As some of the largest loans in European CMBS are set to mature in the next two to four years, attempts to restructure this debt are intensifying as property prices continue to deteriorate this year.

Currently the backers of the £1.5bn ($2.5bn) Hercules Unit Trust, which is managed by British Land and Schroders, are hoping to be one of the first to successfully reduce refinancing risk. Hercules, which invests in retail warehousing, is in talks with an investor about providing new capital to help repay £300m of an £800m securitised debt facility.