Institutional Real Estate Europe

April 1, 2010 Vol. 4 No. 4

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From the Current Issue

Europe

Shop Talk: A Conversation with Johan van der Ende

INREV, the European Association for Investors in Non-Listed Real Estate Vehicles, a non-profit association incorporated in the Netherlands, was launched in 2003 with the goal of increasing the role of non-listed real estate funds in institutional real estate portfolios by promoting greater transparency, accessibility, professionalism and standards of best practice. INREV is now the leading platform for the sharing and dissemination of knowledge concerning the European non-listed real estate fund market.

Europe

Coming Soon Near You: Love It or Hate It, Tighter Property Fund Regulation Is On the Way

You can run but you can’t hide. Policymakers and legislators in the European Union have a long memory and a long reach. They also have a nasty habit of coming back for you if they don’t get you first time. If you see them coming, you might as well give in. It’s a bit like being pulled up by the traffic police — you’ve got flashing blue lights behind you, they think they’ve seen you commit a transgression, they check your documents, issue a fixed penalty notice and always think they’re right.

Europe

Going Global: Asian Property Investors Are Taking Advantage of Growing Opportunities Abroad

Asian pension and sovereign wealth funds have become increasingly active in US and European real estate markets in recent years. Distressed deals thrown up by the global financial crisis have served only to whet their ongoing appetite for involvement in these overseas markets as they adjust their portfolio strategies in order to best manage their liabilities in these uncertain economic times.

Europe

It’s Good to Talk: There Are Always Better Ways for Investors and Fund Managers to Communicate

Synchronicity is a term often used to describe people having similar thoughts at the same time and applied to me when I was asked to write this second Up and Coming article. I have always wanted to encourage investors and fund managers to redouble their communications with each other and concluded that it would be great to see an article on the subject. More and more, I have seen how important clear and consistent communication is to the non-listed real estate sector and also to my employer, ING Real Estate Investment Management (REIM).

Europe

Just Capital: The Recapitalisation of Global Real Estate Shows a Marked Difference Between the Listed and Private Equity Sectors

The global recession ended in 2009, but echoes of the financial crisis persist. To mix metaphors, the credit bubble has a very long tail. In private equity real estate, for example, deleveraging is going to take time. In the listed sector, the deleveraging process was brutal and fast. Not every company survived. Those that did survive had to sell stock at highly dilutive levels to pay down debt. In private equity terms, these secondary offerings were the equivalent of a series of abrupt writedowns to levels low enough to attract capital and allow re-equitisation to occur. A similar process — with a considerable lag — will play out in private equity in the years ahead.

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