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Sector specialists expect more retail dominated non-performing loan sales, but say banks are still getting to grips with pandemic-related distress across their wider portfolios.
Market disruption caused by the pandemic will create value-add and opportunistic investment opportunities in the two sectors, according to the Swiss investment bank.
The recent upsurge in the use of company voluntary arrangements on the UK high street is adding to the risk of financing retail property.
Financings like the £60m, five-year revolving credit facility for Supermarket Income REIT should become more regular in the UK grocery retail sector as demand mounts.
While debt providers are right to be highly cautious of the troubled sector, there are compelling financing deals to be found amid the gloom.
Nordics lender Nordea offered competitively priced debt, but was picked to finance the Trinity Quarter development, in part to strengthen the US manager’s lending ties in the region.
Nick Sanderson says the UK landlord obtained an interest cover ratio waiver on its sole secured loan to ensure 'flexibility' amid reduced retail rents.
Retail icons are being toppled, spelling major trouble for US shopping malls as a cascade of defaults looms.
Losses and write-offs on retail debt could reach £10bn, while £22bn of development loans face delays, the latest UK lending market report by Cass Business School predicts.
Lending against income-producing residential assets, retail repurposing, and greater scrutiny on sustainable finance will be important topics for Europe’s property lenders this year.
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