拉萨尔, CREFC Europe 和 Regal London host European real estate finance forum

在最近由拉萨尔和房地产开发商Regal London联合主办的CREFC Europe活动上, representatives from the real estate industry’s leading debt funds, 银行, 和开发商聚在一起讨论欧洲房地产信贷市场的前景.

Hosted at 拉萨尔’s new London offices, 所有参与者之间的开放论坛讨论涵盖了借款人和贷款人的(再)融资环境等主题, where lenders 和 borrowers see best value 和 greatest opportunity, 谁应该承担提供可持续房地产的成本.

A higher interest-rate environment, quick on the heels of the p和emic, 这是这个多元化和不透明市场参与者分享观点的重要时刻. 会议介绍, 多米尼克Silman, 拉萨尔’s European Head of Debt 和 Value-Add Capital Research 和 Strategy, 将分析房地产债务市场比作盲人和大象的寓言. 每个人都诠释自己的感受, 这取决于他们抱着大象的部位——从蛇到树再到扇子. 同样的, real estate debt markets are covered by a variety of different data sets which, 孤立地看, can fail to capture the bigger picture.

Some of the megatrends remain readily apparent. 过去15年，商业房地产贷款活动从银行转向债务基金，一直是一个主导主题. The long-running Bayes Business School study of UK CRE lending found that, 在去年上半年, debt funds exceeded domestic 银行’ new originations for the first time. 基金将继续在解决银行持续紧缩以及未来15个月到期的大量债务所造成的融资缺口方面发挥越来越大的作用.

然而, it can be a challenging market for funds to negotiate those refinancings. 大卫•白, Managing Director in 拉萨尔’s Debt Investments team, pointed out that over the past 18 months, certain asset valuations have rebased – but it’s not always clear to what level.

面对即将到来的债务到期，借款人和贷款人之间的密切合作变得比以往任何时候都更加重要，以便解锁正确的结构性融资解决方案. 贷款机构需要与担保人密切合作，了解商业计划是如何根据宏观经济环境演变的.

目前市场上的很多情况都集中在占领者基本面特别强劲的行业, 他们既能抓住与通胀同步的租金增长，又能进入流动性相对较强的资本市场. 物流, 住宅, student 和 select operational sectors, 比如热情好客, are widely considered to offer resilient fundamentals. 马克·伊登, Investment Director at Regal London, spoke of their decision to diversify across the beds sectors, from 住宅 to student with hotels 和 later living in the mix too. 继续之前的主题, 理查德·克拉多克, Managing Director in 拉萨尔’s Debt Investments team, explained that “elephants are going to the same few watering holes – beds, 棚屋和, 有选择性地, “药物”.

这导致了在这些优先部门发起新融资的合理程度的流动性. 在这种情况下, 贷款人的地理范围和跨境部署能力提供了更有选择性的灵活性. Debt funds may also benefit from access to differentiated pockets of debt capital, from senior lending to mezzanine debt to development / refurbishment financing. 借款人对定制融资解决方案的需求使其成为一个有吸引力的环境，在这个环境中，活跃并在不同的市场机会中部署广泛的资本.

在这些首选行业之外, 一致的看法似乎是，办公室和零售等传统部门受到的挑战最大, 特别是对于CBD黄金地段以外的写字楼，那里的估值被认为还没有赶上未来居住者需求的不确定性. 一些与办公室部门有大量接触的参与者承认，他们的大部分时间都花在了管理自己的账本上. A key takeaway from this part of the conversation was that, 无论哪个行业, modern real estate is more operational, 和 lenders look beyond the assets themselves through to the sponsors. 与全球金融危机后的时期一样，市场将看到澳门黄金城赌城者转向高质量的资产和保荐人.

讨论以一场辩论结束，即贷款人及其潜在澳门黄金城赌城者是否愿意通过提供经济激励措施，鼓励借款人澳门黄金城赌城于环境升级.

The valuation premium for assets with top-performing ESG credentials, 尤其是在办公领域, 被广泛理解. 因此，贷款人可以从风险调整回报的角度来提出这个问题:更环保的建筑可以提供更高质量的抵押品，从而降低风险. A similar logic applies at the owner/occupier level. 乔纳森密封, CEO of Regal London explained that in his discussions with potential office occupiers, 健康, 能源效率和相关的可持续性认证对于吸引人们回到工作场所非常重要.

然而, because of the opaque relationship between a building’s sustainability performance, the costs of refurbishment 和 the impact on cashflows 和 valuation, this requires a deep underst和ing by all parties of real estate fundamentals, 资产碳/ ESG绩效以及如何承保特定资产及其相关业务计划.

The conversation on ESG highlighted two key inter-linked challenges: metrics 和 data. 参与者——无论是借款人还是贷款人——都一致认为，ESG资质越好的资产，其风险状况就越好. 然而, 由于一些指标的雏形和其他指标的不一致性，以及数据缺乏透明度, especially for social 和 governance considerations, there was no common language to help differentiate risk 和 respective margins. 这使得很难就谁应该为资产的过渡提供财政奖励达成一致意见.

总的来说，这次谈话强调了当今贷款市场的一个关键特征. 房地产信贷目前是一种极具吸引力的资产类别，但只有那些贷款机构能够在质量方面承保个别资产层面的基本面, location 和 ESG specifications who are best placed to capitalise.