Investment and management firm Trinova has secured a mandate to deploy up to €200m (£174.3m) to restructure and work out non‑performing real estate loans across Europe.
The new mandate from an unnamed institution will focus on the UK, Germany and the Nordics, expanding Trinova’s capacity to deploy capital when lenders are seeking to de‑risk or exit positions.
It will also target opportunities where the firm can support experienced sponsors to navigate “challenging market conditions, or capture upside from repositioning the underlying assets”.
The mandate builds on Trinova’s existing structured equity and credit activity, where it targets opportunities to refinance well‑located office, residential, hotel, logistics and mixed‑use assets.
Trinova’s funding deal comes as the number of distressed schemes is increasing, due to viability constraints making development increasingly challenging, with some schemes such as London’s Borough Yards recently handed back to the lender.
According to a report published by the Institute for Turnaround in November, real estate was one of the most distressed sectors in 2025, with the number of distressed businesses increasing 22%.
Trinova has a track record of executing mandates across Europe, including the acquisition of loans secured against a City of London office and advising on German loan restructurings totalling €500m (£435.8m).
James Kim, client lead on investments at Trinova, said: “Across Europe we are seeing an expanding pipeline of compelling credit opportunities, particularly where banks and alternative lenders are under pressure to resolve distressed or non‑performing loans.
“In cases where we have strong conviction in the underlying asset and sector, this mandate enables us to adopt a flexible approach to stabilise and turn around assets.”
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