del Wall Street Journal, sobre el sector de propiedades comerciales en Europa,indican que algunos van a pagar más interés por los préstamos que la rentabilidad que sacan del alquiler:
"Real-estate shares in the MSCI Europe Index have dropped 17% on average this month, even more than the region’s bank stocks.
The panic caused by the recent U.S. banking collapses and the takeover of Credit Suisse by UBS has sharpened pre-existing worries about tightening financial conditions as interest rates rise.
Commercial landlords need good access to debt to buy new properties and to refinance existing loans as they mature.
Europe’s listed real-estate companies have borrowed more against their properties than U.S.
peers, with respective loan-tovalue ratios of 44% and 34% on average, according to real-estate research firm Green Street.
Old loans were already getting harder to refinance.In February, borrowers paid up to 6% all-in interest for loans on the best types of properties, according to the Bayes Business
School European Commercial Real Estate Lending Report. Banks, which account for around half of all commercial real-estate lending, are likely to grow more cautious after recent worries about liquidity.
Alternative lenders such as dedicated real-estate debt funds might step in, but they charge
The bond market is drying up, too. Top European real estate businesses have issued debt worth just €322 million so far this year, equivalent to $347.7 million, according to data from the European Public Real Estate Association. That is down from €10.7 billion last year and €20.9 billion in 2021.
An important buyer left the market when the European Central Bank ended its corporate bondbuying program last year. According to Bank of America, real estate made up 8% of the central bank’s bondholdings at the end of the third quarter of last year.
Based on where their bonds are trading today, a German residential-property company hoping to raise debt would probably need to pay at least 6%, according toCharles Boissier, real-estate analyst at UBS. This is a problem because after years of paying high prices for properties, their portfolios yield only around 3%.