Local banks and non-bank lenders supported acquisitions and repurposing projects, while SCPI funds bought offices in cash.
German, Irish and CEE banks backed experienced investors in their markets including Pbb and Hamburg Commercial Bank lending acquisition finance to International Campus and DIC Asset, and AIB to Kennedy Wilson for three Dublin office projects.
Supermarket Income Reit turned to investment bank JP Morgan to finance the restructuring of a large portfolio of UK Sainsbury’s supermarkets.
Munich Re’s Ergo Group facilitated the early refinancing of Rotterdam's tallest tower with a €141 mln, 66% LTV loan, replacing two pfandbriefbanks. Four more non-bank lenders provided loans for value-add projects, three in the UK and one in the Netherlands.
One, Caerus Debt Investments, lent to Tristan’s EPISO 6 fund. Caerus CEO Michael Morgenroth said: ‘Only twelve months ago, this type of financing would more likely have been arranged through a bank. In 2023, we generally expect the trend towards real estate debt funds to strengthen during the year, as banks continue to exercise restraint in issuing financing.’
Corum and Novaxia each picked up income-producing offices for SCP| funds, in Brussels and the Netherlands.
Coming on the market are a large office building in the City of London and a big mixed portfolio of Portuguese buildings and land.
We also track a further eight €100 mln+ deals closed and three funds raising fresh capital, for debt investing, urban logistics and prop tech innovation.
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