European banks may face a €156bn shortfall in funds needed to refinance commercial real-estate debt in the next two years, DTZ Holdings Plc estimates.

About €480bn of property loans will mature by the end of 2011, according to research by the London-based broker. Banks won’t be able to refinance all of the debt, particularly when loans exceed the value of the properties backing them. More than half of the shortfall will occur in the U.K. and Spain, DTZ said.

bloomberg.com