借款成本上升给欧洲挣扎中的商业地产行业带来压力，使债务再融资更加困难，并迫使一些投资者以10%或更高的折扣重新谈判交易，投资者、银行家和经纪人表示。
Rising borrowing costs are piling pressure on Europe's struggling commercial property sector, making it tougher to refinance debt and forcing some investors to renegotiate deals at discounts of 10% or more, investors, bankers and agents said.
欧洲及全球政府债券收益率已飙升至多年高位，推高了包括对利率敏感的房地产行业在内的借款人的融资成本。
Government bond yields have surged to multi-year highs across Europe and globally, pushing up financing costs for borrowers, including in the interest-rate sensitive property sector.
MSCI周四的数据显示，欧洲商业地产销售额在第三季度降至430亿欧元（480亿美元），为三年来的季度最低水平。与已经疲软的2025年相比，今年前三季度销售额下降3%，而办公楼销售额降至2009年金融危机以来的最低水平。这一下滑已打击欧洲一些最大的房地产投资者。
Commercial property sale volumes in Europe fell to €43 billion ($48 billion) in the third quarter, the lowest quarterly total in three years, MSCI data showed on Thursday. Volumes were down 3% year to date from an already sluggish 2025, while office sales dropped to their lowest since the 2009 financial crisis. The downturn has hit some of Europe's largest property investors.
德意志银行（DBKGn.DE）的资产管理部门DWS本周暂时限制了房地产基金的赎回，而德国最大的房东Vonovia（VNAn.DE）表示，高利率正在损害交易，它将审查其开发业务。
Deutsche Bank's (DBKGn.DE) asset management arm DWS this week temporarily restricted redemptions from a property fund, while Germany's largest landlord Vonovia (VNAn.DE) said higher rates were hurting transactions and it would review its developments business.
在英国，Land Securities（LAND.L）和British Land（BLND.L）已暂停伦敦价值超过10亿英镑（13亿美元）的开发项目。
In Britain, Land Securities (LAND.L) and British Land (BLND.L) have paused development projects in London worth more than £1 billion ($1.3 billion).
房地产销售越来越多地被“重新谈判”——行业术语，指在交易完成前重新谈判较低价格——以反映更高的借款成本，三位投资者告诉路透社。
Property sales are increasingly being "re-traded" — industry jargon for renegotiating a lower price before a deal closes — to reflect higher borrowing costs, three investors told Reuters.
英国投资公司M&G（MNG.L）的高管们上个月对记者表示，此类重新谈判正在将房地产价格下调2%至3%，尽管折扣可能超过10%，据另一位不愿具名的英国开发商高管称，原因是商业敏感性。
Such re-trades are cutting property prices by 2% to 3%, executives at British investment firm M&G (MNG.L) told reporters last month, although the discounts can exceed 10%, according to an executive at a separate British developer, who declined to be named citing commercial sensitivities.
世界最大的商业房地产投资者Blackstone（BX.N）在其第三季度业绩中表示，高利率已放缓欧洲和美国多户住房市场的资产增长，尽管它预计随着时间的推移会出现复苏。
Blackstone (BX.N), the world's largest commercial real estate investor, said with its third-quarter results that higher rates had slowed asset growth in Europe and in the US multifamily housing market, although it expects a recovery over time.
房地产机构世邦魏理仕和仲量联行的债务顾问表示，受中东冲突和通胀担忧推动的利率上升，使再融资变得更加昂贵，并促使贷款机构对杠杆采取更为谨慎的态度，不过大多数资产的融资仍然容易获得。
Higher rates, driven by the Middle East conflict and inflation concerns, have made refinancings more expensive and prompted lenders to take a more cautious approach on leverage, although finance remains readily available for most assets, debt advisers at property agencies CBRE and JLL said.
“六年来，感觉我们每年都会经历一次所谓的‘黑天鹅’事件，”房地产机构世邦魏理仕欧洲债务与结构性融资主管克里斯·高表示。“贷款机构和借款人都更具韧性了，”他说。
"For six years, it feels like we've had a so-called 'Black Swan' event every single year," said Chris Gow, head of debt and structured finance in Europe for property agency CBRE. "Lenders and borrowers are more resilient," he said.