Europe’s banks took a major chunk in a string of big-ticket financings signed this week. The operations reflect increased appetite for lending on the part of both investment banks, traditional lenders and alternative financiers.
According to CBRE’s Lender Intentions Survey which was released last month, nearly 80% of lenders plan to increase origination efforts this year, with refinancing identified as the primary driver of demand.
This week’s largest loan saw Banco Santander team up with Morgan Stanley to provide a €810m refinancing facility for Lar España’s portfolio of 12 retail centers and parks in Spain. Lar España said that the deal is part of a restructuring process initiated after the company was taken over by Hines European Real Estate Partners III and Grupo Lar in mid 2024.
Vanessa Gelado, a member of the board of directors of Lar España, said: “This step marks the beginning of a new era for Lar España. We are moving away from bridge financing to a financial structure designed to support our business plan and respond swiftly to market opportunities.”
Also this week, Antilooppi secured a €520m green refinancing of three years, with two extension options of one year each. Antilooppi - one of the largest office space owners in the Helsinki region – said the loan was secured against its entire portfolio apart from the Siltasaari 10 property. The financing banks are Nordea, OP, SEB and Danske Bank.
Thomas Blumberg, Antilooppi’s CFO, said: “The financial market situation created favourable conditions for extending the loan and our negotiations, which we concluded positively and on competitive terms. This shows that our lenders have strong faith in our strategy and work over the long term.”
Tuomas Sahi, Antilooppi’s CEO, said: “What’s particularly great is that the finance is now even more closely linked to the goals in our sustainability strategy. We’re grateful to our finance partners for their trust and the sustained collaboration.”
Eurocommercial Properties also sealed two major debt facilities with a number of banks this week, refinancing its portfolio in Sweden as well as the Fiordaliso shopping centre in Milan for a total of €415m.
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| rental housing portfolio | living | Berlin | Adler | 18,000apartments | €3500 | NA | The sale will take months to prepare. |
| Kingdom’ portfolio | logistics | UK | EQT | 19 assets | £475 (€549) | DTRE | The warehouses are in locations including Banbury, Thrapston, Wednesbury, Croydon, Portsmouth and Bristol. |
| Hotel Britannia Excelsior | hotel | Como, Italy | Bain Capital, Omnam | 285 rooms | €250 | NA | The property was acquired in 2021 for €50m. |
| PBSA portfolio | living | London, Derby, UK | Northridge Capital | 343-bed | £48 (€55) | Cushman & Wakefield and CBRE | The two blocks are located near Kingston University in London and one near the University of Derby. |
| 806 High Road | living | London | J Group | 261 beds | £10.5 (€12) | BNP Paribas Real Estate | The site recently secured planning consent for a 261-bed purpose-built student accommodation scheme. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Morgan Stanley and Santander | Hines European Real Estate Partners III and Grupo Lar | Lar España portfolio | €810 | The portfolio encompasses 12 retail assets. |
| Maslow Capital | Fusion Group | Five projects in Birmingham, London, Loughborough, Glasgow and Cardiff | £500 (€578) | The whole-loan will finance the construction of 3,138 purpose-built beds. |
| Nordea, OP, SEB and Danske Bank | Antilooppi | Entire portfolio | €520 | The three-year green loan refinances a facility dating from 2023. |
| ABN AMRO, Belfius, ING and Rabobank | NSI | Entire portfolio | €350 | The maturity is set for a new 5-year term to June 2030. |
| Barclays, HSBC, ING and SMBC | Supermarket Income REIT, Blue Owl Capital | Unsecured | £215 (€248) | The interest-only facility has a maturity of three years, with two further one-year extension options at the lenders’ discretion. |
| Nordea Bank Abp | Eurocommercial | Portfolio of its Swedish assets | €215 | The green facility refinances an existing loan extending it by 3 years and increasing its size. |
| ING Bank, BNP Paribas and Banco BPM | Eurocommercial | Fiordaliso shopping centre in Milan | €200 | The five-year loan is sustainability-linked. |
| Aldermore | Ace Student | UK PBSA portfolio | £38 (€44) | The funding covers a diverse range of PBSA assets located across five UK cities – Southampton, Exeter, Plymouth, Winchester and Falmouth. |
| BGO | Barings | Albufera Project | €70 | The facility will support the spec development of the logistics asset. |
| BPER | Coima Opportunity Fund III | via Carcani asset | €18 | The green facility will support the conversion of the asset to apartments. |
| Apollo | Modal and Centerbridge | UK IOS portfolio | NA | The financing will support the company’s next phase of growth. |
| Funds on the market | |||
|---|---|---|---|
| Firm | Fund | Strategy | Details |
| Beos | BEOS Corporate Real Estate Fund Germany V | Focusing on properties with alternative uses, such as industrial parks and warehouse/production properties. | The firm is looking to raise €600m for the fund. |
| It has already secured capital commitments of over €100m by the end of June. | |||
| King Street Capital Management | European Real Estate Special Situations Fund II | Acquiring institutional-grade real estate at attractive valuations in core Western European markets. | King Street Capital Management has raised $950m (€807.4m) for its latest European real estate fund. |
