Insight

Term Sheet: Trump’s tariff rhetoric; Heitman’s fund close; Chicago Teachers’ allocation hold-up

Real estate managers are contending with US President Donald Trump’s tariff rhetoric as Mexico and Canada leadership responses loom large; Heitman has $800 million of fresh capital lined up for the third iteration of its credit strategy; Chicago Teachers’ investment committee holds off on an allocation to Basis Investment Group at February meeting; and more in today’s Term Sheet, exclusively for our valued subscribers.

Term Sheet: Phoenix spreads its wings, Castlelake and Niam Credit team up, Heimdal Nordic gathers capital

UK insurer and pension provider Phoenix Group looks outside its home nation for real estate debt opportunities; Castlelake and Niam Credit make whole loan lending plans for the Nordics; Denmark’s Heimdal Nordic hits a first close on its fundraising; and more in today’s briefing, exclusively for our valued subscribers.

Castlelake issues first credit facility from €1bn Nordics lending pot

The US manager will source and originate credit deals via its Stockholm-headquartered partner, Niam Credit.

Heimdal Nordic holds €520m first close for Danish-focused credit fund

The Copenhagen-based firm is aiming for a final fund size of around €800m.

Term Sheet: Apollo and Barings’ Indianapolis hotel financing; Federal Reserve keeps rates steady; Oaktree taps PACE market for Los Angeles office tower

Term Sheet: Apollo and Barings’ Indianapolis hotel financing; Federal Reserve keeps rates steady; Oaktree taps PACE market for Los Angeles office tower

Term Sheet: AXA’s fundraising drive, the first European CMBS of 2025, Quintain’s latest Wembley financing

French manager AXA IM Alts demonstrates investor demand with impressive fundraising figures; US manager Blackstone backs the first European commercial mortgage-backed securities deal of 2025; Quintain borrows from Bank of America in its latest Wembley Park financing; and more in today’s briefing, exclusively for our valued subscribers.

Why Redevco is moving into transitional lending

Richard Craddock, who was appointed to lead the firm’s expansion into real estate credit, explains the rationale behind the strategy.

European banks tighten credit standards for real estate amid macroeconomic uncertainty

The ECB said the sector is subject to stricter loan conditions as banks respond to geopolitical and economic risks.

AXA raises record €4bn for global property debt strategy

The firm’s global debt platform has raised more capital than all other European-focused debt funds combined in the past 12 months.