Offices

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

The office sector may not have the best reputation currently, but it is still attracting large volumes of real estate lender capital, indicative data compiled by Real Estate Capital Europe shows.

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

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

The chief executive of the Frankfurt-headquartered bank said he has not seen the recovery in 2024 he had expected.

The insurer has secured an 11th-hour extension to a securitised loan after agreeing to provide equity as part of a refinancing package.

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

The firm’s head of real estate debt strategies sees more opportunities for non-bank lenders.

The debt was provided to Finnish company Technopolis, owned by manager Kildare.

Kay Wolf, chief executive officer, says the German lender is focused on disposing of loans but will reinvest the capital in new business.