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Those expecting values to be correlative to debt ‘are holding out for something that won’t happen’, says the capital markets executive.
Michael Zerda was among Europe’s first cohort of private real estate debt managers. Over a decade on, he considers the future of debt and equity structures.
As alternative lenders expand their market share across Europe, debt advisory is gaining prominence, CBRE’s Chris Gow and Clarence Dixon argue.
Alternative lenders are thriving in mid-to-large loans while banks dominate larger deals, says Trimont’s Dean Harris.
While the region is in a more stable economic place today, the uptick in transaction activity isn’t happening uniformly across all regions, says Gareck Wilson, managing director at Solutus.
As senior lending issuance remains muted, the German bank is seeking higher-yielding opportunities via a debt vehicle.
The subordinate loan was part of the €720m refinancing led by US bank Citi of Finnish flexible office operator Technopolis.
The central bank says valuations should reflect the current market downturn and lack of transaction activity.
The finance director of the UK company’s investment adviser said diversifying its debt is a ‘natural’ next step.
The ‘significant’ capital injection allows Quintain to finalise the latest phase of the 85-acre estate.