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Deleveraging Commercial Real Estate in Europe
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05/13/2009
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Commercial real estate owners in Europe are facing a quandary stemming from falling property prices and the increasingly conservative behavior of banks. Loans written with high loan-to-value ratios during the bull market are likely to breach loan covenants, which will empower banks to require that property owners provide additional equity to repair the breach. What's more, many property owners will not be able to refinance maturing loans with the same level of proceeds. Both situations are likely to create opportunities for investors to fill the shortfalls.
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Authors:
Greg Kane
Peter Hayes
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