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Fundraising
The commercial real estate debt markets faced generational challenges in 2022. But there were bright spots of activity which will set the stage for a new cycle.
The US manager, which entered the European property lending market in 2020, is closing in on a first close for its latest vehicle.
The US manager says it is on track to meet repayments, despite rating agency warnings about the impact of market conditions.
Capro Capital JV is targeting $500m for its first fund, launching with $100m of equity.
The firm trumped its initial target of €2.5bn for Arrow Credit Opportunities II, through which it will invest in a range of asset-backed credit transactions.
The firm will aim to raise €250m for the vehicle, Albulus Credit II, with a focus on refinancing maturing loans in Germany and Austria.
The financial services firm closed its maiden property debt fund in 2021, surpassing its fundraising target.
As managers and investors continue to struggle with liquidity issues, it is no longer business as usual for real estate recapitalizations.
Europe’s real estate lending market was a difficult environment in which to do business last year. But some rose to the challenge
A reduced appetite for risk among banks is further opening Europe’s real estate financing market for alternative lenders.