book at end Q3 2022: €7.9bn

DekaBank, which specialises in core, prime property, found business this year as sponsors concentrated on quality assets. In June, it provided €96 million to back manager Perial Asset Management’s acquisition of the grade A Tour La Marseillaise in Marseille. In London, it partnered with Singaporean lender DBS in a £168 million financing of the Marble Arch Place office building, which was developed last year and bought by manager ARA Dunedin in December 2021. Last December, it provided a 40 percent loan-to-value financing of Fitzwilliam 28 in Dublin, a near-net-zero office building in the Irish capital which completed in 2021.

Deutsche Bank

Senior, mezzanine, whole loan, bridge, development, back leverage lender
Active across Europe

Lending volumes and loan book: undisclosed

In August, the German lender was sole arranger and underwriter of a senior loan backed by a €230 million pan-European logistics platform. In December 2021, Deutsche Bank was the sole lender of an ‘ESG-compliant’ circa £180 million acquisition and development financing of a prime, vacant office in London’s St James’ area. Other deals included a €95 million capex financing for a Berlin hotel in August, and a €180 million acquisition and development financing of a French logistics portfolio. Deutsche was also reported to have provided MGT Investment Management with £100 million to finance the acquisition of 92 apartments at London’s Battersea Power Station regeneration area.

Goldman Sachs

Senior, whole loan, bridge, development, loan-on-loan lender
Active across Europe

Lending volumes and loan book: undisclosed

Commercial mortgage-backed securities issuance has been rare in 2022. Goldman Sachs was involved in both transactions. In March, alongside Bank of America, the US lender priced the CASSIA 2022-1 CMBS, a senior agented deal for Blackstone Real Estate Partners backed by 42 Italian logistics assets. The transaction provided the sponsor with a €235.5 million loan. In April, Goldman was sole arranger of the Vita Scientia 2022-1 CMBS. It provided a €264.9 million loan to TPG Real Estate and Dutch firm Base Investments for eight life science and office assets in the Netherlands and Germany. In December 2021, it was sole arranger of Europe’s first motorway service area CMBS, with the £262 million Highways 2021.