European CRE Structured Credit · 2026

Banks are not leaving CRE. They are re-plumbing how they lend to it.

CRE structured.credit collects practice-oriented notes on European commercial real-estate structured credit — CMBS, synthetic securitisation and the pursuit of Significant Risk Transfer (SRT), fund finance, collateralised fund obligations, back leverage and bespoke structures — as the Basel 3.1 / CRR3 re-plumbing plays out through 2025–2027.

Start here

Products

Six products, one re-engineering playbook

CMBS, synthetic securitisation (the product by which SRT is most commonly pursued), fund finance, CFOs, back leverage and other bespoke structures. Complementary rather than competing tools answering the same question: how does capital reach a European CRE borrower when the Basel regime no longer lets banks hold that exposure efficiently on balance sheet.

Regulatory

Basel 3.1 / CRR3 and the capital squeeze

The output floor, the revised real-estate SA, operational-risk overlays, the EU / UK / US divergence on implementation timelines — and why each of the six products sits inside a single regulatory logic rather than on its own track.

Developments

Curated short analyses

A deliberately curated set of short notes on market and regulatory developments affecting European CRE structured credit. No news feed — just take-aways for practitioners.

Resources

Sources, dossier, companion sites

The April 2026 briefing dossier as a PDF download; primary sources (EBA Guidelines on SRT, CRR3, PS1/26, ILPA NAV guidance); and pointers to absdata.de and railreg.de.

Key data points — 2025 / 2026

€8.7 bn
European CMBS issuance 2025 (≈4× 2024)
USD 41 bn
Global synthetic-securitisation issuance aimed at SRT 2025 (+40% YoY)
€30 bn
European back-leverage outstanding
USD 70 bn
NAV finance 2025 deployment (17Capital)
€315 bn
CRE refinancing wall 2025–2026 (Europe)
18%
Bank share of CRE originations Q3 2024 (vs. 38% prior)

What this site is — and is not

CRE structured.credit is focused squarely on the structured-credit toolkit that sits between the traditional senior bank loan and pure private credit in European CRE. It is written as personal notes by Dr. Thomas Prüm and is designed as a companion to absdata.de (EU securitisation law) and railreg.de (German rolling-stock financing).

These notes are not legal advice and do not create an attorney-client relationship. For the full legal notice, see the Disclaimer.

Recent notes

All curated analyses →