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The private investor’s chief financial officer says financing options for its new flexible office development in Birmingham were limited.
Quartier-Heidestrasse
A €296m construction financing in the German capital, led by Deutsche Hypo, was among the week’s more eye-catching items.
The manager, which was founded by former Deutsche Bank credit and real estate specialists in 2015, has already deployed €330m across seven investments primarily secured against European offices.
UK holiday
In a busy start to March, a UK leisure platform attracted £1.8bn of finance, banks re-upped on a London office tower loan and sponsors demanded speculative logistics debt.
110 Bishopsgate
Uncertainty around the office sector’s future did not deter the banks from financing 110 Bishopsgate again.
Market disruption caused by the pandemic will create value-add and opportunistic investment opportunities in the two sectors, according to the Swiss investment bank.
Vacancy and rental levels could be on a longer-than-anticipated road to recovery, especially in western markets.
A new facility agreed by the two parties includes up to a 10bps margin discount should the borrower hit sustainability targets.
Financing deals in the UK capital this month suggest some debt providers are keeping faith in the city’s fundamentals.
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.
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