Insight

‘A lot of unnecessary risk’: Lagging performance puts managers’ losses under scrutiny

The PERE Podcast spotlights the metric every investor is asking for and what it suggests about market sentiment, with StepStone Real Estate’s Jeff Giller.

King Street appoints senior adviser to European real estate business

The move to bring Sujan Patel aboard follows the departure of real estate co-head Paul Brennan.

Loans in focus: Aareal issues €406m loan for European hotels, Grainger receives £540m refinancing, Värde issues €275m in Germany

Aareal Bank provides a €406m loan to Pandox secured by a 13‑hotel portfolio across Europe; AIB, Barclays, HSBC and NatWest issue a £540m refinancing loan to Grainger; Värde Partners provides €275m of debt for a German logistics asset; 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.

Owner of Belgium’s biggest office sues CBRE Loan Services in valuation dispute

The Korean owner of Belgium’s largest office building alleges the building’s lenders placed undue pressure on valuers to trigger a cash trap event.

Term Sheet: BNPP AM Alts amasses €3bn for real estate debt, EBRD invests in distressed loan programme, Aareal provides €406m for hotel portfolio

BNP Paribas Asset Management Alts amasses circa €3bn for a European real estate debt strategy; APS Group and the EBRD partner on a €250m programme to acquire distressed loans; Aareal Bank provides a €406m financing for a European hotel portfolio; and more in today’s briefing, exclusively for our valued subscribers.

Palm Beach Gardens marks Florida’s next condo financing frontier

Private real estate loan deals for residential schemes such as Northwind’s $401 million bridge package are becoming more commonplace.

Term Sheet: S3’s $1.3bn strategy close; KSL’s fifth credit installment; Corten’s senior debt debut

Raising debt capital was a resounding theme this week as S3 Capital closed its third real estate debt strategy with $1.3bn of capital lined up; KSL Capital Partners has sights on a fifth installment in its real estate credit series after surging beyond $1bn for the preceding fundraise; Corten Real Estate has lined up insurance company backing to debut a senior lending platform to target a $1bn origination pipeline; and more in today’s Term Sheet, exclusively for our valued subscribers.

Loans in focus: Trinity’s repeat Diplomat refi; Northwind’s $401m bridge close; Soloviev’s $1.8bn SASB backing

Trinity Investments is replacing its existing debt on The Diplomat Beach Resort with a fresh $600 million of securitized capital; Northwind is backing the completion of a Palm Beach, Florida condominium development with a $401 million bridge loan; Soloviev Group is landing a $1.8 billion refinancing for a prime Central Park-adjacent office asset; and more in our round-up of stateside loan deals from the past week.

BNPP AM Alts amasses €3bn for European credit strategy targeting value-add deals

The manager is targeting high single-digit IRRs by lending against transitional real estate though its latest fund and associated vehicles.

Loans in focus: Maslow helps unlock major Madrid logistics development, Standard Chartered provides £250m for London PBSA, pbb issues €86m for an Italian logistics portfolio

Maslow Capital provides a €40 million facility to Dunas Capital Real Estate as the developer aims to bring forward a major logistics park development in Madrid; Standard Chartered provides a £250 million (€289 million) construction loan for a purpose-built student accommodation scheme in London; pbb Deutsche Pfandbriefbank issues €86 million to Kryalos SGR for an eight-asset logistics portfolio in Italy; 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.