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Refinancing
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.
The first interest rate cut in the euro area has not changed the lending rate outlook for real estate.
Most lenders surveyed by the consultant say they will increase origination this year.
The manager previously secured an extension to another loan for its Sponda platform in Finland.
Hundreds of real estate managers have reported assets are at financial risk owing to new environment regulations.
The ratings agency said many facilities were secured by overvalued property and had weak covenants.
The debt was provided to Finnish company Technopolis, owned by manager Kildare.
The Southern Europe-focused manager took just five months to reach a final close for the fund, well below the European average.
A trend of institutional investors elevating credit-focused executives is a natural and predictable mirror of what is happening with managers.