Asset manager DWS has completed three separate real estate debt transactions involving a co-living scheme and an office asset in the UK, and an office-asset project in France.
DWS and two other lenders have provided £227m (€264m) in whole-loan refinancing for a UK co-living scheme. This follows the developer’s completion of the first phase. A second build-to-rent phase is scheduled for completion in July 2025.
DWS also provided a £23m mezzanine loan, covering 70% of the value, against a fully-let office building in Manchester. The financing was used to repay an existing development debt, fund fit-out works and cover interest shortfalls during rent-free periods.
The asset manager said it also provided a €40m whole loan refinancing for a recently redeveloped fully-let office block in Paris. The asset has been transformed into a modern office building.
Alexander Oswatitsch, head of real estate debt at DWS, said: “These three transactions show our ability to achieve positive outcomes in difficult macro-economic conditions.
“Leveraging our in-house research capabilities, we have taken a disciplined approach to underwriting risk in each of these scenarios for the benefit of our clients.”
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