Institutional Real Estate Europe

October 1, 2010 Vol. 4 No. 9

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From the Current Issue


Ready But Waiting: Sovereign Wealth Funds Know What They Want

As the full spectre of CMBS refinancing looms ever more closely over real estate markets, the need for fresh equity has become increasingly urgent. If only there were large global sources of capital that banks and troubled property owners could turn to. If only there were a group of global investors, with long-term investment horizons, a constant need to deploy capital and a desire to diversify into illiquid asset classes, who could effectively bail out the impending real estate securitised loans crisis.


Making Debt Pay: Strategies for Investing in Distressed Debt

The US commercial real estate market is in the early stage of a cycle that will be dominated by the restructuring of distressed debt. It remains to be seen how long the cycle will last and how severe the distress will be, but there is no doubt that the market will not regain its balance until the vast majority of distressed debt — completed through scores of individual property recapitalisations — is resolved. This is also true in much of Europe and Japan, and many fear it will also be true in other parts of Asia, but this article discusses only the US market.


Shop Talk: A Conversation with Paul Clark

The Crown Estate in the United Kingdom is one of the oldest real estate operators, of land and property, in the world. The organisation has the twin objectives of enhancing the value of the estate and the income that it generates, and of passing surplus revenue to the government. The Crown Estate manages a diverse property portfolio that includes office, retail and industrial premises; and also housing, farmland, forests, parkland and more than half the foreshore and almost all the seabed around the United Kingdom.

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