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Real Estate Briefing 15.Jul 2009

CB Richard Ellis: Prime retail rents down in almost every region across the world
Commercial property bust threatens U.S. banks
US Nonresidential construction expected to lag in 2010
America's 100 cheapest places to live
Rich Russians returning to U.S. property lured by lower prices
Canadian existing home sales, prices jump in June
Slight upturn in European commercial property market
Euro 3.1 bln Blackstone fund lifts Europe
Euro architects increasingly pessimistic about a recovery in the property industry
UK set to beat the US in commercial property recovery
UK: Commercial property marks two years of valuation falls
Teeside begins UK acquisition programme
PWC warns of ‘growing distress’
House prices fall 12.5% year-on-year
RICS UK housing market survey: Optimism increases but significant headwinds remain
German investors return home for safety
EU clears Hungarian mortgage support scheme
Greek property recommended as one of safest for investment
Bulgarian Land considers delisting
Dutch pension fund SBZ begins direct portfolio sell-off
Israelis help drive London property market
Israel's Housing and Construction bids for Solel
UAE Property prices rise again
Dubai: world's tallest tower to open this year
Dubai among most expensive office markets in EMEA region
Fresh supply of residential apartments sees softening of Abu Dhabi rents
China: Controversy over real estate market recovery
India's DLF sells non-core assets to raise funds for reducing debt
Tokyo new apartment supply seen at 17-yr low
Japanese real estate giant invests in Sino-Singapore project
Ohio School Employees steps up global REITS
ING Real Estate gets Korea license
Sarasin unveils sustainable property fund
Schroders calls for fund structure standardisation
ICICI Venture whittles target, to launch $208 million realty fund

Posted on 15 July 2009 by Laxman |  Email |Print

From Europe-re.com: Prime retail rents have fallen in almost every region across the world as the global recession impacts consumer sentiment and retail sales, according to new retail research from CB Richard Ellis (CBRE), Global Retail MarketView.
Demand for retail space has declined in most markets across the world as consumers cut back on spending and unemployment continues to rise in many countries…….Full Article: Source

Posted on 15 July 2009 by Laxman |  Email |Print

From Forbes: Although it is smaller than the residential housing market, the deepening U.S. commercial property market bust could have a major impact on the banking system in general and on regional banks in particular. It could also substantially affect non-residential U.S. investment.
The Fed estimates that the size of the U.S. commercial property market is $6.5 trillion, or approximately one-third the size of the housing market. Commercial property loans outstanding are an estimated $3.3 trillion, also roughly one-third of the $10 trillion in residential mortgages outstanding…….Full Article: Source

Posted on 15 July 2009 by Laxman |  Email |Print

From Bizjournals.com: U.S. commercial construction is projected to drop significantly through 2010, a new survey of national construction forecasters shows.

The American Institute of Architects’ “Consensus Construction Forecast” reports nonresidential construction is expected to drop by 16 percent in 2009 and by another 12 percent in 2010, the group said Monday…….Full Article: Source

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From Forbes: Americans are swapping their expensive lives on the urban coasts and reaching for greener pastures elsewhere. North Carolina and Colorado are a magnet for newcomers, according to the most recent Census population estimates.
There, you’ll find more than half of the 25 metros gaining population and showing percent growth in the last year. Fort Worth, Texas; New Orleans and Atlanta also made the list…….Full Article: Source

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From Bloomberg: Russian millionaires are returning to the U.S. property market, lured by distressed sales and the ruble’s rise against the dollar, lawyer Edward Mermelstein said.

“The way many look at the U.S. right now is that it’s a bargain,” said Mermelstein, who has arranged about 300 real estate deals for buyers from the former Soviet Union since 2007…….Full Article: Source

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From Reuters: Sales of existing homes in Canada jumped 31.5 percent in the second quarter from the same period of last year, the first year-over-year quarterly increase since before the financial crisis, the Canadian Real Estate Association said on Tuesday.

Home sales rose 8.7 percent in June from May on a seasonally adjusted basis. They were up 17.9 percent from June 2008, using nonseasonally adjusted figures…….Full Article: Source

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From Iol.ie: There was a slight upturn in the European commercial property market in the last three-month period, as investors spent €13bn in Europe, bringing total investment spend in the first half of 2009 to €24.5bn, according to findings released today.

Irish investors spent €41.6m domestically in the first half of 2009 and approximately €741m in the UK in the period, according to the CB Richard Ellis Group report…….Full Article: Source

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From : The European real estate sector has been strongly heartened by the announcement of the US-based private equity group Blackstone that it has made a final closing of Blackstone Real Estate Partners Europe III, targeting equity capital of over €3.1 billion at Europe, in the first instance UK and Germany.

The initial intended target sum was €2.5 billion but the group extended the funding. It said BREP Europe III will target property investments throughout Europe and has commitments from a diversified group of limited partners from around the world…….Full Article: Source

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From Propertywire.com: Many architects in Europe are pessimistic about the future, having been badly hit by the global downturn in the property markets.

The economic outlook for the architectural sector appears to be worsening, according to the latest architect remain positive or a re just too buys to worry about it, according to the latest quarterly survey from the Architects’ Council of Europe…….Full Article: Source

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From Bridgingandcommercial.co.uk: Whilst across the pond the distressed commercial property market continues to cast a troubling shadow over the US economy, our own commercial property worries seem to be abating.
In fact, analysts have now stated that UK is in the best position for recovery, compared to most of Europe and the States. ……Full Article: Source

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From Telegraph: Commercial property values in the UK fell by 0.9pc in June, marking two years of consecutive monthly declines, according to a leading index.
Asset values have fallen by 44.1pc in that period, IPD says, as investor confidence and demand for new business space have been badly affected by the economic downturn…….Full Article: Source

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From IPE: The £2bn (€2.1bn) Teesside Pension Fund, administered by Middlesbrough Council, has purchased its first real estate asset through its recently-appointed property manager LV Asset Management (LVAM).

LVAM acquired Bromford Central Industrial Estate in Birmingham, England, on behalf of the pension fund, from Standard Life Investments for £8.96m, reflecting an initial yield of 8.5%…….Full Article (Subscription Required) : Source

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From Propertyweek.com: PricewaterhouseCoopers has highlighted the growing distress in the UK property market caused by tenants that are suffering in the downturn.

It says in its UK Real Estate Insights report that was published today, while overseas buyers are returning to the UK that there are increasing concerns regarding tenants and their covenant strength…….Full Article: Source

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From Guardian: The price of the average UK house fell by 12.5% in the year to May, government figures showed today.

However, the pace of price falls has slowed, according to the monthly house price index published by the department of Communities and Local Government…….Full Article: Source

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From Europe-re.com: Price expectations rose for the first time since May 2007, supported by low levels of stocks on surveyors’ books and increasing buyer enquiries, says RICS’ UK housing market survey published on 13 July 2009.
Evidence that activity in the housing market is picking up, albeit from very low levels, has increased surveyor optimism…….Full Article: Source

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From IPE: Interest in domestic residential property funds is rising among German institutional investors, according to German real estate fund manager Patrizia Immobilien.

“There is a rethink happening in the market compared to 2006 when German investors mostly sold off their domestic residential property holdings,” explained Klaus Schmitt, chief operating officer at Patrizia, which has €2.5bn in assets under management…….Full Article (Subscription Required) : Source

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From Forbes: The European Commission said on Monday it had approved a Hungarian mortgage support scheme, aimed at helping homeowners affected by the economic downturn.

The scheme will guarantee ‘bridging loans’ covering part of the monthly instalments of the original mortgage loans for up to two years, the Commission, which regulates state aid in the 27-country European Union, said in a statement…….Full Article: Source

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From Write-about-property.com: Greece has been recommended as one of the safest destinations in Europe for property investment. The country’s rich history and popularity with tourists will oversee solid long-term price growth according to overseas property specialists Azure Overseas.

Azure director Frank Crowley said: “Between the Greek gods, Greek Mythology, the Parthenon and the Acropolis, Greek history is among the most prominent and revered in the world. Yet property is comparatively cheap on a like for like basis to other places in Europe ……Full Article: Source

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From Propertyeu.info: Bulgarian Land Development, the commercial property development company, announced on Tuesday that it is considering cancelling its shares on the AIM stock exchange in London.

The group said in conjunction with the possible delisting, the company would make a tender offer to all shareholders at or around the current market price of the shares, which will be paid out from the company’s cash resources…….Full Article: Source

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From IPE: SBZ, the €2.2bn Dutch pension fund for care insurer employees, has made its first two disposals of direct property holdings as part of a transition to a wholly indirect real estate exposure.

The pension fund has sold a shopping centre with apartments in Hardinxveld-Giessendam and an office building in Zeist, both in the Netherlands, to real estate company Newomij, together representing approximately one-fifth of SBZ’s total property portfolio…….Full Article (Subscription Required) : Source

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From Globes.co.il: London’s commercial property market recovered in the second quarter of 2009, with an increase in the number of purchase deals for offices, in part because of deals involving Israeli companies, according to a report by global real estate services firm Jones Lang LaSalle.

Jones Lang Lasalle head of West End markets Damian Corbett reported that the volume of purchase deals in the offices sector in Central London rose in the second quarter of 2009 for the first time in 15 months…….Full Article: Source

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From Forbes: Housing and Construction , Israel’s largest construction company, said on Tuesday it had made an offer to acquire ‘a significant stake’ in Solel Solar Systems Ltd.

Housing and Construction said there was no guarantee the sellers would choose to hold talks with it over its offer…….Full Article: Source

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From Thenational.ae: Property prices in parts of Abu Dhabi and Dubai are registering big increases as buyers regain their confidence, brokers said Tuesday.

In Dubai, they listed areas where prices had increased by up to 12 per cent last month, while in Abu Dhabi properties on Al Reem Island were seeing increases about 30 per cent in the past couple of months…….Full Article: Source

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From Forbes: The Dubai developer building the world’s tallest skyscraper says the tower is on track to open this year, though the exact date remains uncertain.

Emaar Properties said in a brief emailed statement Monday that the shiny metal and glass Burj Dubai “is scheduled to open this year.” The statement said more details will be provided later…….Full Article: Source

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From Bernama: The average office rent in Dubai is 995 euros per square metre per annum, making it the second highest market rate in Europe, the Middle East and Africa (EMEA), according to research by CB Richard Ellis (CBRE).

CBRE’s Office MarketView (Q1 2009) showed that London’s West End topped the list of the most expensive office rents at 1,019 euros…….Full Article: Source

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From Zawya.com: Rents for apartments in Abu Dhabi are showing signs of further easing up with the completion and handover of several residential projects in the capital and an increased preference by tenants for villas off the island.

The Abu Dhabi Report for Q2 2009 issued today by Asteco, the UAE’s largest property services company, showed that the capital was finally seeing a shift in the market, with the buyers and tenants being able to dictate their terms when selecting their property…….Full Article: Source

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From People.com.cn: In May 2009, the housing transaction volumes in eight cities, including Shanghai, Beijing, Shenzhen, Nanjing, Wuhan, Hangzhou, Tianjin and Xiamen, increased by 45 to 259 percent year-on-year.
The average price has generally increased compared to the previous period, with a maximum increase rate of 11 percent. A turnover of over one trillion yuan indicates that China’s real estate market has recovered…….Full Article: Source

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From Livemint.com: India’s largest developer by market value, DLF Ltd, has raised Rs1,000 crore ($803 million) through the sale of hotel plots and will raise another Rs1,900 crore ($396 million) by the end of this fiscal year through the sale of more such plots and its wind power business, a senior executive said.
The company has sold hotel plots in Vadodara, Mumbai and Gurgaon, said Rajiv Talwar, group executive director of DLF, on the sidelines of a conference organized by industry lobby Confederation of Indian Industry…….Full Article: Source

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From Reuters: New apartments put up for sale in Tokyo this year are likely be a quarter less than previously forecast and hit a 17-year low as developers struggle to make sales, a research firm said on Tuesday.

Japan’s property market, the world’s second biggest, has been hit hard with a number of developers going bust as banks rein in lending and as consumers are reluctant to buy apartments amid the nation’s deepest recession since World War Two…….Full Article: Source

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From People.com.cn: A Japanese real estate giant signed on Monday a Memorandum of Understanding on a 3-billion-yuaninvestment in the Sino-Singapore Eco-City in north China’s Tianjin with the project’s developer.

Mitsui Fudosan Co. Ltd. will spend the money, equal to about 440 million U.S. dollars, on a land of 40 hectares to build a high-end waterfront residential community in the eco-city in the Binhai New Area of Tianjin, according to the MOU between the Japanese company and the Sino-Singapore Tianjin Eco-City Investment and Development Co. Ltd.(TEID)…….Full Article: Source

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From IPE: School Employees Retirement System of Ohio is increasing its allocation to global REITs from 11% to 15% of its total real estate portfolio.

According to pension fund officials, the investor believes public real estate has a more optimistic outlook than private real estate as companies in that sector are now raising more capital to try and take advantage of the investment opportunities in the near-term…….Full Article(Subscription Required) : Source

Posted on 15 July 2009 by Laxman |  Email |Print

From Asianinvestor.net: ING Real Estate Investment Management has acquired a license to operate locally registered real estate funds in South Korea.

The firm has also appointed Mark Jun as senior vice-president for institutional sales in Seoul in order to beef up its sales and client service capability…….Full Article (Subscription Required) : Source

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From International-adviser.com: Sarasin has re-positioned its Luxembourg-domiciled Real Estate Equity Fund as a sustainable property vehicle, with a new investment remit taking into account socially responsible and environmental considerations.

Sarasin Sustainable Equity Real Estate Global Fund, which invests in listed property companies and Real Estate Investment Trusts (REITs), will seek to capitalise on the political pressure on the property sector to develop sustainable solutions, make properties more energy efficient, avoid the use of hazardous materials and minimise the impact of developments on their surroundings…….Full Article: Source

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From IPE: Greater standardisation of the way funds are structured could deliver significant savings for investors, suggests William Hill, head of property at Schroders.

“Product development and due diligence will be simplified, resulting in considerable improvements in efficiency for the fund management industry as a whole,” Hill told IPE Real Estate…….Full Article (Subscription Required) : Source

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From Livemint.com: With at least four top executives leaving the company, ICICI Venture Funds Management Co. Ltd is launching a smaller, Rs1,000 crore ($208 million) realty fund, according to two people close to the development.
The plan for the scaled-down property fund comes at a time when the private equity (PE) firm is facing hurdles in raising commitments from investors for some of the initiatives it had announced earlier, which included a $1-1.5 billion (Rs4,880-7,320 crore) real estate fund…….Full Article: Source

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