May 28, 2024
Loans

2023’s top trends close out the year: small d…


Most investors continue to cherry-pick single assets or small portfolios in typical spends of €40 mln – €100 mln.

A rare and slightly larger Paris office transaction closed as Norges and AXA shed a further building from their JV in the city, in a circa €130 mln sale which had already been announced in the summer.

The final London office deal we track in 2023 is typical of the average transaction size and type in the UK capital this year: Delancey’s £42.5 mln sale of multi-let 25 Victoria Street to BNP Paribas Reim’s Impact Property Fund. The first UK buy for the pan-European fund, the building will be upgraded to cut its energy consumption in a play to capture anticipated rental growth.

This week, more than 15 banks stepped up to support investors driving to reduce carbon footprints, via half a dozen green loans.

The European Investment Bank and the World Bank’s IFC backed VGP and CTP respectively with a total of almost €600 mln of loans to accelerate the green transition of warehousing and distribution buildings across Europe.

The EIB said its 10-year, framework loan would support VGP’s rollout of rooftop solar panels to provide tenants with 100% renewable energy, ‘accelerating the energy transition and strengthening EU energy security.’

At €480 mln, the biggest green loan was advanced by a syndicate of international banks to Neinver and Nuveen Real Estate, secured on the pair’s mainly outlet retail centres in Italy and Spain.

In a challenging fund-raising environment, investors pledged capital to four European value-add funds, from Ares, Angelo Gordon, Hines and Invesco.

We wish all our readers a very happy holiday. The Data Sheet will be back on 5 January, 2023.

Click here to see all this week’s data.



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