Property debt hits 30bn

THE value of commercial real estate debt in default or in breach of key lending agreements more than doubled to about &pound;30bn in the first six months of the year, according to a study.<br /><br />Banks have also extended or refinanced an extra &pound;16bn in the first-half of the year, the report from De Montfort University found.<br /><br />The report also found that banks are beginning to deal with the massive &pound;224bn of outstanding debt to the real estate sector. <br /><br />Some &pound;18.6bn was reported in breach of covenants.