Insight

Aareal Bank completes first SRT trade on €2bn of real estate loans

The bank is one of a growing number of lenders using synthetic risk transfers to create more lending capacity.

Loans in focus: Four banks provide £525m RCF to Great Portland Estates; a £507m Blackstone-sponsored CMBS is priced; Tatra banka participates in €380m loan to JTRE

NatWest, Santander, Bank of China and Lloyds Bank issue a £525 million (€604 million) revolving credit facility to Great Portland Estates; a £507 million portion of a Blackstone-sponsored UK logistics loan is securitised; Tatra banka, alongside a club of local banks, lends €380 million to JTRE to refinance a mixed-use development in Slovakia; the latest additions to the Real Estate Capital Europe lending database; and more in our round-up of European loan deals from the past week.

GPE’s £525m RCF marks its largest bank loan to date

The facility replaces a previous £450m RCF and features ESG-linked KPIs.

Back leverage helping to reduce Europe’s debt funding gap, says AEW

The manager’s estimate for the refinancing shortfall in the coming three years is 18% lower than for the preceding two years.

Term Sheet: Madison’s industrial layering; Invesco’s senior swap; S3’s investor relations addition

Madison Realty Capital is putting its debt strategy to work this year with the close of a $654 million industrial refinancing deal; Invesco is updating its top real estate credit and equity ranks with Bert Crouch set to exit for a leadership role at Apollo; S3 Capital is keeping sights on further real estate credit expansion with the appointment of a fundraising head; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Bayes reveals a UK lending surge, Blackstone’s £507m CMBS is priced, CapitaLand targets Asian lending

The latest Bayes Business School UK lending report reveals there was a jump in origination in H1; a Blackstone-sponsored logistics CMBS has closed, boosting European issuance volumes; CapitaLand sees the potential in Asian real estate debt markets with latest fundraising drive; and more in today’s briefing, exclusively for our valued subscribers.

Bayes report: UK lending surges, debt fund defaults up, prime offices in demand

The author of the business school report says the UK’s 2025 lending has potential to reach a 10-year high.

Maslow provides £122m to Definition for London mixed-use development

The two firms have an existing relationship spanning more than a decade.