Christoph Wittkop's view on 2012

The question of financing and refinancing of real estate will continue to be the single biggest issue in 2012. Given the pressure that banks are under to boost their capital base and lower their active risk exposure, I expect to see the banks starting to sell more loans or to take more control over assets which they've previously financed. This will provide opportunities for new finance providers. We'll see insurers and pension funds becoming more active lenders, and we'll see an increase in providers of mezzanine capital.

However, all of this won't solve the problems of refinancing loans for distressed assets or assets outside the top locations. From the frozen open-ended funds I expect so see more assets coming to the market, which should give a boost to deal flow. The way we're set up, our clients will be able to take advantage of continued economic volatility and the inevitable changes on real estate markets.