Refinancing

The Los Angeles-based manager raised an aggregate $500m for its funds targeting the strategy in the second quarter of 2023.

A short supply of purpose-built student accommodation in the country is driving appetite.

Banks remain a major part of Europe’s refinancing picture, but insurers are also becoming more active.

Speaking at the first District World Summit event in London last week, the bank’s co-head of real estate said values have not adjusted as quickly as anticipated.

The UK property firm is close to finalising a £100m joint venture to target real estate debt in the UK.

HSBC’s exit from Canary Wharf is not a death knell for the estate. But it highlights problems facing those invested in the former financial hotspot.

The firm last week announced a retail and hotel refinancing in London, bringing its European loan book to £1.1bn.

A continued pause in the UK property investment market is expected following the Bank of England’s latest interest rate rise, which will further impact affordability of loans. 

The firm has seen a retrenchment from banks and is looking to ‘control more of the capital stack’ amid refinancing shortfall.

Debt providers can take steps to navigate complex situations in this challenging market, comments Ali Khaki, insolvency practitioner with FTI Consulting.