Insight

UK lending fell to a 10-year low in 2023, says Bayes

Lenders, including debt funds, issued significantly less financing, the business school’s data shows.

Term Sheet: Europe’s first data centre securitisation, Blackstone’s latest CMBS, Canary Wharf refinancing progress

A pioneering data centres securitisation demonstrates a broadening of financing options for the growing asset class; Blackstone kicks off the UK’s 2024 CMBS market with an ‘industrial outdoor storage’ deal; Canary Wharf Group secures fresh financing across its London estate; and more in today’s briefing, exclusively for our valued subscribers.

Barclays launches £600m UK data centres securitisation

The first CMBS-type deal in the sector in Europe is sponsored by US company Vantage Data Centres.

Term Sheet: Yellowstone’s fresh NYC office act; ACORE’s $1.4bn fund close; Tajpaul’s move to Madison Realty

Yellowstone Real Estate Investments is turning a page with 1740 Broadway after acquiring its defaulted CMBS loan previously linked to Blackstone; ACORE looks to capitalize on an absence of bank lending following a $1.4 billion fund close; Madison Realty Capital taps Samir Tejpaul to lead capital markets and fuel the growth of its private credit platform; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Canary Wharf’s refinancing prospects, Martley’s debt fundraising, the Bank of England’s eye on banks and private funds

Morgan Stanley’s commitment to Canary Wharf boosts securitisation refinancing prospects, says Fitch; Richard Croft’s Martley aims to provide gap funding after raising lending capital; latest speech hints the Bank of England has an eye on how banks and non-banks interact; and more in today’s briefing, exclusively for our valued subscribers.

Sector specialists on the challenges of accessing the real estate debt opportunity

Conditions are ripe for lending, but barriers to entry in the industry remain high, delegates at PERE’s London event heard.

Another German bank increases loan loss provisions due to office concerns

Münchener Hyp makes its third consecutive increase in capital set aside for potential defaults.

Term Sheet: The ECB talks real estate risk, PIMCO’s Trausch on the refinancing ‘tsunami’, Blackstone’s Italian CMBS extension

A senior representative of the European Central Bank sounds a note of calm about banks’ real estate exposure at the PERE Network Europe Forum; PIMCO Prime Real Estate CEO François Trausch explains why debt is on managers’ minds; Blackstone’s Italian loan extension plan demonstrates the work some borrowers face to meet debt obligations; and more in today’s briefing, exclusively for our valued subscribers.

IMF warns commercial real estate stress is ‘intensifying’ 

The Washington DC-based agency says the sector is a salient near-term risk to global financial stability.

Term Sheet: L&L’s towering Park Avenue refi; Partners Group’s strategic Trinity stake; NYCB’s leadership changes

Trophy offices continue to buck sector-wide refinancing hurdles with L&L Holding closing a $911 million refinance of 425 Park Avenue; Partners Group is looking to expand its US and global hospitality exposure with a minority stake and $500 million allocation to Trinity Investments; New York Community Bank sees more volatility with a real estate leadership shake-up; and more in today’s Term Sheet, exclusively for our valued subscribers.