As we approach the final quarter of the year, it is clear that during the course of 2012 the CRE industry has really begun to find its feet and take some significant steps towards counteracting the excesses of the past. Indeed last week saw the long awaited completion of the restructuring of Opera Finance (Uni-Invest) CMBS thus heralding in a new era for the restructuring of CMBS. Meanwhile Deutsche Bank is set to bring Europe’s first CMBS agency deal since 2007 to market (a circa €650m to €700m German multi-family CMBS). Given that agency deals such as this have been seen by many as one of the solutions for the refinancing void market participants will be keen to see this price well.
Continue Reading 2012 – the year of the NPL