All Debt Markets articles
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White papersIlliquidity premia in private debt Q3 2025
Having crunched the data, our private markets research team looks at how evolving macro conditions are impacting private debt returns.
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White papersCRE credit distress: More cycle than crisis
This analysis argues that while stress in CRE credit markets has increased, the deterioration appears more cyclical than systemic — actual distress remains contained, supported by stable underwriting standards and resilience in core debt markets.
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White papersFrom niche to core: Asset-based finance emerges as a driving force as private debt markets continue to evolve
Asset-based finance is capturing the attention of institutional investors – from pension schemes to insurers – thanks to its diverse risk-return drivers and its growing role as a strategic building block in investors’ portfolios.
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White papersKey considerations for investors in European real estate debt
There are a number of considerations institutional investors should bear in mind when selecting investments and structuring European real estate loan positions, including market dynamics, sponsor quality, asset fundamentals and investment structuring. Many of these can impact the risk and return dynamics and must be factored into thoughtful portfolio construction.
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White papersAn introduction to real estate debt
Over the last several years, we have seen an increase in the number of institutional investors around the world interested in adding real estate debt to their portfolios. In some instances, this is to replace an allocation to traditional fixed income, while in others it is both an enhancement and a way to further diversify their current level of real estate holdings.
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White papersBuilding advantage: Finding a competitive edge in European high yield real estate debt
While opportunities in European high yield real estate debt remain, growing competition underscores the need for deep market expertise, a robust underwriting framework, and disciplined deal selection to identify and capture resilient value.
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VideoReal estate debt: uncorrelated returns throughout the cycle
Real estate debt – offering potentially stable income from rents, along with protection from shifts in the value of underlying assets – can play a valuable role in a portfolio, because it has the capacity to provide uncorrelated returns throughout the cycle.
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White papers2025 Mid-year update: Inside Real Estate outlook
Commercial real estate is steadily recovering in mid-2025, supported by stronger debt markets and rising income returns. Key opportunities lie in sectors like data centers, residential, and healthcare, where fundamentals remain solid.
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White papersLeveraging the advantages of 60+ years of private real estate debt experience for clients
With 60 years of experience, private real estate debt offers tailored strategies and disciplined lending to navigate shifting market cycles.
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White papersInfrastructure debt – Broad opportunities, but risk must be managed closely
Investor appetite for infrastructure debt is proving to be robust in the face of a challenging fundraising environment for private markets. Vincent Guillaume and Stephanie Passet, Co-heads of Infrastructure Debt, argue for a disciplined approach to risk tolerance.
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White papersInfrastructure debt – Broad opportunities, but risk must be managed closely
Investor appetite for infrastructure debt is proving to be robust in the face of a challenging fundraising environment for private markets. Vincent Guillaume and Stephanie Passet, Co-heads of Infrastructure Debt, argue for a disciplined approach to risk tolerance.
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People NewsRedevco strengthens Real Estate Debt platform with Emma Huepfl as a Senior Advisor and Rosalind Walker as Senior Associate
Redevco, one of Europe’s largest privately-owned real estate management firms, strengthens its recently established Real Estate Debt platform with the strategic appointments of Emma Huepfl as a Senior Advisor and Rosalind Walker as Senior Associate, demonstrating the firm’s ambition to build a market-leading platform.
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White papersSix reasons to consider real estate debt in 2025
Real estate debt has always been a valuable component of any portfolio; however, it is emerging as a viable solution to a wide array of investor concerns today. It’s a strategy that offers a range of benefits with attractive risk-adjusted returns across market cycles.
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Asset Manager NewsRedevco Closes Landmark £47.5m Loan Investment for New Real Estate Debt Platform
Redevco, one of Europe’s largest privately owned real estate managers, has successfully closed its first loan investment from its recently launched Real Estate Debt platform, a landmark moment in the company’s expansion into real estate lending.
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White papersA Unique Window for Real Estate Debt Investors
In this Q&A with Private Debt Investor, Rupert Gill discusses why European real estate debt presents a potentially compelling opportunity today.
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White papersListed Real Estate and Cost of Debt: Prudent Optimism
In recent months, most central banks across Europe have shifted from a hawkish stance to a more accommodative monetary policy, marking the beginning of an interest rate-cutting cycle. In the Eurozone, after an intense period of rate hikes in 2022 and 2023, the ECB implemented four 25-basis-point cuts in 2024.
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White papersThought paper on European private real estate debt 2024
More than a year has passed since we published our first Thought Paper on the European Private Real Estate Debt Market in June 2023. In that paper, we explained the general market environment for commercial real estate lending, its growth drivers and our investment beliefs for private real estate debt investments considering the structural changes and the dislocations in European property and financing markets.
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White papers40 years of lending lessons
From navigating market crashes to embracing ESG and technology, Adrian Poole and Gregor Bamert reveal how 40 years of real estate debt investing have moulded Aviva Investors’ strategy – and what it takes to stay ahead in a rapidly changing market.
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White papersM&A in 2025: Opportunity, with a Side of Scrutiny
Governments, businesses and consumers all took advantage of a decade of free money. Bond markets are now multiple times larger than before the Great Financial Crisis (GFC), having soared to record levels. Economic activity and most financial markets benefited. As central banks around the world swiftly raised interest rates to fight inflation, significant challenges are emerging, especially concerning the ability to refinance or repay substantial volumes of maturing debt.
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White papersInfrastructure debt: A sector for all cycles
Investor demand for infrastructure debt is growing amid higher-for-longer interest rates and supported by global mega-trends related to AI and decarbonisation.
