Europe

The financing will support a major decarbonization program initiated by the building’s South Korean owners.

The firm will provide origination, structuring and asset management services to existing investors with debt capital and lending programs in place.

Panelists at the PERE Europe Forum 2026 described highly competitive lending market conditions in the region.

The downsides of the financial tool are rarely explored, but they were flagged during a debate at PERE Europe Forum 2026 this week.

The loan was provided to a subsidiary of Nordic manager Urban Partners.

Banks and private credit funds are competing for one of commercial real estate’s most favored sectors, speakers at the conference said.

Banks continue to provide back leverage for debt funds and other non-bank lenders, with lending rising to $309bn for this cohort in Q1 2026.

The UK manager said it has sourced £500m of institutional funding for the strategy.

A UK High Court judge did not accept allegations that a €920m valuation of the building was the result of lender influence on JLL.

Non-bank lenders are seeing a growing area of opportunity amid increased activity with this cohort.