Institutional Real Estate Europe

February 1, 2011: Vol. 5, Number 2

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From the Current Issue

Europe

What Is Property?: It’s Not What You Think

What is property? The answer is obvious and the question may come across as one of those profound-sounding questions that you get in undergraduate philosophy exams, but in the current post–global financial crisis environment I think it is a valuable question to ask, and one to which the answers could open up avenues of property investment that are currently being missed.

Europe

Kungsleden Sells German Real Estate Portfolio

Swedish real estate company Kungsleden AB has agreed to sell 17 properties in Germany for a total of SKr 1.3 billion (e145 million) at a property yield of more than 7 percent to Hemsö Fastighets AB, which is a 50-50 joint venture of Kungsleden and the Swedish Third Pension Insurance Fund AP3. 

Europe

Neinver Forms Two JVs in Poland

Neinver SA, a Spanish real estate developer, has formed two joint ventures to own retail properties in Poland, one with Meyer Bergman and the other with Heitman.

Europe

A Conversation with Peter Hobbs

 

Editor Richard Fleming spoke recently with Peter Hobbs, appointed last year as senior director and head of business development at IPD in London, about the company’s development and future direction.

 

Europe

The Money Talks: Sometimes Things Do Not Work Out As Planned and You Just Have to Agree to Disagree

You know that something’s not quite right when you walk into a room of real estate investors and fund managers and they’re talking vehemently about risk. That’s what happened at the last meeting of The Letter – Europe’s editorial board, held in mid-September 2010 at the Grand Hotel des Iles Borromées in Stresa, Italy. Not only that, but they were still talking about risk a day later.

Europe

For the Greater Good: If You Don’t Deal with Risk It Will Come Up and Bite You

In October 2010, Henderson Global Investors published a research report on what it called the “investment timing paradox”. The investment manager argued that European real estate investors should consider moving up the risk curve to benefit from a risk premium that had arisen as a result of everyone flocking to the safety of core property. “We should see investors starting to deploy capital strategically in order to benefit from the new cycle [that is] emerging,” the report stated. “This is not, however, what we witness in Europe’s property investment markets, where investors and lenders still operate in risk-aversion mode, almost exclusively focusing on core assets.”

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