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Alternative lenders
Options for alternative lenders to capitalise on the opportunity in real estate debt are taking longer than expected to manifest in Europe.
The subsidiary of German lender pbb Deutsche Pfandbriefbank is speaking to investors about raising up to €500m.
The firm has hired a former EQT Exeter executive to lead fundraising, with credit-based strategies expected to be included.
The sovereign wealth fund has made a commitment to the ninth vintage of the manager’s flagship real estate credit strategy.
The new vehicle is the firm's first commingled fund for its global commercial real estate credit business.
The manager says the additional capital provides it with £1.3bn in available capital.
The vice-president of the European Central Bank said alternative debt providers are of greater concern than traditional lenders.
The three-year facility to developer Princeton Investments has been originated at 60% LTV.
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Two domestic managers, Silverton and Pöttinger, have paired up to offer advice in cases where schemes have stalled.