One unassailable fact is that securitisation has a hugely important role to play when it comes to financing commercial real estate (CRE). Simply put, no other source of CRE finance can provide the high level of openness and transparency that can be afforded by securitisation. Indeed, as demonstrated by the recent financial turbulence, the ability
European CRE CLO – time for the market to brace for lift-off
Wow, what a year 2022 has been! Typically when I reflect on all things structured CRE related, I have more often than not found myself applying a metaphor of a roller coaster, which is suitably apt given the huge swings in market activity experienced over the past twenty years or so. 2022 has proven to be
Bridge loans set to fuel the development of the European CRE CLO
Read time: 3 mins 40 seconds
One of the desirable features of a CRE CLO is the ability of the collateral manager to buy and sell loans at will or, going one step further, originate loans directly out of the securitisation structure itself. Although the economic merits of such a feature are emphatic, this feature
Securitisation – time to put on its hero cape!
The last few weeks have proven to be a tumultuous period for the capital markets, and with it a stark (and painful) reminder has been duly delivered on the impact that they have on all aspects of business and the wider economy. Securitisation has also shown that it is not immune to this turmoil demonstrated
CMBS & CRE CLO – Heroes of the Future
Estimated reading time: 5 minutes
If the latest forecasts are true, then we will imminently be subjected to a long and deep recession and therefore now is the opportune time to draw comparisons against previous downturns and lessons learned. Indeed, given the nature of these beasts, there is always a chief protagonist or metaphorically
CRE CLO versus the old and outdated brush
When speaking to market participants and commentators about Europe’s first ever CRE CLO, more frequently than not there is an inference that the Starz Real Estate CRE CLO is the first since the global financial crises (GFC). This is certainly a view that has merit, thanks to the fact that on the eve of the
European CRE CLO – dynamism during a storm of escalating interest rates
Read time: 3 minutes
It is fair to say that there is not only a lot excitement about the arrival of CRE CLO technology in Europe, but also a heightened level of interest when it comes to some of the structural features that this new asset class could embrace. In this vein, it is fair
European CRE CLO – a catalyst for multi-loan CMBS
Read time: 4 minutes
For the erstwhile market observer, when you compare CMBS 2.0 against the backdrop of the pre Global Financial Crisis (GFC) crop of deals, one resounding observation is that the latter had a significant number of so called “conduit” deals, where transactions featuring eight or more loans were in plentiful supply. This
CRE CLO versus CMBS – two peas in a pod?
Read time: 2 minutes
When speaking to market participants about the intricacies and benefits of CRE CLO technology, more frequently than not the first point that I have found myself explaining is the difference between a CRE CLO and CMBS. It is certainly a fair question, as ostensibly both products are the same given that
European CRE CLO technology cannot be ignored
Read time: 2 minutes
The European commercial real estate (CRE) lending market is currently awash with an oasis of interest when it comes to the deployment of CRE CLO’s as a means of financing loans secured by CRE. To date, debt funds that have financed CRE have been reliant on a myriad of sources of