the authoritative voice of the EMEA market

Real Estate Finance

Confidence is returning to both lenders and borrowers in Europe's real estate markets, despite the ever-increasing regulatory burden market participants are having to accommodate.
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What's New?

REF Insight

LTI Rules and Rates to DriveScandinavian House Prices (July 2018)
Fitch Ratings Report

Italian House Prices Remain at Trough (June 2018)
Fitch Ratings Report

China Offshore Real Estate Loans Reign As Onshore Bonds Slide (August 2018)
Dealogic Insight

REF Quarterly Bulletin June 2018

Summaries of our 2018 London REF and German REF Conferences; including the results of LMA REF Survey; briefing of September's Intercreditor Agreements webinar; recent legal & regulatory news and the latest briefings and submissions.

Changes to the taxation of UK real estate held by non-residents

This briefing by Simmons & Simmons considers the impact of new UK legislation on the tax treatment of capital gains made on direct and indirect disposals of UK real estate. The proposals represent significant changes to the UK tax liability of non-residents holding UK property, regardless of the structure through which UK property may be held.

Overseas entities owning UK property will be required to reveal their beneficial owners on a new public register

It has been confirmed that the Government intends to introduce a register of beneficial owners of overseas entities which own land in the UK by 2021. Registration requirements will involve adding a restriction to the registered title of property owned by an overseas entity and preventing any transactions that have not complied with the regime. Click the arrow below to read more.

Update to REF documents

We have produced a mezzanine mark-up of a senior facility agreement, for use on REF investment transactions which anticipate both a senior and mezzanine loan being advanced.

In addition, we have also published a separate, additional, senior REF investment facility agreement template (with an accompanying PDF to show how it differs from the original LMA REF investment facility agreement). The mezzanine mark-up contained in the guide is then a mark-up of the clean senior facility agreement.

It is hoped that the production of these documents will make the suite of REF documents for a senior/mezzanine transaction more user friendly.

Finally, we have amended the REF financial covenants cure rider to take account of the fact that mezzanine lenders may be given the right to cure senior financial covenant breaches by way of a mezzanine loan.