![](https://zenziccapital.wpenginepowered.com/wp-content/uploads/2023/08/Failed-refinancing-attempt-forces-sub-E350m-sale-of-Frankfurt-Trianon-fi-1024x510.jpg)
The latest office based reminder that asset valuations are relative to discount rates. We are in the process of emerging from ~15 year era of Disney-land rates and we expect more of the same in the office sector as an estimated €150bn of European CRE debt matures by 2025.