Institutional Real Estate Europe

January 1, 2011: Vol. 5, Number 1

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From the Current Issue


Property Debt Shows Signs of Loosening

European real estate debt markets are beginning to loosen up, reports CB Richard Ellis in the firm’s Q3 2010 MarketView: European Capital Markets, especially in markets with stronger fundamentals. 


Looking Out for Risk: Is It Even Possible to Operate in Any Way Other Than Best Practice?

The real estate industry as a whole has gone through tough times over the past few years due to the financial crisis. This also had a huge impact on the non-listed real estate fund industry. Many non-listed real estate funds ran into trouble, mainly due to the declining values resulting from rising yields, decreasing rents and increasing vacancy in combination with high leverage. 


London Calling...: And Investors Are Answering the Call

It comes as no surprise that, in times of turmoil and uncertainty, investors pull back into their safety zones. With overall investment in the EMEA region still down approximately 75 percent from its height in 2007, it’s obvious that, for some, being safe means stuffing their available capital under their mattresses and not investing at all. But for others, who still want to invest but want some security, it means focusing on the largest, most commercial property markets in the world, which tend to be the capital cities. 


Full of Possibilities: The Benefits of National REITs Are Accepted Already But Potential Exists for Further Substantive Development

It is now widely accepted that, for investors, REITs represent a liquid, transparent and professionally managed asset class that allows for diversified exposure to real estate returns over the medium to long term and high cash dividends. But less often considered in Europe, perhaps, are the collective benefits that the growth of REITs and the listed property sector can deliver as a whole.


Fees Vary Among Real Estate Funds of Funds

Funds of funds that focus on the unlisted real estate sector have considerable variation in the fees that are charged, according to a study of fee structures and fee levels by INREV, the European Association for Investors in Non-Listed Real Estate Vehicles. 


A Timing Paradox: Investors Are Still Nervous About the Economic Outlook but Could Gain from a Move Up the Risk Curve

In 2009, the world economy went through a deep recession. Since then, we have come a long way. The main European economies have returned to growth and forecasts continue to point to a muted average GDP growth recovery of about 2.5 percent per year over the next three years across the core European countries. In this environment, property occupier markets should also be close to their trough, and we should see investors starting to deploy capital strategically in order to benefit from the new cycle that is emerging.

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