Middle East: Special focus

Middle East: Special focus

Exploring the challenges and opportunities

Iran's pivotal moment

Iran's pivotal moment

Tehran is at a crossroads…

Real estate: The art of micro management

by Joti Mangat

Despite attractive yields and improved turnover in a few prime markets, the European commercial real estate recovery remains tentative as supply and finance constraints continue to restrict activity. However, bright spots are emerging for funds that have been able to put the worst of the debt crisis behind them. Joti Mangat reports.

INSTITUTIONAL AND RETAIL money continued to flow into unlisted real estate funds in the third quarter, albeit more slowly than in previous quarters this year, according to the data compiled by the Investment Property Databank (IPD). More than £750 million ($1.17 billion) of new money flowed into the 68 unlisted real estate funds in the UK in the third quarter, some £600 million less than in the previous quarter, bringing the net asset value of the investor base in the UK to £31.5 billion for the same period.

It is no great surprise that the funds that have performed relatively well through the past two years of crises are those that went into the downturn with low levels of leverage and an active approach to debt management. The IPD’s European Pooled Property Fund Indices reveal that low-geared balanced funds posted the best returns over the...

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Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.