November 2014 Issue

    Month: November
    Year: 2014

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    Affordable targets put bite on Big Apple resi schemes

    Mayor’s push for bigger affordable element may drive developers out

    CMBS touch paper catches

    Europe’s CMBS market is finding its feet as deals become gradually more complex

    Foreign lenders bank on Spain’s new-found stability

    A widening range of lenders are returning to debt origination

    Fuchs looks to new markets

    The European real estate finance head of insurance giant Allianz talks to David Hatcher

    CONFERENCE REPORT: A heated property debate

    At our inaugural Forum, industry leaders discussed Europe's changing debt market

    Winters takes a veteran’s view of lending landscape

    Experienced ex banker assesses lending evolution in Forum Q&A with FT’s John Plender   Bill Winters is CEO of alternative asset manager and adviser Renshaw Bay, founded in 2011 in partnership with Reinet Investments and RIT Capital Partners. As former co-CEO of JP Morgan Investment Bank, he played a key role in steering the bank […]

    Interest eclipses waning returns for US debt funds

    Investors pile in despite lack of distressed debt opportunities

    Competition gets fiery in heated Euro NPL market

    Falling pricing makes it hard to hit returns promised to investors, writes David Hatcher A staggering €54.9bn of non-performing real estate loan portfolios have been traded in Europe so far this year, more than the whole of 2012 and 2013 combined. Cushman & Wakefield estimates that another €30.8bn of deals are ongoing. Non-performing loans (NPLs) […]

    CAPITAL WATCH: European CRE loan sales

    Banks sold a total of €14.5bn of non-performing loan (NPL) and distressed real estate in Q3 2014

    CAPITAL WATCH: Recent lending deals

    Real Estate Capital market commentary • Deutsche Bank completed a giant €1.5bn refinancing of troubled German property company IVG in the largest arrangement during the period. A €680m element of the loan is thought to be the candidate for a possible CMBS. • Of a similar scale was Deutsche Wohnen’s €1.36bn refinancing by Berlin Hyp […]

    Capital Watch: European private funds, secondary market update, Q3 2014

    Pricing in continental Europe has moved strongly towards net asset value (NAV) since mid-2013, while average UK secondary market pricing was largely stable in Q3,writes Ashley Marks of JLL Corporate Finance. Click to see full report: CAPITAL WATCH: European private funds, Q3 2014 secondary market update  

    CAPITAL WATCH: Private real estate debt funds in the market

    PERE Research and Analytics’ monitoring shows 63 real estate debt funds in the market this month, seeking to raise $24bn.

    Market volatility shows lenders and borrowers need to cooperate

    In loan negotiations, many zero-sum games remind the parties that they are on opposite sides. Defining the reference interest rate over which the margin applies isn’t one of them, but, as recent market turbulence shows, this term carries a lot of value to both parties. For fixed-rate or floating-rate loans, this rate can change rapidly […]