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ARTICLE · 22 NOVEMBER 2023

The Growth Of Real Estate Debt

Macfarlanes LLP
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Since the beginning of 2023, the number of managers adding real estate debt to their product arsenal has increased significantly.

GlobalFinance and Banking
Laura Bretherton
Laura Bretherton
Margarida Ferreira
Margarida Ferreira
Harriet Miller
Harriet Miller
Harry Ringrose
Harry Ringrose

Since the beginning of 2023, the number of managers adding real estate debt to their product arsenal has increased significantly. The current market environment, characterised by diminishing credit supply, rising interest rates, and higher margins, has led to what many managers believe to be a unique opportunity in real estate debt, not seen in the last decade.

This article looks to demonstrate the recent growth in funds dedicated to real estate debt, analysing the key drivers and investor demand.

A growing number of managers are launching real estate debt funds

Real estate debt funds became more popular after the global financial crash (GFC) as traditional sources of financing dwindled due to a combination of increased regulatory scrutiny and a crash in property values. At the time, several real estate managers expanded into debt, particularly in the US as property values suffered more compared to Europe. From 2007 to 2009 US commercial property prices declined

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