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The chief executive of the Frankfurt-headquartered bank said he has not seen the recovery in 2024 he had expected.
The insurer has secured an 11th-hour extension to a securitised loan after agreeing to provide equity as part of a refinancing package.
Morningstar DBRS believes the outstanding loan balance is higher than the value of the assets, as rental income declines and vacancy increases.
The firm’s head of real estate debt strategies sees more opportunities for non-bank lenders.
The debt was provided to Finnish company Technopolis, owned by manager Kildare.
Kay Wolf, chief executive officer, says the German lender is focused on disposing of loans but will reinvest the capital in new business.
A loan from six banks funded the €880m purchase of offices for a retrofit project without a lease.
The landlord has sourced £533m of fresh financing but faces a wall of office-related debt maturities in the coming years.
The CMBS special servicer will leave the valuation in draft form until the future of the asset’s key tenant is clearer.
The financing replaces construction debt put into place in 2019.