After years of capital shifting toward secondary markets, international gateway markets are once again drawing attention from investors worldwide.
Global gateway markets have seen a resurgence of megadeals this year. From the €850 million sale of the Capital 8 office complex in Paris to the ¥300 billion (€1.65 billion) purchase of the Dentsu Group headquarters in Tokyo, buyers are clearly back with the desire — and money — to acquire assets in primary markets.
Although investors are proceeding cautiously, they appear to be gaining confidence in valuations, underlying fundamentals and a more stable rate environment. “Whereas a few years ago people were a little bit tentative because things felt uncertain, a lot of people saw through that as a temporary phenomenon,” says Ryan Severino, chief economist and head of research at BGO. “They are starting to reengage, especially in these big global gateway markets.”
Gateway cities such as London, Paris,
