Institutional Real Estate Europe

March 1, 2019: Vol. 13, Number 3

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From the Current Issue

Europe

Risky business: Currency hedging is important, but it is not an exact science

Historically, the question over whether to hedge property portfolios against currency risk was largely left unanswered by real estate investors, given their tendency to favour investments in their home countries. More recently, however, real estate has become increasingly globalised, driven by the world’s largest sovereign wealth and pension funds, many of which have dedicated worldwide real estate mandates. As a consequence, currency risk has become increasingly ingrained in investment decisions at an institutional level.

Europe

The unknown market: Poland has what many retail park investors seek

Retail parks seldom win any beauty contests. Nevertheless, they have long been in high demand among investors and have established themselves as an independent asset class within the retail property sector. The run on retail parks does have one drawback, however. Prices are rising and achievable yields are decreasing in all key markets.

Europe

Keeping up with the pace: Adhering to ESG standards is getting harder than ever

The arrival of ESG assessments in the last few decades has transformed the industry. So much so, in fact, that a property deal could be won or lost on an ESG scorecard. Although the ESG formula has three pillars, the emphasis remains on the green leg. Energy efficiency is often improved by better harnessing a property’s passive design characteristics — its direct and indirect sunlight, natural ventilation, and solar power.

Europe

Don’t look back: Bridging the gap between heuristics and analysis

Academics have long tried to interpret the mechanisms that lie behind financial decisions. Within the domain of behavioural finance, there is a special emphasis on “heuristics and biases”. Heuristics, which means “to discover” in ancient Greek, is about using shortcuts to produce satisfactory decisions within a limited time-frame.

Europe

AMPERE Gestion raises €906m for residential fund

AMPERE Gestion, a subsidiary of CDC Habitat, the property arm of France’s Caisse des Dépôts, has attracted €906 million to its latest French intermediate housing fund, the largest amount raised in the European residential property sector in 2018.

Europe

London once again named top city for real estate investment

JLL has revealed that London maintained its position as the top city for global real estate investment for the second year in a row in 2018. Twelve cities — London, New York, Paris, Seoul, Hong Kong, Tokyo, Shanghai, Washington DC, Sydney, Singapore, Toronto and Munich — have appeared in JLL’s top 30 ranking every year for the past decade and account for 30 percent of all real estate investment.

Europe

On edge: Investors are being consumed by geopolitical tinderboxes

Over the course of a given year, we talk to hundreds of investors and their investment managers during our normal outreach efforts. These include the discussions that take place at our editorial advisory board meetings around the globe, as well as those at our VIP conference programs, CEO summits, Springboard programs and Sponsor Briefings.

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