Publications

- European Quarterly: Winter 2013 Vol. 23, No. 1

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Winter 2013: Progress in the direction to ensure the consolidation of the euro currency is a crucial element in restoring economic stability.

by Richard Plummer and Jose Pellicer

1 The recent political news from Brussels and Frankfurt indicates that most European politicians have begun to figure out some of the key essentials necessary to ensure the consolidation of the euro currency, at least for the 17 countries that are members of the euro zone. Progress in this direction is a crucial element in restoring economic stability. Meanwhile, institutional investors’ aversion to risk is manifest in a near-obsession with core real estate assets. This is to the extent that dwindling supply of this type of real estate in the investment market (certainly, relative to demand), in an increasingly rarefied geography, has resulted in levels of pricing, and hence yields, which make sense principally by comparison with uniquely low interest rates that, from these levels, have only one way to go. Yet the widespread neglect of anything seen as core-plus has resulted in a vast sea of real estate orphans, of which at least a worthwhile proportion offer interestin

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