Lending

Jones Lang LaSalle (JLL) has appointed Erik Jacobs to its Capital Markets Hotels & Hospitality Group as it expands its lending advisory business across Europe. Jacobs will be cover hotel transactions across the EMEA region from a debt and equity perspective.

UK banks are expected to sell up to £35bn of property debt this year, more than double 2014's £14bn. The predicted figure should see the UK top this year's European transactions table for real estate debt, expected to total around €120bn, according to PwC's latest portfolio sales market update.

The UK property finance market was in a “Goldilocks period”, according to Savills’ Financing Property report 2015. Another 46 new lenders have entered the market in the past year, annual lending was up by more than 50%, senior LTVs remained low and debt was easily accessible, according to the report. Another 46 new lenders have entered the market in the past year, annual lending was up by more than 50%, senior LTVs remained low and debt was easily accessible, according to the report.

Land Securities increased its debt by £470m to £3.8bn last year but an increase in portfolio valuation by £2bn to £14bn reduced its group LTV from 32.5% to 28.5%. The UK REIT said said in its annual report to 31 March 2015 that the result was consistent with its strategy at this stage in the property cycle of allowing gearing to decline as property values rise.

Tristan Capital and Avestus Capital Partners have jointly purchased an office park in Poland with a €71m five-year loan from pbb Deutsche Pfandbriefbank. The new facility will be used to acquire Enterprise Park and adjacent development land in Kraków.

“Off-the-radar” secondary assets in established markets offered the best opportunity for good returns from real estate debt, according to a report by TH Real Estate. The UK Commercial Real Estate Debt report also said the UK property finance market was the largest, most transparent, most competitive and, critically, most creditor friendly in Europe.

pbb Deutsche Pfandbriefbank has provided an additional €387m of financing to Scandinavian light industrial and warehouse specialist Sagax. “The Scandinavian real estate markets show exceptional stability with increased activities from both domestic and international investors. Sagax is our largest client in the Nordic countries and we can look back on a successful business relationship of more than twelve years. The company has an excellent track record demonstrating a stable and sustainable growth over the years,” said Norbert Müller, pbb's head of real estate finance, continental Europe West.