• Total nominal value of the European Commercial Real Estate (CRE) investment debt decreased slightly over the course of 2016 from €1.14 trillion to €1.06 trillion, which is largely attributed to reduced levels of investment transactions in 2016

• We estimate that new debt issued increased from €68 billion in 2013 to €125 billion in 2015, while maintaining at €116 billion in 2016

• Additionally, the amount of debt retired in 2016 is also in line with the new origination levels over the past year

• 2016 was the first year, since post-GFC loan sale activity commenced in Europe, that real estate secured loan sale activity fell

• In 2017, we expect loan sale activity to pick up from 2016, albeit the activity will be relatively concentrated across several key jurisdictions, for instance Italy and Spain