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Real Estate Briefing 23.Jun 2009

Funds eye commercial property bargains
Here come the real estate vultures
US commercial property index in record drop-Moody's
US housing market continues to weaken
No recovery for U.S. property markets until 2017
Best US cities to buy a home
LaSalle ready for U.S. commercial property deals
In Manhattan real estate, worst seen yet to come
Most European residential property markets in 'deep crisis'
Economist views: What are the prospects for the UK housing market?
UK: Blow for housing market as prices fall
CML reduces forecast for home repossessions
UK: Property remains appealing to Sipp investors
Axa sees French property promise over UK
Dutch pension fund Progress continues on real estate sale
Dubai real estate among 'riskiest post war markets'
UAE property 'on the mend' by year end, says Morgan Stanley
Two key Dubai property resignations, what next?
LaSalle has $3 bln for Asia investments
China property prices to rise 10% by end '10
India: Realty business on road to recovery
Another Singapore Reit announces a rights issue
Taiwan: The real estate bubble born of an enduring misunderstanding
CFSG sees Aussie unlisted property shake-up
Tesco makes second property pledge to pension
Mitsubishi Estate eyes J-REIT, U.S. property fund
Prudential to buy 18% of Chile real-estate firm Paz
Maine PERS selects ORG as real estate consultant
Klepierre refinances EUR 2.25bln debt with BNP Paribas
RREEF weigh ups its options over America III
Investment property: Handle with care
Fitch updates rating methodologies for FoHF and real estate managers

Posted on 23 June 2009 by Laxman |  Email |Print

From Businessweek.com: Depressed commercial property prices have prompted a wave of interest in the market with up to 16 firms currently working on or readying plans to launch real estate funds.

Blackstone (BX), the New York-listed financial services firm, heads the list with plans to raise around $2bn (£1.2bn) in Europe for a new Special Situations real estate fund………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Fortune Magazine: These are tempting times for real estate bargain hunters. Whether it’s the tony house down the street with an asking price that keeps dropping or office space at a deep discount, if you have the means, there are deals to be had.
Individual investors snapping up foreclosed houses have helped boost home-sale figures sharply in recent months (although prices have remained depressed). And now some real estate investment trusts are raising money to fund acquisitions of distressed commercial properties………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: U.S. commercial property prices plummeted 8.6 percent in April, a sign sellers are beginning to capitulate to a market deteriorating on lack of credit and the effects of recession, according to Moody’s Investors Service.

It was a record drop for Moody’s REAL Commercial Property Indices, which show prices are now 29.5 percent below the peak of October 2007, said Connie Petruzziello, an analyst at Moody’s. The index history extends back to December 2000………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Marketwatch.com: The U.S. residential real estate market is caught in the worst correction in decades with few reasons to be optimistic as the economy worsens, according to a key housing report released Monday.

“Despite unprecedented federal efforts to jumpstart the economy and help homeowners keep up with their mortgage payments, home prices continued to fall and foreclosures continued to mount in most areas through the first quarter of 2009,” according to the executive summary of the State of the Nation’s Housing annual report released by Harvard University’s Joint Center for Housing Studies………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: The U.S. urban commercial real estate markets probably will not recover until 2017, the head analyst of commercial mortgages for Deutsche Bank Securities said on Monday.

“The froth is still working itself out,” Richard Parkus, Deutsche Bank head of Commercial Mortgage-backed Securities and Asset-Backed Securities Synthetics Research said at the Reuters Global Real Estate Summit in New York. “We are currently in something which is comparable to what we saw in the 1990s and potentially worse.”……..Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Forbes: While the overall housing market isn’t on the upswing, these metros show long-term promise. It’s no sellers market. But by some measures, things are looking up in Los Angeles.

Though the area is one of the worst-hit of the country’s crippled housing markets, those with listed properties in relatively solid areas are beginning to see consistent bites………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: LaSalle Investment Management has about $1.5 billion to $2 billion ready to use to buy U.S. commercial property for its investors but does not expect to pull the trigger for a few quarters.

“We’re very interested in the U.S.,” Jacques Gordon, global strategist and head of Research for LaSalle Investment Management, told the Reuters Global Real Estate Summit on Monday………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: With apartments piling up on the market in Manhattan, isn’t this the time to snap up the real estate equivalent of buying Champagne on a beer budget? The savviest minds on Wall Street say it’s not.

Even though prices have fallen around 20 percent as Wall Street’s ranks have been thinned on fallout from the financial crisis and recession, top economists, strategist and analysts at the Reuters Investment Outlook Summit said they would be in no hurry to purchase a slice of the Big Apple………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Propertywire.com: Demand for property construction is falling in all Western European countries, while the sector in Eastern Europe has space for considerable growth, according to a new report.

There will be a strong downturn in the rest of 2009 until the middle of 2010 and a slight improvement is not expected until 2011 in many countries, says the report from EuroConstruct……..Full Article(Subscription Required) : Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Cityam.com: It has picked up over the past few months – you’ve seen realised mortgage approvals picking up a bit from their troughs and there seem to be improvements in credit supply conditions, but supply is still relatively tight.
It’s a mixed housing market at the moment and overall, a lot of the indicators would be consistent with house prices falling but at a slower rate………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Independent.co.uk: The price of a property put up for sale so far this month has been marginally lower than in May, figures released today will show, dealing a blow to property market professionals who believe the worst of the housing market downturn is now behind us.
A report from Rightmove, the online estate agency firm, will show that the average asking price of a property new to the market in June has been 0.4 per cent lower than in May………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Timesonline.co.uk: Fewer homeowners are expected to face repossession this year than originally predicted, the Council of Mortgage Lenders (CML) said today.

The CML reduced its forecast for the total number of repossessions in 2009 from 75,000 to 65,000 to reflect the benefits of lower interest rates, government intervention and forbearance by lenders in cases where borrowers are struggling with repayments………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Investorschronicle.co.uk: Low prices and low borrowing rates have led to an increased interest in putting commercial property in a self-invested personal pension (Sipp).
The general fall in the price of commercial property has made it a more affordable investment and has made it possible for Sipps to acquire property interests that may have previously been unobtainable………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: Cut-price commercial mortgages and French homes and offices have caught the eye of Axa Real Estate Investment Management, but the property arm of the French insurer is giving London’s stricken office market a wide berth.

Steve Smith, head of transactions and asset management at Axa REIM, said his firm may resurrect plans to float a French real estate investment trust investing in French housing, and launch a third French office development fund when frozen property markets showed greater signs of thawing………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From IPE: Progress, the Dutch pension fund of food giant Unilever, has sold three housing complexes in Breda, Groningen and Nijmegen as it continues to divest its directly-held domestic real estate portfolio.

The latest disposals are part of the pension fund’s plan to move out of direct Dutch real estate in favour of an indirect global property exposure………Full Article (Subscription Required) : Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Arabianbusiness.com: Dubai is one of the “riskiest” property markets of the post war era, a senior analyst claimed on Monday.

Saud Masud, analyst at Swiss investment UBS, said problems of over-supply and population shrinkage with thousands of jobless expatriates expected to return home when the schools break up next week, would mean continued pressure on house prices………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Bi-me.com: International investors will begin buying distressed UAE property-backed assets by the end of 2009, Morgan Stanley’s regional chief said.

“Once you see distressed funds coming to the market and picking up whole portfolios from developers and banks then you know we are on the mend,” Georges Makhoul, head of the US bank’s Middle Eastern and North African operations, said………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Seekingalpha.com: Last week the CEO of Union Properties, Simon Azzam announced he was stepping down, yesterday it was the turn of Nasser Al Sheikh, chairman of Deyaar Developments just weeks after being replaced as the Dubai finance chief.

Mr. Al Sheikh remains chairman of Amlak Finance, about whose proposed merger with Tamweel details are awaited and due any day. But it is worrying to see two such key executives resign as the Dubai real estate sector squares up to face major challenges………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: LaSalle Investment Management said on Monday it has $3 billion available for investing in Asian real estate and is ready to re-enter the market after nine months on the sidelines, focusing initially on Japan and Australia.

“The process of debt restructuring and market resetting and capital and economic stabilisation seems to be happening fastest in those countries,” Chief Investment Officer for Asia Pacific Ian Mackie told the Reuters Global Real Estate Summit………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: A rebound in China’s residential property market is set to continue but economic uncertainty means sentiment will be cautious and prices nationwide will rise a modest 10 percent between now and the end of 2010, a Reuters poll shows.

Property prices in bigger cities, where wealth levels and spending propensity are higher, will outperform second-tier cities with apartment prices in Shanghai, Shenzhen and Guangzhou set to rise by at least 10 percent in the next 18 months………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Indiatimes.com: Spurred by price corrections, new launches, lowering of interest rates, increase in sales inquiries and, more importantly, the newfound mantra of ‘affordable housing’, the real estate industry has started showing signs of recovery.

Industry body Assocham has gone to the extent of saying that the real estate recovery is possible in the coming three months. ……..Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Financeasia.com: Starhill Global Real Estate Investment Trust yesterday announced plans to raise S$337.3 million ($232 million) from a renounceable one-for-one rights issue.

The Reit, which invests in retail and office properties, said the money may be used to pare down its existing debt and to put it in a better position to capitalise on acquisition opportunities………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Taipeitimes.com: There is a lot of misunderstanding about home prices. Many people all over the world seem to have thought that since we are running out of land in a rapidly growing world economy, the prices of houses and apartments should increase at huge rates.

That misunderstanding encouraged people to buy homes for their investment value — and thus was a major cause of the real estate bubbles around the world whose collapse fueled the current economic crisis………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: The Australian unlisted property market is set for a shake-up with some funds likely to go public and others taken over by listed vehicles, said a top executive at Colonial First State Global Asset Management.

The unlisted property fund sector, which is worth about A$28 billion ($22.6 billion), remains under pressure as asset values continue to fall, while listed vehicles have managed to recapitalize themselves by tapping the stock market for funds………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From IPE: Tesco, the global supermarket chain, has signed another sale-and-leaseback deal with pension fund trustees, which will see the fund take a 50% stake in assets worth £458m (€543.5m).

A statement issued by the company said this is the latest phase of the supermarket giant’s programme to “release value from its UK property portfolio”………Full Article (Subscription Required) : Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Reuters: Mitsubishi Estate Co is interested in buying a real estate investment trust (REIT) in Japan and is preparing to launch a property investment fund in the United States, its CEO and president said on Wednesday.

Keiji Kimura said Japan’s second-biggest developer is keen to buy a real estate investment management company overseas as it aims to raise its global profile………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Dow Jones: PLA Chile, a real-estate investment fund managed by U.S. firm Prudential Financial Inc. (PRU), signed an agreement Friday with shareholders of Chilean real-estate developer Paz Corp. (PAZ.SN) to buy new shares totaling 18.3 billion Chilean pesos ($34.3 million), or 18% of the company.

Four investment companies known as Familia Paz, which currently control 59.2% of Paz Corp……..Full Article (Subscription Required) : Source

Posted on 23 June 2009 by Laxman |  Email |Print

From IPE: Maine Public Employees Retirement System has selected ORG Real Property as its first ever real estate consultant.

Officials say the institutional investor felt it needed to hire a consultant specialising in real estate as it still has to place the remaining 5% of its targeted allocation to real estate………Full Article(Subscription Required) : Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Propertyeu.info: France’s Klepierre has announced it has refinanced EUR 750 mln and EUR 1.5 bn of syndicated loans due for repayment in June 2011 and January 2013 respectively.
As part of the deal, the French retail property company has agreed a new EUR 2.4 bn financing line with BNP Paribas, its largest shareholder (52%)………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

From IPE: RREEF, the real estate investment division of Deutsche Bank, is now considering three different options to help it deal with some debt issues for its open-ended commingled fund, RREEF America III.

RREEF hosted a conference call with all of its investors in RREEF America III which allowed it to spell out all of the issues with the commingled fund and the options that it is considering, as well as advise investors that it was still in discussions with lender about debt concerns………Full Article (Subscription Required) : Source

Posted on 23 June 2009 by Laxman |  Email |Print

From Smartcompany.com.au: Investors are gingerly re-entering the residential property market, lured by the best investment yields in two decades, low interest rates, sharply rising rents, and growing prices in the $500,000-and-below sector - the most favoured as investments.

An overall shortage of rental properties along with weak construction levels, with many developers simply unable to obtain finance, are driving up rents and yields………Full Article: Source

Posted on 23 June 2009 by Laxman |  Email |Print

Fitch Ratings has today updated its Asset Manager Ratings methodologies for fund of hedge fund (FoHF) and real estate asset managers.
Asset Manager Ratings provide investors with an independent assessment of an asset manager’s vulnerability to operational and investment management failures………Full Article: Source

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