Patrimonium Asset Management and Bayview Asset Management have teamed up to launch a €500m commercial real estate loan financing platform to mainly target Germany and its neighbouring European markets.
The financing platform plans to issue senior and subordinated financing between €20m and €100m with a maturity of two to five years for the commercial real estate market in Germany, the Netherlands, France and Luxembourg.
The companies said the lending strategy supports established borrowers in refinancing assets or funding new acquisitions. Targeted property categories include the risk spectrum, from core-plus and transitional/value-add to ground-up development.
The venture marked its debut in December 2025 with a €38.5m senior loan secured by a fully occupied outlet centre located in Rostock, Germany.
Clement Jacquesson, head of real estate debt at Patrimonium Asset Management, said: ”The strategy is industry-agnostic and includes multifamily, retail, logistics, hotel and high-end office properties. Our partnership will help close the funding gap again by offering flexible financing solutions with senior and subordinated loans with an LTV of up to 75-80%.
“Current market conditions present an attractive opportunity, fuelled by limited liquidity in Europe’s mid-market market, continued valuation adjustments to higher interest rates and the changing use of real estate post-pandemic.”
Daniel C Heine, co-founder and managing director private credit at Patrimonium Asset Management, said: “We have been monitoring the German real estate credit market for two decades and have been expecting this moment of dislocation.
“We are convinced that German banks are now forced to gradually withdraw from real estate financing and that the market will develop in a similar way to the UK, the Netherlands and the US.
“The era of alternative lenders in the German real estate loan market has begun – and it will last. We are very excited to partner with Bayview to seize this opportunity and contribute to the reshaping of the German real estate landscape.”
Andrew Smith, head of commercial real estate debt at Bayview Asset Management, said: “Bayview has been expanding its presence in Europe for years and we see tremendous opportunities to finance high-quality real estate projects, especially in Germany and adjacent markets.
“This partnership will allow us to accelerate our growth as an attractive source of funding for a wide range of transactions.”
Pierre Lussato, head of Bayview International, said: “European markets, which have historically been dominated by large commercial banks, are also moving in this direction in the real estate lending space.
“Given the fragmentation and granularity of this asset class, lending is difficult, and Patrimonium’s decades of experience in the mid-market space provides natural access to high-quality real estate loans that serve one of Bayview’s core markets worldwide.”
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