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Building deeper foundations

In the years after the financial crisis, real estate debt funds stepped in to plug gaps left by the banks. But as banks have continued to retreat, private funds have extended their reach. John Bakie reports

Structurally sound

Senior and unitranche dominate European deals.

Subordinated sources

Subordinated debt is growing in popularity.

Subordinated debt use reaches highest level since 2014 – report

Senior-only deals are making up a smaller percentage of deal activity as second-lien and high-yield make a comeback.

Amundi launches senior real estate debt fund

The strategy will focus on floating-rate loans provided across the eurozone.

ICG-Longbow provides “war chest” for real estate fund

The funding line will help Hillview’s real estate fund target acquisitions in the UK office sector.

Tikehau agrees €150m senior-stretch for JJA deal

The financing will help the household products provider to expand its operations internationally.

Permira Debt Managers backs Equistone buyout of WHP

The support for WHP’s buyout follows a deal to refinance the business last year.

Respect your senior

Senior debt could be overtaking from junior offerings as investors look for safety.
City of London

ESO Capital to fully deploy its latest fund by year end – Exclusive

The SME lender sees a pick-up in its special situations deal pipeline amid mounting dry powder in the European private debt market.

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