CMBS

China Life Insurance, one of the building’s sponsors, agreed to provide £192m of equity following a statement earlier this month it would not be able to do so.

Noteholders and lenders have voted to extend senior and mezzanine facilities, due to mature on 16 September, on seven office assets near the country’s two main cities

The debt secured on the 36-storey office building is due to be repaid in January 2025.

Morningstar DBRS believes the outstanding loan balance is higher than the value of the assets, as rental income declines and vacancy increases.

The manager previously secured an extension to another loan for its Sponda platform in Finland.

The special servicer has accepted a bid for the underlying assets, which were hit by the crisis in UK retail.

A UK logistics deal, sponsored by Blackstone, has become the market’s first issuance of the year.

The US manager has been granted a three-year extension to execute its business plan for four retail assets.

The first CMBS-type deal in the sector in Europe is sponsored by US company Vantage Data Centres.

Noteholders in the retail-focused securitisation will vote on the proposal later this month.