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Michael Zerda was among Europe’s first cohort of private real estate debt managers. Over a decade on, he considers the future of debt and equity structures.

German banks face huge uncertainty as the country’s real estate sector gradually resets. Private debt managers are aiming to capitalise on the disruption.

A syndicate of Spanish banks partially replaced the Spanish developer’s bond debt with a floating rate loan earlier this month.

The index scores calculated across the survey results show an improvement in respondents’ outlook.

Fora's refinancing was partially provided by a CMBS underwritten by Bank of America.

The survey will poll borrowers, and those that act on their behalf, about financing conditions.

As senior lending issuance remains muted, the German bank is seeking higher-yielding opportunities via a debt vehicle.

The €499m bond, due to mature in October, was restructured with the help of a €100m loan from majority shareholder Apollo.

The subordinate loan was part of the €720m refinancing led by US bank Citi of Finnish flexible office operator Technopolis.

The loan, for Dundrum Town Centre, replaces an existing €570m facility due to mature in September.