The manager said lower refinancing LTVs and falling capital values could cause problems for maturing loans, but described the funding gap as ‘relatively modest’ in historic terms.
Real estate market participants expect more investment in alternative property types, repurposing to become more prevalent and sustainability to be prioritised in 2021.
The pandemic will make it difficult to invest capital during the first half of the year but declines in asset pricing are expected to help deal volumes rebound in H2 2020.
Borrowers with financially engineered performances face covenant breaches amid a market correction, warns AXA IM – Real Assets’ head of research and strategy.
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