February 2017 Issue

    Month: February
    Year: 2017

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    Editor’s letter: Get used to uncertainty

    If 2016 was the year the table was turned over, 2017 is the year when the pieces need to be picked up.

    Analysis: Italy’s bank bailout sets an ominous tone for lenders

    The country’s real estate debt specialists remain sanguine despite gathering clouds in the local banking sector, writes Daniel Cunningham.

    Do we need a rethink of loan covenants?

    Questioning one of lending’s sacred tenets resulted in a thought-provoking debate at CREFC Europe’s most recent London conference, writes Jane Roberts.

    Loan sales expected to pick up in 2017 after last year’s dip

    The European market has been quiet compared with 2015’s boom. However, activity will increase moderately as lenders reassess their portfolios, according to Evercore.

    High-yield lenders move with the times

    Five years ago, they emerged to provide mezzanine loans. As the market has evolved, so have lenders aiming to provide high-yielding finance, writes Lauren Parr.

    Debt funds defy uncertainty to raise follow-on capital

    Established debt fund managers are expanding as investors continue to choose exposure to private real estate debt, writes Jane Roberts.

    Bridging the gap

    Short-term lending opportunities are expected to persist, although some bridge finance providers are being forced to change strategies, writes Doug Morrison.

    CPP Investment Board: ‘If the opportunity is right, we can invest’

    Unlike most pension fund lenders, CPP Investment Board aims to take more risk for more return. Daniel Cunningham meets the European private real estate debt team.

    CAPITAL WATCH: Recent lending deals January 2017

    The year-end 2016 and early 2017 period saw a clutch of significant financing deals closed in the UK market.

    CAPITAL WATCH: Private real estate debt funds Dec 2016/Jan 2017

    The latest figures compiled by our Research & Analytics division show there are 113 real estate debt funds in market, seeking just over €42 billion of capital in total.