Term Sheet

Term Sheet: Niam’s Brunswick acquisition, Westbrook’s UK debt drive, Vonovia’s ESG upgrade plans

Brunswick’s debt business considers strategy after purchase by Niam; Westbrook’s push to lend in the UK shows opportunistic managers are attracted by current debt returns; Vonovia targets sustainability upgrades to its portfolio with funding from the European Investment Bank; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Empira’s fundraising ambitions, UK property’s poor performance, the mood at CREFC Europe’s latest London gathering

Empira’s fundraising target demonstrates lending ambitions in the non-bank lending market; UK returns data from MSCI highlights the pressure on real estate performance; panellists at CREFC Europe’s London conference describe a market in a pause period; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Concern about 2023 debt conditions, Aareal’s UK hotels deal, NREP’s self-imposed carbon tax

The latest Emerging Trends report by the Urban Land Institute and PwC highlights debt market fears for 2023; Aareal’s hotel loan to a Tristan Capital Partners fund demonstrates lender support for UK hospitality; NREP takes the initiative with a self-imposed carbon tax as it targets net zero; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: KKR’s lending plans, Moody’s warns of refinancing risk, debt’s enlarged share of fundraising

KKR prepares to lend in Europe as managers seek opportunities in a volatile market; ratings agency Moody’s highlights enhanced refinancing risk in its latest paper; debt’s share of real estate fundraising grows, but volumes drop overall; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Blackstone’s downturn forecast and creative debt prediction, occupier health under the microscope, a €400m hotels refinance takes centrestage

Blackstone sees slowdown as inevitable; investment in European residential declines; lenders take the co-operative route with borrowers; why CEE is a lending hot spot; cost of doing business crisis worsens for UK occupiers; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Oxford Economics’ alarm over ICRs, Fiera’s entry into lending, Bayes’ latest report on the UK market

Oxford Economics sounds alarm over declining interest coverage ratios; Fiera Real Estate sees “huge” potential as it launches a debt business; the mid-year 2022 Bayes Business School UK report provides a snapshot of a buoyant H1; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: An early refinancing, a market hindered by rising rates, an industry body’s ‘climate bubble’ concern

Sirius Real Estate’s early refinancing demonstrates how some sponsors are aiming to get their finances in order; EXPO Real participants describe a market hit by uncertainty around rising debt costs; the Urban Land Institute warns of a ‘climate bubble’ as it publishes valuation guidelines to factor in transition risk; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: UK crisis impacts lenders, EXPO Real delegates discuss refinancing risk, FAP sees increased mezzanine demand in Germany

The UK’s economic crisis prompts a pause in real estate lending; delegates at EXPO Real in Munich discuss factors including refinancing risk; FAP Group’s latest research suggests demand for mezzanine debt is on the rise in Germany; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Weak pound raises prospect of bargain hunters, AXA and Lendlease’s City financings, AEW’s debt gap prediction

The collapse of the pound prompts the suggestion foreign buyers can pick up UK property at a 25 percent discount; AXA IM – Alts and Lendlease secure debt deals for City of London assets; AEW identifies a €24 billion refinancing gap for key European property markets; and more in today’s briefing, exclusively for our valued subscribers.

Term Sheet: Global property returns feel the squeeze, industry braces for further rates increases, DRC Savills IM’s Asia-Pacific push

Data from MSCI shows the global impact of inflation and rising interest rates on real estate returns; property lending specialists brace for further rates increases amid rising debt costs; Debt fund manager DRC Savills IM’s key hire signals Asia-Pacific plans; and more in today’s briefing, exclusively for our valued subscribers.