Insight

CBRE: Leverage drops, margins rise during Q3

The impact of the rising cost of debt was seen across European markets in the third quarter, according to CBRE.

Debt for refinancing likely to decrease in 2023, ULI, PwC survey reveals

Loans coming to maturity in the next two years will be hard hit by interest rate rises and decreasing loan-to-values, respondents said.

Term Sheet: KKR’s lending plans, Moody’s warns of refinancing risk, debt’s enlarged share of fundraising

KKR prepares to lend in Europe as managers seek opportunities in a volatile market; ratings agency Moody’s highlights enhanced refinancing risk in its latest paper; debt’s share of real estate fundraising grows, but volumes drop overall; and more in today’s briefing, exclusively for our valued subscribers.

New INREV report details thriving European non-listed debt market 

The UK’s fast-changing political and economic landscape, however, could mean fundraising may slow down in the months ahead.

DRC Savills funds Spanish residential portfolio acquisition

The lender originated the loan at a low debt yield but expects this metric to change as the sponsor executes a capex campaign.

Term Sheet: Blackstone’s downturn forecast and creative debt prediction, occupier health under the microscope, a €400m hotels refinance takes centrestage

Blackstone sees slowdown as inevitable; investment in European residential declines; lenders take the co-operative route with borrowers; why CEE is a lending hot spot; cost of doing business crisis worsens for UK occupiers; and more in today’s briefing, exclusively for our valued subscribers.

Revetas sees strong lender support for CEE investment

The region’s well-developed banking market and strong macroeconomic features are creating a stable lending environment.

Term Sheet: Oxford Economics’ alarm over ICRs, Fiera’s entry into lending, Bayes’ latest report on the UK market

Oxford Economics sounds alarm over declining interest coverage ratios; Fiera Real Estate sees “huge” potential as it launches a debt business; the mid-year 2022 Bayes Business School UK report provides a snapshot of a buoyant H1; and more in today’s briefing, exclusively for our valued subscribers.

Oxford Economics sounds alarm over increased risk of forced sales

UK offices and retail are sectors of most concern as interest coverage ratios plummet.

Borrowers warned to worry about ICRs over LTVs

Private real estate managers are being cautioned to garner a greater understanding of the vitality of their tenants to avoid triggering income clauses in their borrowing terms.