Publications

- December 1, 2017: Vol. 11, Number 11

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Warning signs: You can’t say we didn’t tell you

by Jonathan A. Schein

I spent the better part of late September and early October in Germany both for Institutional Real Estate Europe’s annual Editorial Advisory Board meeting and Expo Real, and it’s a good time to offer some random observations about the investment climate and investor sentiment, as well.

The Editorial Advisory Board meeting was held at Rottach-Egern on Tegernsee in the Bavarian Alps in southern Germany, approximately 50 kilometres south of Munich. Nearly 40 people attended and the 1:1 ratio of LPs to GPs led to many intimate, off-the-record discussions where the most pressing sentiment came down to returns, where to find them and how. The LPs came from 10 different countries, including Ireland, Finland, the Netherlands, the United Kingdom and China; several family offices and consultants were also represented.

The 3 percent solution

There is a consensus, with a negative yield on long-term bonds, that finding returns in the 3 percent

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