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Single asset, single borrower deals drove the US CMBS market in 2025, particularly on New York City collateral as office attendance rose. With interest rates predicted to fall further in 2026, market participants are looking forward to a greater variety of deals on commercial real estate from other cities and sectors, writes Pooja Sarkar
The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall
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Despite faltering seasonal demand, the senior notes of a UK CMBS secured on motorway service stations was priced in line with the previous deals and the most junior ones came tighter -
European performance and STS framework should be taken into consideration
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Commercial real estate CLOs set for record year
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Rating agency worried that triple-A tranches could be exposed to unexpected losses
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Legacy conduits promise spread pick-up in tight market
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Strategic Value Partners has closed its fifth special situations fund at its hard cap of $5bn, as it tries to differentiate itself from other distressed debt funds through direct sourcing.
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Brookfield Asset Management has mandated Morgan Stanley for a German CMBS of assets in North Rhine-Westphalia, bringing a portfolio of residential multifamily properties, with limited exposure to the worst flooding in the country’s recent history.
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Sole arranger Bank of America has added £104.5m to Taurus 2021-4, a UK logistics CMBS sponsored by Blackstone, ahead of pricing on Thursday. The deal had trouble matching subscription levels seen for logistics CMBS at the beginning of the year, but demand came in strong lower down in the capital stack, reflecting a shift in investor preferences as the UK economy reopens.
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French alternative asset manager Tikehau Capital has closed its second European special opportunities fund at €617m, with a broad mandate which allows flexibility to push into several corners of capital markets.
