Oaktree Real Estate Opportunities Fund VII, L.P.
OAKTREE REAL ESTATE OPPORTUNITIES FUND VII, L.P.
State of the Market - Opportunity Drivers in Europe
OPPORTUNITY SET BY COUNTRY
Ireland
Portugal
Spain
UK
As of June 30, 2015
Norway
Denmark
Netherlands!
Belgium
Sweden
Germany
Attractive Opportunities
Select Opportunities
Limited Opportunities
France Switzerland
Italy
Czech
Republic
Finland
Poland
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Confidential
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United Kingdom: significant increase in the volume of impaired
loans being sold by banks and institutions, creating opportunities for
those positioned to acquire NPL portfolios, recapitalize borrowers
and acquire sound assets that have suffered from underinvestment
Germany: stable economy; steady flow of legacy loan book sales,
particularly by foreign lenders; opportunities to recapitalize over-
levered borrowers, acquire secondary assets and fund CAPEX
repositionings
Southern Europe: uncertain economic outlook, albeit positive
trends; significant amount of impaired real estate loans only
beginning to hit market; large number of foreign closed-end funds
who need to liquidate; limited financing availability constraining
most buyers; low but improving levels of liquidity
Nordics: healthy economies; abundant pools of domestic capital;
some opportunities to acquire legacy loan portfolios and neglected
zombie real estate
• France & Benelux: uncertain economic outlook; arduous laws for
foreign investors seeking to acquire loans or local real estate
Central Europe: stable and growing economies; more limited
opportunities to buy legacy loans or recap foreign borrowers who
came in at the top of the market
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