NEW YORK—Cushman & Wakefield's CorporateFinance team estimates that European banks and asset managementagencies have a gross exposure of $795 billion(€584B) to non-core real estate which is subject to disposal orwork-out strategies.
The findings, published last week in the firm's EuropeanReal Estate Loan Sales Market H1 2014 update, reveal thatdespite the record volume of commercial real estate (CRE) and realestate-owned (REO) sales seen so far this year, the de-leveragingprocess throughout Europe is far from over.
Cushman & Wakefield Corporate Finance carried out extensiveresearch into the non-core real estate exposure of 46banks and asset management agencies throughout Europe forthe in-depth report. The nine European 'bad banks' analysed holdover 46% of the total gross exposure to non-core real estate,indicating their importance in the CRE loan and REO sales market inthe next few years.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
