In this commentary, we assess the outlook for the multifamily sector in the European commercial mortgage-backed securities (CMBS) market against a background of the rising cost of debt. Key highlights include: -- New issuance CMBS multifamily volumes during the financial crises, both in the U.S. and European CMBS markets, proved this asset class to be a defensive type of investment. -- In Europe, positive demographic factors and an undersupplied residential market, especially in the UK and Ger...
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