June 2016 Issue

    Month: June
    Year: 2016

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    Editor’s letter: 2015, and the turning of a corner

    The eagerly awaited annual report from De Montfort University provides the hard facts to back up the observation that many were keen to make as 2015 drew to a close: the UK commercial real estate (CRE) financing market was in fine fettle.

    ANALYSIS: De Montfort Report – UK CRE loan book shows first post-crisis growth

    The total value of outstanding commercial real estate debt in the UK grew for the first time since 2008, writes Daniel Cunningham.

    Hope that new bill eases CMBS regulation pain

    Bracketed with its riskier RMBS cousin, the CMBS market has been hit by new risk retention rules. Al Barbarino explains how the effects may yet be mitigated.

    UK FEATURE: Debt funds hungry as the banks lose appetite for risk

    Development finance market opening up for alternative lenders.

    Liquidity ebbs for prime

    Debt is harder to find in the softer central London residential market, reports Jane Roberts.

    Lenders begin moving into PRS development schemes

    Interest is growing in financing UK ‘build-to-rent’ housing, writes Jane Roberts.

    Going where the banks no longer tread

    Lendinvest has become a go-to lender for smaller developers which, since December, has been ramping up its push into development finance. Andy Thomson spoke with two of the firm’s senior executives to find out more.

    Venn Partners – Bringing a plan together

    Venn Partners is raising its first real estate debt fund, working with the UK government to deliver PRS loans, and writing Dutch home mortgages. Daniel Cunningham meets the team to discuss its various business lines.

    Spain: A cautious comeback

    Spanish banks have returned to the commercial property lending market, but they are playing it safe.

    US FEATURE: Loans dropping like flies

    As more CMBS loans are dropped from initial pools, non-bank loan sellers are contributing significantly more than their share.

    Not your grandfather’s warehouse

    Internet fulfilment centres have boosted the US industrial real estate debt market, experts say, with last year’s asset sales climbing for the sixth year in a row, reports Justin Slaughter.

    CAPITAL WATCH: Recent lending deals May 2016

    The Children’s Investment Fund (TCI), the hedge fund founded by activist investor Sir Chris Hohn, made its first major UK real estate loan with a loan of up to £400 million to finance Almacantar’s Marble Arch Tower scheme in London’s West End.

    CAPITAL WATCH: Private real estate debt funds May 2016

    The latest figures compiled by our Research & Analytics division show there are 116 real estate debt funds in the market.