Insight

Term Sheet: Hope in the air at MIPIM, Apollo leans into European real estate debt, AXA sources £480m for London development

Industry professionals at MIPIM in Cannes expect better financing conditions ahead; US manager Apollo increases its focus on European real estate debt with a dedicated fund; AXA IM Alts taps the development finance market for a major London scheme; and more in today’s briefing, exclusively for our valued subscribers.

Blackstone’s Jay: ‘We think 2024 is a market in which to transact’

The manager has sourced c€26bn of European debt since the start of 2023, and its borrowing specialist is confident about market conditions ahead.

ActivumSG appoints fundraising veteran Lemer for growth drive

The firm has hired a former EQT Exeter executive to lead fundraising, with credit-based strategies expected to be included.

Borrower focus: Muss sees new underwriting metrics holding back transactions 

The firm is not planning to join the ranks of investors who are seeking short-term lending solutions.

ADIA confirmed as £650m investor in Cheyne’s latest debt vehicle

The sovereign wealth fund has made a commitment to the ninth vintage of the manager’s flagship real estate credit strategy.

Cale Street provides £480m loan for AXA’s ‘landmark’ London office scheme

The borrower acquired 50 Fenchurch Street in 2022 and plans to develop a circa £1bn office tower.

CBRE IM upsizes RCF to €750m

The manager’s original €450m facility has been increased, with new lenders Deutsche Bank and CACIB added.

M&G raises £350m for senior and junior credit vehicles

The manager says the additional capital provides it with £1.3bn in available capital.

ECB sees non-bank real estate lenders as major risk to financial stability

The vice-president of the European Central Bank said alternative debt providers are of greater concern than traditional lenders.

Deutsche Hypo refinances Helaba loan on London office

The bank has provided a £46m loan to South Korean managers Kiwoom Securities and Hana Securities.