As the final stretch of the year approaches, there's relief in markets that the sharpest global monetary tightening cycle in decades is finally nearing an end.
Yet, the strain from interest rate hikes has just started to come through and with central banks signalling that rates will likely stay higher for longer, the notion of something "breaking" remains strong. Nowhere is the impact of higher rates being felt more acutely than in real estate, still reeling from COVID-19. Sweden is the hardest hit in Europe since much of its property debt is short-term, making it a harbinger for the region.
By Nigina MirbabaevaHighlights EBRD lends 110 million to residential-for-rent property owner and operator Heimstaden Bostad Investment to finance large scale energy efficiency renovati. . .
Rating agency Fitch on Friday said it had cut its long-term credit rating for Swedish real estate company Heimstaden AB to BB from BB+, with the outlook revised to rating watch negative, citing.