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European Real Estate Lending Market Feb 2015

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  • Cushman & Wakefield Corporate Finance tracked a 55% increase in lending origination across Europe in 2014 (new investment lending, new development lending and refinance lending).
  • Breaking this down, Cushman & Wakefield Corporate Finance also tracked a 123% increase in new investment and development lending in 2014, with refinancing activity increasing by only 10%.
  • 45% of all tracked origination in 2014 took place in the UK, whilst 41% of tracked deals were recorded in the rest of Western Europe.
  • Southern European countries of Spain, Italy and Greece doubled their share of tracked lending in 2014 compared to 2013 and saw an 80% increase in tracked volumes.
  • Tracked lending against multi-sector real estate exceeded any individual sector exposure in 2014, with multi-asset or  portfolio lending accounting for 57% of tracked origination by value.
  • Prime senior margins fell throughout Europe in 2014, with LTVs showing signs of stabilising (see visual map on page 6).
  • The all-in cost of debt for prime lending in the UK is at its lowest level since 2000, with the 5 year sterling swap hovering around 1.20% and prime margins down at 1.20%.
  • Cushman & Wakefield Corporate Finance track and monitor 186 lenders across Europe, with non-bank lenders accounting for 47% of this number. The lending list remains diverse with international lenders increasingly re-joining the European marketplace.