Insight

Term Sheet: Will NatWest’s retail loan sale serve as a benchmark?, LendInvest’s £150m funding boost, Spain’s biggest data centres debt deal to date

The sale of NatWest’s distressed shopping centre loan portfolio Project Mercatus offers a reference point for investors evaluating UK distressed shopping malls; LendInvest expands its capital sources through a £150 million (€176 million) partnership with banks Barclays and HSBC; A syndicated loan to fund data centres in Spain has been upgraded to €320 million; and more in today’s briefing, exclusively for our valued subscribers.

CBRE: Office loan terms remain stable in Q2

Lending terms for prime European properties were relatively unchanged between Q1 and Q2.

CBRE: retail yields and lending margins are both rising

The firm’s latest data shows that retail yields and lending margins are both rising.

Why more US mid-market lenders are becoming one-stop shops

Debt providers including Hudson Realty Capital, ACRES Capital, Archway Capital and M360 Advisors have expanded, or are looking at ways to grow, their product offerings.

Rating agency calls for standardisation in ESG real estate bond market

Philipp Wass of Scope, the German rating agency, argues bond investors need to be better able to assess the impact of sustainability on issuers’ credit quality.

Term Sheet: BlackRock’s first European real estate debt fund, Capital Bay’s €1.5bn fundraising drive, Frogmore and Morgan Stanley’s London refinancing

US investment giant BlackRock has closed its first dedicated European real estate debt fund on €609 million; German manager Capital Bay aims to raise €1.5 billion for its property loan fund; Frogmore and Morgan Stanley secure finance for London’s Notting Hill Gate Estate; and more in today’s briefing, exclusively for our valued subscribers.

Berkshire Residential closes latest US multifamily debt fund on $1.85bn

The firm has closed multifamily credit funds totalling more than $3.3bn this year.

APG’s Kanters: ‘Offices are ageing very fast’

The head of real assets at the Dutch investor says building valuations will take a hit unless owners are proactive in making their assets sustainable.

BlackRock raises €609m for first European real estate debt fund

The real assets business of the $9trn manager is targeting junior lending opportunities in Western European markets.

Why operational assets are having their moment

Randeesh Sandhu, co-founder of alternative lender Précis Capital Partners, says residential-based operational properties are emerging from the covid crisis as strong sectors.