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Real Estate Briefing 22.Jul 2009

Posted on 22 July 2009 by Laxman |  Email |Print

From Dow Jones: U.S. Federal Reserve Chairman Ben Bernanke said Tuesday the central bank is closely monitoring the commercial real estate market, given the difficulty borrowers are having to refinance those loans.

The commercial real estate market could suffer from the same foreclosure troubles that have inflicted the residential market, Bernanke told the House Financial Services Committee. He said borrowers are having trouble refinancing the loans either through banks or the securitization market………Full Article (Subscription Required) : Source

Posted on 22 July 2009 by Laxman |  Email |Print

From CNN: There’s a new main character moving to center stage in the great real estate meltdown. Underwater homeowners vying to refinance or score a loan modification have grabbed much of the headlines (and bailout attention) to date.
But now commercial real estate is moving into the spotlight as the next potential body slam for the economy………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Seekingalpha.com: The US housing market has not hit bottom and, depending on which view you take, has quite some room to move down further. The truth is that we are still in the middle of a historic crash.
However, as with such market dislocations, there are very attractive opportunities to invest and make profits if one has capital, patience, expertise, and a good plan in place………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Property markets across Latin America and the Caribbean are expected to strengthen next year on the back of average economic growth of 3.1% in 2010, according to figures compiled by The United Nations Economic Commission for Latin American and Caribbean (Eclac).

The Brazil property sector could be one market in Latin America that records better than average growth for the region, with the country’s economy expected to increase by 3.5% next year………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Direct retail real estate investment in Continental Europe was up by 85% at EUR 1.9 bn in the second quarter of 2009, compared to EUR 1 bn in the first quarter of the year, according to new research from Jones Lang LaSalle.
The rise was largely driven by an increase in lot size rather than number of deals, 33 deals in Q1 compared to 38 deals in Q2………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Bloomberg: The British and some Asian commercial real estate markets are starting to revive, according to Paul Idzik, chief executive officer of London-based property broker DTZ Holdings Plc.

Property in continental Europe will take longer to bounce back because markets lag behind the U.K. and prices are still falling, Idzik, 48, who took over as head of the company in November, said in an interview today………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Independent: A sharp rise in mortgage lending last month reflects seasonal trends rather than a sustainable pick-up in the housing market, economists warned yesterday.

Total mortgage lending hit £12.3bn in June, the Council of Mortgage Lenders revealed, more than 17 per cent up on May’s figure of £10.5bn, and the highest monthly total this year………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Prime yields for office buildings in CBD locations in Germany’s top five markets, Berlin, Düsseldorf, Frankfurt, Hamburg and Munich remained largely unchanged in Q2 compared to the first three months of the year, according to international property advisor Savills.

In Frankfurt the net initial yield moved out 20 basis points compared to Q1 and now stands at 5.5%. Berlin also recorded 5.5% yields, followed by 5.2% in Düsseldorf and 5.0% in Hamburg………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Propertyeu.info: F&C REIT Asset Management’s Munich arm plans to set up a EUR 450 mln fund targeting German institutional investors which will invest in office and retail properties in medium-sized cities (20,000-200,000 inhabitants) in Germany.

Equity raising for the fund, which has the working title F&C Best Value Deutschland, will start in the fourth quarter of 2009 or the first quarter of 2010, a spokesman for the company told PropertyEU. The fund will pay an annual dividend of 6%………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Propertyeu.info: German lender Hypo Real Estate may need to tap the government for even more capital than previously expected, according to reports in various media.

The bank’s capital needs had been put at between EUR 6-10 bn, but Germany’s Welt am Sonntag reported on Sunday that the group’s chairman Michael Endres said he would not be surprised if an injection of EUR 10 bn may still not be enough………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From French-property-news.com: New data for 2008 and 2009 shows that, despite the difficult current climate, the French property market is continuing to strengthen under Sarkozy’s investor-friendly governance.

Laws introduced by Sarkozy, which support broader home ownership, have been a major driver. From the beginning of 2009, France has offered certain homeowners zero-interest loans of up to €30,000………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Kyero.com: Spanish property prices are still falling, especially on the coast, according to fresh data from two different sources.

Average prices fell by 10.1% over 12 months to the end of June says the Spanish property price index published by Tinsa – one of Spain’s leading appraisal companies – whilst new figures from the Ministry of Housing indicate that prices fell by 8.3% over the same period, not including social housing………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Reuters: The Italian real estate market has stabilised but growth will have to wait until the end of 2010 at the earliest, the chief executive of Italy’s Beni Stabili Aldo Mazzocco said on Tuesday.

“We are playing in defence but we’re glad to do that since most of our European competitors are playing (behind) the goal (line),” Mazzocco said speaking at an analyst presentation………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Bloomberg: Italian Prime Minister Silvio Berlusconi plans to revive the country’s property market by building 100,000 homes within five years, Transport Minister Altero Matteoli said.

“The plan includes a mix of public housing interventions, project financing, incentives to companies offering construction services,” Matteoli said in an e-mailed statement………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Cyprus-property-buyers.com: The ever increasing number of unsold apartments and houses in Cyprus is placing a heavy financial burden on the developers.
As well as having to service their mortgages, developers have to pay for the maintenance and upkeep of their unsold properties………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Menafn.com: Although the real estate market was stable in the second quarter of 2009, investors and buyers were cautious, said Kuwait Finance House (KFH) on Tuesday.

In a report, KFH, Kuwait’s first Islamic bank, said it expected trust and action would return to the real estate market, especially that of investment real estate, because it leads to high profits………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

The Ajman real estate market will highly benefit from the availability of mortgage financing, according to Sweet Homes Holdings, a leading UAE-based developer and multi-service provider to the real estate sector.
At present, all developments in the emirate are being acquired through self-financing, with the money going directly to the developers and thereby leaving uncertainties in terms of financial security………Full Press Release: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Dubai property companies that have not conformed to new rules by registering with the Real Estate Regulatory Agency (RERA) are starting to have their licenses suspended, following several previous warnings.

RERA reacted after discovering adverts in the national press from Dubai property firm Sulehri Real Estate promoting residential units for sale in Discovery Gardens and International City……..Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Zawya.com: Land banks held by developers have lost as much as 30 per cent of their value from their peak last year, as projects across the Emirates fall victim to the global property downturn.

Developers have been slow to write down the losses, meaning that the real value of land on the books of publicly traded developers may be overstated, according to analysts………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Reuters: Bank of America’s Merrill Lynch is in talks with several firms including Blackstone and Apollo Investment Management to sell management rights of its $2.65 billion Asian Real Estate Opportunity Fund, a source with knowledge of the deal told Reuters.

The value of the deal would in the range of a few hundred million dollars as Merrill would try to command a multiple on the annual fee it earns from the fund, the source said………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Xinhuanet.com: Prompted by the explosive bank lending in the first half, China’s real estate market appeared to have quickly returned to its growing path.

The average price of new homes in 36 medium- and large-sized cities rose to 6,554 yuan per sq m in June, up 6.3 percent from a year earlier, the National Development and Reform Commission said on its website yesterday………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Shanghaidaily.com: China State Construction Engineering Corp will launch online subscriptions for its shares tomorrow to raise as much as 50 billion yuan (US$7.32 billion), which may challenge the rallying Shanghai stock market.

The country’s largest housing contractor will issue 12 billion shares at 3.96 yuan to 4.18 yuan each, according to its statement to the Shanghai Stock Exchange today………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Propertyfundsworld.com: The Irish Funds Industry Association has signed a memorandum of understanding with its Chinese counterparts, the Securities Association of China.

The agreement strengthens the framework for mutual cooperation and development between the two investment fund industries………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Pionline.com: David Hodes and Doug Weill started Hodes Weill & Associates, an advisory and investment firm focused on real estate private equity, according to spokesman Jeremy Fielding.

Mr. Hodes and Mr. Weill were managing directors and two of the three co-founders of Credit Suisse’s real estate private equity group. That group raised $40 billion in the past 10 years from institutional and retail investors for real estate funds, Mr. Fielding said………Full Article: Source

Posted on 22 July 2009 by Laxman |  Email |Print

From IPE: California Public Employees’ Retirement System (CalPERS) has entered into a joint venture with First Washington Realty, which will purchase close to US$1bn (€700m) in retail real estate assets from Macquarie CountryWide Trust.

The joint venture, Global Retail Investors (GRI), will acquire a 75% stake in a portfolio of 86 US properties from Macquarie CountryWide Trust, the balance of which is owned by Regency Centers………Full Article (Subscription Required) : Source

Posted on 22 July 2009 by Laxman |  Email |Print

From IPE: Sarasin has launched what it claims to be the world’s first fund to specialise in investing in sustainable real estate companies.

The Swiss private bank has repositioned its former real estate equity vehicle to invest in listed global pioneers in the area of sustainable property………Full Article (Subscription Required) : Source

Posted on 22 July 2009 by Laxman |  Email |Print

From Seekingalpha.com: Since March 2009, many of the stock markets in the world have soared upwards, including those in the US. Are these increases sustainable and real, or are they merely corrections in a larger and more devastating bear market?
It depends. Some stock indices in Asia are up over 100% in the last 3 months, while there are others which have only gained in the neighborhood of 20-30%………Full Article: Source

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