May 2017 Issue

    Editor’s Letter: NPL opportunity shifts south

    Across many European real estate sectors, prime yields are unlikely to compress much more this cycle.

    UK lending falls 17% despite post-referendum rebound

    The latest research from Leicester’s De Montfort University shows the country’s commercial real estate lending was down during 2016, despite a rise after the EU vote. Daniel Cunningham reports.

    Lenders defend their territory

    UK real estate lenders are striving to maintain their client bases as the property cycle matures, writes Nicole Lux, the author of the De Montfort University report on UK CRE lending.

    Polish populism hits domestic lenders

    The country’s nationalist government slapped a tax on banks in February 2016. Doug Morrison investigates the effect on its real estate market.

    Lending principles for the UK built-to-rent sector are essential

    As the UK’s purpose-built private rented residential sector grows, lenders need guidelines for financing schemes, writes Peter Cosmetatos, CEO of the Commercial Real Estate Finance Council Europe.

    Special Report: Tackling Europe’s NPL mountain

    Pressure is growing on the continent’s lenders to address the massive volumes of non-performing loans sitting on their balance sheets, writes Lauren Parr.

    Italian loan sale market heats up

    Italy’s banks are finally putting non-core loans onto the market, writes Lauren Parr.

    Working it out

    NPL work-out strategies have proved lucrative for investors, writes Lauren Parr.

    Loan-on-loan lenders wait in the wings

    Investment banks are keeping watch on loan-on-loan opportunities, particularly in southern Europe, writes Lauren Parr.

    Europe’s NPL market shifts to emerging jurisdictions

    As momentum builds in Europe’s non-performing loans market, investors are looking at opportunities in emerging markets, writes Jouke Boomsma, co-head of NPLs at Mount Street.

    Profile: Protect the Position

    Timothé Rauly, AXA Investment Managers – Real Assets’ new head of funds group, tells Daniel Cunningham that maintaining the firm’s loan portfolio is his priority.

    US Market View: Deployment challenge

    The California Public Employees’ Retirement System is finding it difficult to deploy capital from its resources, managing investment director Paul Mouchakkaa told Real Estate Capital’s sister title PERE’s Global Investor Forum: Los Angeles. Meghan Morris reports.

    CAPITAL WATCH: Recent lending deals April 2017

    A mega-RMBS of the financing of Blackstone and Prudential's purchase of a performing buy-to-let residential portfolio from UK Asset Resolution was due to close as Real Estate Capital went to press.

    CAPITAL WATCH: Private real estate debt funds April 2017

    The latest figures compiled by our data team show there are 27 debt funds with known targets above €100m currently fundraising for Europe.