Lucy Scott
The French bank participated in what was described as the largest ever debt deal in France’s PBSA sector.
Morningstar DBRS believes the outstanding loan balance is higher than the value of the assets, as rental income declines and vacancy increases.
Most lenders surveyed by the consultant say they will increase origination this year.
The special servicer has accepted a bid for the underlying assets, which were hit by the crisis in UK retail.
The company’s managing director says its latest purchase is part of a growing portfolio of ‘essential real estate’ – for which lenders also have appetite.
Hundreds of real estate managers have reported assets are at financial risk owing to new environment regulations.
The ratings agency said many facilities were secured by overvalued property and had weak covenants.
The number of borrowers seeking loans for new transactions increased via the online lending platform during Q1 2024.
With a €445m refinancing, Frankfurt's Palais Quartier – home to MyZeil shopping centre – highlights investor confidence in its prime location and strong occupancy.
The Riksbank wants property companies to better explain valuation methods to shore up confidence in real estate.