Daniel Cunningham
The US private equity firm, which sold its last remaining UK hotels in 2018, has written a £100m-plus loan against a portfolio of Hiltons.
Following his firm's acquisition of the debt manager, the global chief executive sees huge potential in credit strategies as banks retrench from real estate.
The consultancy has hired former JP Morgan and Deutsche Bank real estate banker Birju Shah to lead a combined debt and equity unit.
The manager secured commitments from new and existing participants in its European credit fund series.
Ralf Kind, head of the company’s debt business, says investors are looking for safety by backing lending strategies.
The organisations are among an increasing number of managers choosing the current volatile environment to better establish their European debt businesses.
We predict debt capital to shift towards alternative sectors, lenders to tackle distressed situations and banks to make strategic divestments.
The US firm says Europe’s real estate lenders have staved off a loan crisis with forbearance. But that forbearance will not continue indefinitely.
In stark contrast to the US, Europe’s CMBS loans have largely avoided emergency treatment, according to the London-based firm.
The US manager has backed former Tyndaris real estate boss Clark Coffee’s new venture to capitalize on dislocation in the European lending market.
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