The global financial crisis of 2007–2008 put the spotlight on the interdependence between the world’s mature, developed economies, which need economic growth to avoid falling into irreparable decline, and the maturing, emerging economies, which need economic growth to meet the needs and aspirations of their growing populations and their new-found prosperity.
Dr Nils Kok, real estate finance professor at Maastricht University, a visiting economist at the University of California at Berkeley, and co-founder and executive director of the Global Real Estate Sustainability Benchmark, recently spoke with Mike Consol, editor of The Institutional Real Estate Letter – North America, about the strides that his organisation and the real estate industry are making in turning sustainable practices into higher profitability and reduced risk.
Benchmarking a building’s performance is a vital first step to improving its sustainability — getting this wrong can lead to costly mistakes. It can also divert investors from a sound strategy. Here we review some of its key messages and discuss how the International Sustainability Alliance is providing a robust benchmarking approach for members.
There is a great deal of variation in the prime or class A rents achieved in different cities across the world. Prime rents at city level can be analysed to explain why rents vary between cities. Property investment returns are essentially city-driven (rather than country-driven) and, as a result of on-going urban change, it is vital to be able to pick those cities that will outperform.
The shopping centre concept is being embraced on a global scale like never before. 2012 looks set to see substantial growth in parts of Europe, yet this is dwarfed by the wave of new development sweeping across Asia. In this article, we look at the international trends that are reshaping the market.
Fundamental drivers of direct real estate markets, like rents, vacancy and prices, tend to become dominant for listed real estate pricing with a lag.
Orchard Street Investment Management, a specialist commercial property investment manager, has announced two UK acquisitions totalling £69.46 million (€86.1 million).
Curzon Capital Partners III, a fund advised by real estate investment manager Tristan Capital Partners, has bought the Stadlau Shopolis retail park in Vienna for approximately €27 million.
SEB Asset Management has sold four properties in Düsseldorf, Berlin and Luxembourg with a total volume of €51.8 million.
Pramerica Real Estate Investors has sold a portfolio of five retirement housing facilities to a subsidiary of HealthCare REIT Inc, a US-REIT, for £154 million (€191 million).
Aberdeen Asset Management has launched a German residential property fund for institutional investors.
MGPA has held the first close of MGPA Asien Spezialfonds with commitments of €85 million from three German institutional investors.
Retail-focused real estate investment management firm Meyer Bergman has acquired a prime High Street retail property in central Copenhagen for €34 million.
IVG has raised approximately €100 million in equity from institutional investors for its IVG Warsaw fund, launched in June 2011.
Henderson Global Investors has raised €90 million for its German Logistics Fund — a partnership between Henderson’s German property business and Palmira Capital Partners, a specialist in logistics real estate — giving it €150 million (including gearing) to deploy in the German logistics market.
Henderson Global Investors has acquired a retail asset in Glasgow on behalf of its £160.3 million (€199 million) UK Property Fund.
Hearthstone Investments, the specialist residential property fund manager, has secured a second seed investment for the newly launched TM Hearthstone UK Residential Property Fund, attracting up to £15 million (€TK million) in backing from Bovis Homes.
US-based TIAA-CREF has acquired a UK shopping centre from Grosvenor Fund Management.
Europa Fund III, the third pan-European investment fund from Europa Capital, has acquired Twarda Tower from BPT Optima, a real estate fund managed by BPT Asset Management.
Zug, Switzerland–based Corestate Capital has completed the sale of a residential real estate portfolio located in the major cities and metropolitan areas of Germany for €51 million.