Insight

Incus’ Pommier: More US investors are evaluating European debt opportunities

Martin Pommier, a partner at the Madrid-based manager, says Incus saw this increase in interest as it moved towards the first close of its latest real estate private credit fund.

Term Sheet: Greystar’s $1.27bn fundraise; TPG’s $1.1bn securitization; X-caliber’s bridge tune-up

Greystar has $1.27 billion of fresh capital on tap to expand its for-rent residential sector presence through its latest private credit strategy; TPG adds a jolt to commercial real estate’s securitized market with an inbound $1.1 billion collateralized loan obligation; X-caliber is retuning its bridge lending program to access more mid-market momentum; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Aareal completes its first SRT, back leverage helps ease refinancing challenges, Bank of England sounds alarm over data centres

German lender Aareal Bank becomes the latest user of the growing real estate SRT market; AEW says back leverage partly explains a reduction in the debt funding gap for European real estate; the Bank of England sounds an alarm over data centre financing and AI-related asset price falls; and more in today’s briefing, exclusively for our valued subscribers.

Rate cut expected to reignite real estate transaction and debt activity

The Federal Reserve’s move to cut interest rates by 25 basis points will help accelerate transaction volume through year-end, lenders believe.

Inside the deal: QuadReal’s first European direct loan

The Canadian manager has its sights set on a Continental European loan following its inaugural debt deal, in UK logistics.

Loans in focus: Madison Realty’s industrial build-up; Blackstone’s New York retail bet; Starwood’s Brooklyn multifamily backing

Madison Realty Capital is funding a $645m loan package for an industrial park in New Jersey; Blackstone is backing a shopping center in Yonkers, New York, with a $198.5m debt package; Starwood is issuing a $64m refinancing for a multifamily property in Brooklyn; and more in our round-up of stateside loan deals from the past week.

Aareal Bank completes first SRT trade on €2bn of real estate loans

The bank is one of a growing number of lenders using synthetic risk transfers to create more lending capacity.

Loans in focus: Four banks provide £525m RCF to Great Portland Estates; a £507m Blackstone-sponsored CMBS is priced; Tatra banka participates in €380m loan to JTRE

NatWest, Santander, Bank of China and Lloyds Bank issue a £525 million (€604 million) revolving credit facility to Great Portland Estates; a £507 million portion of a Blackstone-sponsored UK logistics loan is securitised; Tatra banka, alongside a club of local banks, lends €380 million to JTRE to refinance a mixed-use development in Slovakia; the latest additions to the Real Estate Capital Europe lending database; and more in our round-up of European loan deals from the past week.

GPE’s £525m RCF marks its largest bank loan to date

The facility replaces a previous £450m RCF and features ESG-linked KPIs.