Term Sheet: AXA’s fundraising drive, the first European CMBS of 2025, Quintain’s latest Wembley financing
French manager AXA Investment Managers Alts demonstrates investor demand with impressive fundraising figures; US manager Blackstone backs the first European commercial mortgage-backed securities deal of 2025; Quintain Limited borrows from Bank of America in its latest Wembley Park financing; and more in this week's Term Sheet.
Tips and Feedback to [email protected]
They said it
“It is possible that, in a year, interest rates might be higher [than they are now] and as a business we want to know where we stand”
Andrew Coombs , chief executive officer of Sirius Real Estate , which owns and operates business and industrial parks in?Germany?and the?UK, tells Real Estate Capital Europe?it refinanced a bond 15 months ahead of maturity to negate the risk of eurozone interest rates being driven higher by geopolitical events
What’s happening
Safety in numbers
Last year represented a record period of fundraising for Paris-based manager AXA IM Alts, which managed to attract €4 billion of capital commitments to its global real estate credit strategy, it announced last week. The manager said it raised the capital through the launch of new strategies and through dedicated mandates. Continue reading...
First of the year
Commercial mortgage-backed securities issuance has been a small part of the European real estate financing market in recent years – and is mainly sponsored by one manager: Blackstone. The New York-based firm is behind the first CMBS transaction of 2025, which is expected to price in the coming weeks. Dive in the detail here.
Renters’ haven
Quintain, the developer of the Wembley Park estate in northwest London, announced it has secured a ￡233 million (€278 million) loan from US lender Bank of America last Thursday. The loan refinances a retail asset – the London Designer Outlet – and a build-to-rent asset called Ferrum.
People moves
Going for growth
London-based property lender Maslow Capital is aiming to bolster its presence in continental European markets. It has promoted Emma Burke from head of origination to managing director of development finance origination for the UK and Europe. Read more...
Cross-sector launch
Real estate will be among the focus areas for Jackson Square Partners, LLC , a London and New York-based capital advisory business, the launch of which was announced today. It has been started by Timothy M. Alexander , who has a background in corporate and real estate credit, with previous employers including manager UBS, and Aidan Brady , whose previous roles include chief administrative officer of 德意志银行 UK’s legal, risk and capital division.
Trending
Close competition
The European Central Bank reported a tightening in European banks’ credit standards in H2 2024, particularly in commercial real estate, with macroeconomic risk resulting in stricter collateral requirements and loan covenants. However, a report from risk management firm Chatham Financial this week, shared with Real Estate Capital Europe, painted a picture of a competitive lending landscape in Q4, with lenders reducing margins.
Loan in focus
Senior debt
Senior living is a niche of the residential market that is growing increasingly popular among lenders. This week, manager ICG Real Estate Investments provided a ￡63 million (€75 million) loan to finance a retirement scheme in the affluent town of Henley-on-Thames, in the English county of Oxfordshire. The loan was provided to a joint venture between luxury retirement schemes developer Elysian Residences Ltd and Senior Living Investment Partners – a partnership between specialist insurer Pension Insurance Corporation and property lender and investor Octopus Real Estate .