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The Madrid-based mid-market lender aims to invest around a third of the vehicle’s capital in real estate credit opportunities.
Retrenchment among the big domestic banks that dominate the French market has created opportunities for debt funds – when sponsors are willing to pay the price.
The property investment arm of German insurer Allianz has acquired two office buildings in Paris as a demonstration of confidence in what many regard as a highly uncertain sector.
€650 million was raised for the project by an investor pool including Icawood and BNP Paribas
The current crisis is testing the strength of the country’s real estate debt and equity markets. It could also be an accelerant to change.
Market metrics show banks remain the largest providers of property finance in France.
Arc de Triomphe, Paris
Participants in our first virtual roundtable predict lenders in France will reprice property debt and reduce leverage as the market copes with covid-19.
French commercial real estate had record investment volumes in 2019. But lenders are likely to downgrade their ambitions for 2020.
The €205m refinancing facility for Northwood Investors was described by DWS’s Oswatitsch as having a ‘defensive nature’.
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