retail

Dan Pottorff, the manager’s head of debt investment, says Invesco’s determination to make the Birmingham asset more valuable over time was key to its decision to fund the project.

Sector specialists say the anticipated sale will create a way forward for lenders and investors working on distressed shopping centres in the country.

Ali Otmar of Tristan Capital Partners and Ben Eppley of Apollo Global Management discuss a transaction, which Otmar says required the 'extreme end of flexibility'.

The French manager will add high-yield lending to its repertoire as it aims to double its credit assets under management.

Market sources say non-bank lenders dominate the financing of such schemes as they look for returns in parts of the market underserved by traditional banks.

Consultancy's latest Debt Map report shows there was little change to the terms in most prime office senior lending markets during Q1.

Sector specialists expect more retail dominated non-performing loan sales, but say banks are still getting to grips with pandemic-related distress across their wider portfolios.

Market disruption caused by the pandemic will create value-add and opportunistic investment opportunities in the two sectors, according to the Swiss investment bank.