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The Canadian manager obtained the financing for two real estate investment trusts it acquired in the past two years.
Debt providers see a convergence of lending criteria between alternative and traditional assets.
The logistics owner has made £94.3m of disposals in the past year as it aims to reduce the variable rate element of its debt.
Speaking at CREFC Europe’s London event, real estate debt specialists outlined the continued impact of higher rates on loan deals.
The concentration of bond financing issued by the country’s REITs makes it a target for potential acquisitions in the coming months.
The loan is secured by a portfolio of 21 retirement facilities in the UK.
The rating agency said borrowers with looming bond maturities will need to raise capital from asset sales.
Overall loan origination in the first half of 2023 was down 22% to £18.8bn, according to the business school’s latest survey.
More than 60% of respondents to an Urban Land Institute survey said concerns about the risks involved in decarbonising assets have led to acquisitions not going ahead.
The manager received a £300m facility to acquire 34 sites from a mix of banks and alternatives.

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