Insight

Blackstone prices major UK logistics CMBS amid market volatility 

The commercial mortgage-backed securitisation is the largest European CMBS deal since 2021.

Term Sheet: Real estate’s tariff reality; Ares’ industrial balance; Affinius’ extended streak

The US commercial real estate debt market is contending with waves of volatility following the implementation then overhaul of broad tariffs by President Donald Trump. In lending news, Ares has refreshed some of its stateside industrial exposure with a $536.9 million CMBS refinancing package; Affinius extends its lending streak with a $215 million construction deal in Manhattan’s Midtown South neighborhood; and more in today’s Term Sheet, exclusively for our valued subscribers.

Real estate bond markets a ‘good place to hide’ since tariffs, says ING

The Dutch lender has said real estate credit spreads have widened by less than other European sectors since the global trade tariffs announcement.

Term Sheet: Lenders react to tariff turmoil, Brookfield asks for German debt extension, change at the top for Blackstone’s lending business

Real estate lenders try to make sense of the potential impacts of US President Donald Trump’s tariffs; Brookfield seeks an extension to securitised debt behind a German residential portfolio; Blackstone’s head of real estate debt in Europe to retire, with a replacement lined up; and more in today’s briefing, exclusively for our valued subscribers.

Brookfield requests three more years to repay securitised German residential loan

The manager needs time to complete a plan to upgrade thousands of assets.

Blackstone lines up European head of real estate debt as Steve Plavin retires

David Gorleku, currently head of originations for BREDS Europe, will step into the role in July.

Redevco makes appointments as it aims to grow its debt platform

A property lending industry veteran will serve as a senior adviser to the firm’s recently formed credit business.

Loans in Focus: CBRE IM sources €1bn of fund-level finance; another hotel loan for Aareal Bank; pbb Deutsche Pfandbriefbank finances four Polish logistics properties

Six loans totalling €1.89 billion of debt capital were recorded by Real Estate Capital Europe in the past week. They included: €1 billion of fund-level finance provided to support a fresh strategy for a vehicle managed by CBRE Investment Management; another sizeable loan by Aareal Bank in its favourite sector; and pbb Deutsche Pfandbriefbank’s €120 million financing of a Polish logistics portfolio. Find out more about these loans below, plus the other latest additions to the REC Europe lending database in this week’s round-up of lending activity across the European market.

‘Liberation day’ tariffs knock real estate finance market confidence

Market sources predict further slowdown amid uncertainty, although ‘knee-jerk’ reactions are not expected.