Office complexes almost toppled in the financial crisis face default again. Read more
Germany’s biggest office property, The Squaire, a curvy building that houses companies like KPMG and Michelin near Frankfurt airport, is a good example.
The issue is whether a sale now would cover the debt. Analysts at S&P estimate its recovery value at just over €570 million, leaving little room to ensure debt holders get repaid if the owners default. Many of the CMBS notes have been downgraded to reflect that possibility. Hana didn’t respond to a request for comment.
“To put more debt on, you know, during the pandemic, felt incongruous,” Euan Gatfield, a managing director at Fitch, said in an interview. “If you weren’t a business that was so geared to business travel you’d probably have a hard time convincing your staff it would be the place to locate.”has warned that office real estate has been hurt by the rise of working from home and surrounding properties are also suffering in many major cities as a result.
“Downtown America is still struggling with getting back,” said Apollo Global Management Inc. chief economist Torsten Slok. The pain has echoes with the financial crisis. Qatar increased its stake in the east London financial district in 2009 after the landlord decided to sell shares to repay an £880 million-pound loan after the value of its properties plunged. The country’s sovereign wealth fund subsequently took control of the area with Brookfield in 2015.
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