Institutional Real Estate Europe
July 1, 2012: Vol. 6, Number 7Buy For $150.00 Add to Cart
Playtime in the Periphery: Despite Sizeable Risks, Investors See Intriguing Development and Opportunistic Plays Outside the Core
The economic problem children of peripheral Europe — Greece, Italy, Ireland, Portugal and Spain — are at it again. Many pundits believe that they are causing the single currency experiment to veer seriously off the rails. Given both growth and political uncertainties within these countries, what are we to make of their real estate markets? Are they total non-starters for investors, or are there hidden gems and strategies that investors should consider?
Coming of Age: Real Estate Markets in Central and Eastern Europe Have Entered a New, More Mature Stage, and Different Strategies Are Now Required
The real estate market in central and eastern Europe (CEE) has reached a new, more mature stage in its development. The low-hanging fruit of steadily falling yields and extreme shortages of space is mostly gone, especially in central Europe, which comprises the westernmost CEE countries. Nevertheless, we continue to see compelling opportunities to invest in the region at multiple points on the risk/return spectrum.
Focusing on Opportunities: Investment Sentiment May Have Been Weakened by Recent Events, but Real Estate Investors Know Where the Opportunities Are
Despite global economic uncertainty, global demand for investment in real estate continues to remain strong, as evidenced by an 18 percent increase in global transaction volumes in 2011. Investors, while still cautious, are seeking to place capital.
Flexing Powerful Muscles: Turkey Has Entered the Mainstream and Become a Favoured Destination for International Real Estate Investment Capital
Turkey is the sixth largest economy in Europe and the 17th largest in the world. Between 2001 and 2011, The country’s GDP grew on a nominal basis by an average of 11.6 percent per year, measured in US dollar. Turkey is favoured as an attractive investment country by international real estate investors.
A Conversation with Richard Barkham
Editor Richard Fleming spoke recently with Dr Richard Barkham, group research director at Grosvenor, about the reasoning behind his new book, how and why investors should consider real estate investment in the wider context, and the role of real estate in the investment world of the moment.
- Codic Belgium Sells Brussels Offices
Dutch Assets Sold in CMBS Workout
EPI Orange (Netherlands) SARL, a Dutch real estate portfolio, was sold for €50 million.
Henderson to Launch Two Debt Funds
Henderson Global Investors is planning the launch of two funds focused on European real estate debt investments: Henderson High Income Real Estate Debt Fund and Henderson Senior Secured Real Estate Debt Fund.
Invesco Real Estate Invests in Germany and Sweden
Invesco Real Estate (IRE) has made a series of acquisitions in Germany and Sweden for a total of €206 million.
NBAD to Launch Real Estate Fund
NBAD Investment Management (DIFC) Limited, a wholly-owned subsidiary of the National Bank of Abu Dhabi (NBAD), has been authorised by the Dubai Financial Services Authority and plans to launch a real estate investment fund focused on high-quality income-generating properties in the United Arab Emirates.
New Real Estate Advisory and Placement Group Launches
RiverBridge Capital Partners, a new specialist real estate private equity markets advisory and placement group, has been established, with offices in London and Sydney.
Orchard Street Buys Two London Offices
Orchard Street Investment Management LLP has acquired two properties in London for a total of £44 million (€54 million).
ORCO Sells Prague Office Asset
ORCO Property Group has sold the Radio Free Europe/Hagibor office building in Prague for approximately $94 million (€75 million).
Peakside to Buy in Hannover
Peakside Capital, on behalf of the Peakside Real Estate Fund I, has agreed to acquire Solvay GmbH’s German headquarters at Hans-Böckler-Allee 20 in Hannover in a sale-and-leaseback transaction.
Foreign Investors Active in Poland
Poland’s commercial property market was dominated by foreign investors in Q1 2012, according to Savills, with non-domestic investors accounting for more than 98 percent of transactions in the first quarter.
Rockspring Buys Swedish Portfolio
Rockspring Property Investment Managers has acquired a portfolio of six retail properties in Sweden for €77 million on behalf of the Rockspring TransEuropean Property Limited Partnership V.
RREEF Buys Mixed-Use Asset in Finland
RREEF Real Estate, the investment management business of Deutsche Asset Management, has acquired a mixed-use development in the greater Helsinki area for €50 million from Finnish real estate developer YIT.
Russian Office Market Has Falling Vacancies, Rising Rents
Moscow’s office market is recovering in the aftermath of the global financial crisis, with falling vacancy rates and rental growth driven by increasing economic confidence, reports CBRE.
Spanish Tax Reform Could Undermine Real Estate
New legislation in Spain that would restrict interest deductions for taxation purposes could reduce foreign investment in Spanish commercial real estate, according to a statement from the European Public Real Estate Association (EPRA).
Union Investment Buys Berlin Building
Union Investment Real Estate GmbH has acquired Neue Promenade 6, an office/commercial building in downtown Berlin, on behalf of the DIFA-Fonds Nr 3 special fund.