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Following an €88m financing in the Netherlands, the US manager’s real estate finance director says the country’s office sector is no longer blighted by oversupply.
So-called ‘beds for rent’ sectors in the UK are becoming a preferred allocation choice for investors over offices and retail, according to findings published by Investec.
The latest real estate institutional investor survey by placement agent Probitas Partners demonstrates tumbling appetite for office investments and competition fears.
The debt fund manager’s head of senior debt said Tristan Capital Partners’ plans to future-proof Reading International Business Park convinced it to back the project.
Ali Otmar of Tristan Capital Partners and Ben Eppley of Apollo Global Management discuss a transaction, which Otmar says required the 'extreme end of flexibility'.
Modern office space
Panellists at CREFC Europe’s conference on offices say lenders are factoring in capex programmes and shorter leases when underwriting properties.
During its latest Financing Property presentation, the consultancy said the pandemic is leading sponsors and financiers to increasingly consider social factors when futureproofing assets.
Herbal House, Farringdon, London
The £106.2 million loan refinances the ten-floor multi-let office, residential asset in Farringdon, which was built in 1928 as the printing headquarters for the Daily Mirror.
Broadoaks project in Solihull
Market sources say non-bank lenders dominate the financing of such schemes as they look for returns in parts of the market underserved by traditional banks.
Consultancy's latest Debt Map report shows there was little change to the terms in most prime office senior lending markets during Q1.
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