Investors were back buying property owners in the primary market last week despite question marks about how badly real estate will be affected by prolonged lockdowns. With several countries enforcing lockdowns because of the coronavirus and fears growing about the depth of a likely global economic recession, tougher times lie ahead for the real estate sector than most. That has been compounded by the fact that landlords are not getting government assistance. Despite this, three issuers were able to price deals last week, showing investors have not lost faith in the sector. vonovia opened books on four and 10-year notes with a 75bp premium, according to a lead. The German residential real estate company carries BBB+/A- (stable) ratings from S&P and Scope, respectively.
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