Lucy Scott
Property finance was on the agenda during week one of the 29th session of the Conference of the Parties to the United Nations Framework Convention.
The US manager said it is on the lookout for further growth opportunities.
The manager says alternative debt providers are increasingly competitive against domestic lenders.
The five-year debt facility has been provided by three of the four lenders that provided a €900m loan against the Paris office complex in 2017.
As senior lending issuance remains muted, the German bank is seeking higher-yielding opportunities via a debt vehicle.
Heightened capital costs are increasing stress for real estate borrowers in the UK and Europe.
The ratings agency said many facilities were secured by overvalued property and had weak covenants.
Lenders will have ‘no choice’ but to enforce if these conversations do not start soon, according to restructuring specialists at accountancy PwC.
Speaking at the PERE Network Europe Forum, the CEO and CIO of the asset management giant said Europe’s debt funding crisis is about to intensify.
The CMBS special servicer will leave the valuation in draft form until the future of the asset’s key tenant is clearer.