There has been a lot of interest in the transfer pricing of intercompany loans recently, especially following the new guidance released by the OECD on financial transactions in February 2020. However, there are no specific details on the financing of real estate in this new guidance, although in practice the financing of real estate has some unique characteristics. In this article, the authors highlight several aspects that are specific to real estate financing and their impact on transfer pricing. The focus is mainly on investments by multinational enterprises in commercial real estate (CRE), i.e. income-producing property used solely for business purposes, rather than residential property. Examples of CRE include retail malls, shopping centres, office buildings and hotels.