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Andrew Coombs, CEO of Sirius Real Estate, argues sponsors should think carefully before handing back keys to lenders.
The German listed company is seeking to secure new terms on a bridging facility and bond debt maturing in 2024.
The logistics specialist has around €800m of unsecured debt due to mature in 2024.
Refinancing risk will drive a further tightening of credit conditions, according to the central bank.
Mount Street placed the securitised loan, originally issued by Goldman Sachs, into special servicing when it matured on 15 January.
Finance will remain scarce for the next two years, while buyers and sellers disagree on values, according to the bank’s latest sentiment survey.
Scope Ratings listed six securitised European loans, due to mature this year, as most at risk.
The loan servicing specialist expects collaborative discussions to continue, but fewer loan extensions to be agreed.
The manager has won a three-year loan extension which enables its Sponda subsidiary to divest assets.
The joint venture partners have agreed to a sustainability-linked loan from lenders HSBC and OCBC.