Much work remains to be done in the German market to restructure real estate loans that have gone sour , according to Daniel Klein , partner at the German restructuring arm of Goldman . Speaking at a debt finance investment briefing in Frankfurt , Mair said sales of non - performing loans have started up again . IVG, Germany's largest property company by assets under management, entered self-administration in November 2013 and was subsequently declared insolvent after failing to reach agreement with creditors on the restructuring of its €3 bn debt pile. " For 10 years I have focused on the real estate market and David and I have never seen money this cheap . Our team is working on a number of acquisitions and disposals . "Mair 's comments contrast with those made recently by Jon Gray , Blackstone"s global head of real estate , who said there was " no question " that Europe is past the crisis phase .
Much work remains to be done in the German market to restructure real estate loans that have gone sour , according to Daniel Klein , partner at the German restructuring arm of Goldman . Speaking at a debt finance investment briefing in Frankfurt , Mair said sales of non - performing loans have started up again . " For 10 years I have focused on the real estate market and David and I have never seen money this cheap . Our team is working on a number of acquisitions and disposals . "Mair 's comments contrast with those made recently by Jon Gray , Blackstone"s global head of real estate , who said there was " no question " that Europe is past the crisis phase .