Research

JLL’s Global Debt
Market Update
Q1 2020

Key insights and perspectives on real estate debt fund activity and regional market trends

February 13, 2020

Global real estate debt remained abundant at this stage in the cycle. Debt funds are committed to increasing credit strategies and deal flow remains liquid as returns on invested capital for debt funds has outpaced both opportunistic and value-add strategies in the long run.

With LIBOR set to be phased out by 2021, alternative reference rates are coming into focus around markets globally. The US, for example, has chosen the ‘Secured Overnight Financing Rate’ (SOFR) whereas the ‘Sterling Overnight Index Average’ (SONIA) was chosen in the UK.

In Europe, there remains more lenders than there are quality deals available motivated by the relative returns and defensive nature of debt strategies. Lenders are becoming creative in their capital deployment strategies and becoming more comfortable with sectors once viewed as fringe.

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