Liquid real estate Issue 05
| Euromoney Liquid real estate Issue 05 The global real estate industry is on the brink of a green revolution. Will the cities of the future be built to be greener, creating a parallel universe of green financing instruments? |
Euromoney Liquid real estate Issue 05
Green leases are slowly finding favour among tenants and landlords in the UK. With increasing energy costs and new legislation encouraging sustainable building practices, some market participants believe these contracts will become the norm. Rachel Wolcott reports.
Euromoney Liquid real estate Issue 05
It has been a whirlwind few years for Limitless, a division of the sprawling Dubai World group. Founded in July 2005 with the express aim of designing and developing the best environmentally sustainable buildings and cities, the agency has already scored some big successes. Elliot Wilson reports.
Euromoney Liquid real estate Issue 05
For those dependent on the European commercial mortgage-backed securities market for funding, the credit crunch has prompted a round of soul-searching. The market may be closed for the next six months, forcing some to look elsewhere. What will it take to prompt a revival? Laurence Neville reports.
Euromoney Liquid real estate Issue 05
A shortage of inflation-linked risk has pension funds turning to real estate for opportunities. With demand rife, developers can negotiate favourable terms on inflation swaps. Duncan Wood reports.
Euromoney Liquid real estate Issue 05
A flood of redemptions from real estate funds has rocked the sector in the UK, forcing leading investment houses to stop customers taking their money out. The industry hopes the worst is over, but market opinion is not unanimous that the future looks brighter. Julian Marshall reports.
Euromoney Liquid real estate Issue 05
The Greek property sector is growing thanks to a surge in retail development. Concurrent capital markets’ liberalisation has allowed investors and developers greater access to the equity and debt markets. Phil Moore reports.
Euromoney Liquid real estate Issue 05
As the Northern Rock saga rolls on, UK mortgage lenders that had frequented the now-shuttered residential mortgage-backed securities market are seeking to fortify funding lines. Alliance & Leicester, one of the country’s largest lenders, with a £41 billion ($82 billion) prime mortgage portfolio, is one operation that has been identified as perhaps having been too dependent on the RMBS market.
Euromoney Liquid real estate Issue 05
The number of so-called distressed and opportunistic funds has grown quickly on the back of the downturn in the property markets. Some believe these investors might be jumping the gun, as truly distressed properties remain few and far between. Market observers say the amount of cash being raised could far exceed the number of opportunities.
Euromoney Liquid real estate Issue 05
Banco Santander has completed the sale of its Spanish corporate property portfolio through a series of sale-and-leaseback transactions. The deals, executed over seven months, brought more than €4.3 billion into the bank’s coffers, €1.681 billion of which was a capital gain. The sale of the bank’s Madrid headquarters, Boadilla del Monte, to Propinvest was worth €1.9 billion on its own, making it one of the largest deals to be done in Spain.
Euromoney Liquid real estate Issue 05
It took six weeks but 2008 finally got its first CMBS deal in mid-February, from Morgan Stanley and Bear Stearns, who sold a $1.2 billion transaction.
Euromoney Liquid real estate Issue 05
For the past five years or so, commentators have frowned at Australia’s listed property trust sector, which has consistently outperformed every other major asset class in the country, and argued that this success couldn’t last. And for the past five years they’ve been wrong.
Euromoney Liquid real estate Issue 05
The Kingdom of Bahrain’s Real Estate Finance company (Reef) has secured $150 million in warehouse financing to bolster its local mortgage lending activities. The facility, provided by Calyon Crédit Agricole CIB, enables Reef to diversify its funding sources. Ultimately, the mortgage portfolio could be used to back a residential mortgage-backed securitization in either an Islamic or standard format.
Euromoney Liquid real estate Issue 05
The Asian real estate investment trust (Reit) market has weathered the sub-prime storm reasonably well, but a new deal suggests that the grim credit markets are going to lead to significantly different structures this year. Specifically, much simpler ones.
Euromoney Liquid real estate Issue 05
Having bailed out the US investment banks in their hour of need, sovereign wealth funds are also turning their vast pools of cash towards real estate. Industry experts predict a doubling of investments by these funds to $10 billion within five years.
Euromoney Liquid real estate Issue 05
Against a backdrop of the most savage falls in UK commercial real estate values ever recorded – IPD’s UK index fell 3.6% in November and 3.7% in December – the real estate derivatives market has not been found wanting.
Euromoney Liquid real estate Issue 05
Leading UK pub and restaurant group Mitchells & Butlers has been forced to shelve a £4.5 billion real estate joint venture and has been plunged into turmoil following a disastrous series of hedges that cost £274 million. As Liquid Real Estate went to press, the instability had prompted a bidding war for the company.
Euromoney Liquid real estate Issue 05
India’s stock markets might be going to rack and ruin but leading domestic real estate firms are queuing up to sell shares in real estate investment trusts (Reits) in Singapore.
Euromoney Liquid real estate Issue 05
The reputation of commercial real estate stocks among retail investors is sullied. With the possible exception of the internet and technology sector at the beginning of the decade, never has an industry been held in such low esteem by the investing public. But does the old adage about the retail money and smart institutional money always flowing in opposite directions hold true: is there value in European property stocks?
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05
Euromoney Liquid real estate Issue 05