Insight

ECB economist strikes note of calm on banks’ real estate exposure

A senior representative from the central bank played down the risks associated with banks’ commercial property exposure at the PERE Network Europe Forum this week.

Blackstone agrees extension plan for maturing Italian CMBS loans

Noteholders in the retail-focused securitisation will vote on the proposal later this month.

Term Sheet: Plunge in value for Paris CMBS asset, Tomlinson swaps Barclays for Lloyds, industry bodies respond to ECB real estate concerns

Draft valuations for a Paris asset financed via Europe’s first ‘green’ CMBS hint at the extent of the problems facing the office sector; Barclays real estate specialist Jess Tomlinson takes the top property job at UK competitor Lloyds; industry bodies urge the European Central Bank to engage in dialogue for a better understanding of the challenges facing real estate markets; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Blue Owl’s debt dive; ESRT’s handing back of office keys in Connecticut; Slate’s construction completion streak

Blue Owl Capital shows aspirations of being an all-weather manager with the launch of a real estate finance strategy following its purchase of Prima Capital Partners; Office woes are further demonstrated as Empire State Realty Trust hands back the keys on First Stamford Place ahead of 2027 loan maturity; Slate Property Group continues lending streak focused on construction completion with $150 million Bronx multifamily deal; and more in today’s Term Sheet, exclusively for our valued subscribers.

Value of securitised Paris office could be down 80%, says report

The CMBS special servicer will leave the valuation in draft form until the future of the asset’s key tenant is clearer.

Industry bodies troubled by central bank ‘assault’ on real estate

CREFC Europe, INREV and the Alternative Credit Council hit back at ECB warnings about risks posed by commercial real estate.

Term Sheet: Lloyds’ retail recapitalisation, Nexity’s deleveraging efforts, Fitch’s credit risk warning

UK bank Lloyds is in the frame to provide a major loan as part of a prime shopping centre recapitalisation plan; French firm Nexity sells its real estate management business as it pays down its debts; rating agency Fitch highlights contagion risk from commercial real estate losses, led by offices; and more in today’s briefing, exclusively for our valued subscribers.

LBBW backs HIH and Partners Group’s LogPark acquisition and redevelopment

The German bank has provided a €60m facility for the Leipzig asset.

Term Sheet: REC USA’s 2023 Awards unveiled; Bank OZK’s $600m loan trifecta; Franklin BSP’s Texas office portfolio refi

Private credit lenders log a banner year across Real Estate Capital USA’s 2023 Awards despite the elevated rate environment, valuation pressure and broad market uncertainty. Plus: Bank OZK continues to be the year’s most active construction lender with a trio of financings totaling $600 million across South Florida; Franklin BSP gets creative to refinance and mitigate office exposure risk in Silver Star REIT’s legacy real estate portfolio; and more in today’s Term Sheet, exclusively for our valued subscribers.

Dutch manager Coral Capital fully invests third debt fund

The firm has originated two loans, one in Germany and the other in the Netherlands, ahead of a fourth fund launch.