A grand month for CMBS (August 2006)
Cross-border real estate investment set to grow (May 2006)
What's the buzz in German NPLs? (November 2005)
Europe’s real estate revolution (September 2006)
When UK supermarket J Sainsbury and toy retailer Toys R Us recently decided to introduce new lines, clearing shelf space close to the checkouts wasn’t quite going to do the trick. This is because those new lines were their own commercial property. But these were no vanilla sale leaseback trades, they were demonstrations of the transformative effect that the rise in real estate values, together with rapid innovation in the ways in which they can be exploited, are having on balance sheets across Europe.
In January, Toys R Us, a triple-C rated company, was able to issue triple-A rated bonds via a single-tenant CMBS structure – backed by a loan to its UK subsidiary. And Sainsbury’s secured refinancing...
