How land deal structures change when debt is expensive, and what works better for an owner: sell now, contribute land to a JV or wait.
Carte Capital Research · 8 min read
An international bank sold its London office tower for about £1.1bn and stayed as a tenant for 20 years. The buyer failed to refinance its bridge loan, and eighteen months later the bank took the building back at a discount of about 25%.
A Dubai government developer and a leading listed developer formed a JV to develop over 1,000 hectares in Dubai. How a land-plus-development partnership works and what a landowner can take from it.
The bank lends up to 50–60% of value, the buyer has 20–25%. Mezzanine fills the gap: dearer than the bank, cheaper than an equity partner. How the layer works, who provides it and where the risks are.
Sources: consultants' data (volume and land share, 9M 2026; cap rate, H1 2026), Bank of Russia (key rate as of 23 Oct 2026).
| 2026 | Torre del Governador | Heritage resort near Barcelona | 9k m² |
| 2025 | Courtyard City Center | Hotel in Nizhny Novgorod | 12k m² |
| 2024 | Dubai Investments Park | Class A warehouses in Dubai | 33k m² |
| 2023 | Al Salam Tower | Premium Flexible Offices in Dubai | 1k m² |
| 2021 | Novosushchevsky | Class B business center | 38k m² |