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The US manager has backed former Tyndaris real estate boss Clark Coffee’s new venture to capitalise on dislocation in the European lending market.
The $2.8bn sale to Highgate is potentially the first many large hospitality portfolio sales, but a debt transfer of its size is unlikely to be repeated.
Gifford West of loan sale advisor DebtX argues lenders should begin to shed troubled loans before the problem becomes too big.
Loan distress is brewing, banks are playing it safe and alternative lenders are aiming to make gains in the market.
Although many lenders have scaled back their activities considerably, some see property credit as an enticing opportunity in a dislocated market.
Europe’s real estate debt providers have become more selective about what they are prepared to lend against.
The report, authored by the business school formerly known as Cass, reveals new UK lending dropped 34% to £15.5bn in H1 2020.
The Berlin-based advisory and investment firm records 151 investors currently active in Germany’s subordinated debt market.
Speaking ahead of the publication of its H1 2020 report, Nicole Lux of The Business School at City, University of London says lenders have focused on the residential sector.
Though new relationships are still on hold throughout much of the world, many kinds of investors are still finding ways to grow their real estate exposure.
