The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Liquid Real Estate launch issue









Liquid real estate: What's next in Sam Zell's sights

Sam Zell is full of surprises. Having just realized huge returns for shareholders in his Reit by selling it in the biggest ever LBO, he says that if he had owned the whole thing he would have kept it. He argues that the take-private deal is a vindication of public indirect share ownership of real estate, not a retreat from it. He warns new leveraged buyers to be careful when the property market turns, and extols the defensive qualities of Reits. And even while their shares are being de-listed, he predicts the sector will only get bigger. Peter Lee reports on how Zell’s vision for the business has been fulfilled.

Published: 09/03/2007







Bank profile





Klaus-Peter Müller’s exquisite timing



Commerzbank was a fading but still powerful force. Eurohypo was establishing a strong foothold in real estate. Their marriage came as a surprise, but the firms’ combined talents are shaking up the real estate investment banking market. Phil Moore reports.

Published: 08/03/2007







Developer profile





Developer profile: How Hines went global



Hines is a graphic illustration of the rate of growth – and potential – in the real estate industry. Today it is as much an investment manager as a developer. It is present across the globe. And its latest focus is on developing markets, notably in the Middle East. Julian Marshall reports.

Published: 09/03/2007







Corporate Finance





M&S shows how to release property value and keep it too



Marks & Spencer’s innovative deal to use the value of its real estate to fund its pension deficit without relinquishing control of any properties will intrigue many companies. Many are carrying more hidden value in their property than in their core business. And while they all want to cash in on that, most would rather not cede ownership of the buildings that they need to operate from and which are rising in value. Peter Lee reports

Published: 09/03/2007







Features





Property derivatives: Market at last begins to fulfil its promise



Real estate derivatives volumes are growing at a staggering pace, and there is still plenty of scope for growth. The UK is leading the way but the European, Asian and US markets are picking up too. Market participants speak optimistically of real estate derivatives being the next credit default swap market.

Published: 09/03/2007

Alternative investment: US hedge funds look to short side



The number of funds with a dedicated real estate strategy is only slowly growing. Dominated by long-biased funds, the market will expand only if managers prove that shorting can be profitable. Helen Avery reports.

Published: 09/03/2007

Asia-Pacific: Australia offers a glimpse of the future



The issuers and investors building nascent Reit markets from Hong Kong to London must pause occasionally to picture what these new markets might look like in the future. What sort of issuance, innovation, consolidation and retraction might they see in the years ahead? Australia could have some of the answers. Chris Wright reports.

Published: 09/03/2007







Deal architect





Anthracite breaks new ground in Europe



Given that the US CRE CDO market saw over $34 billion issued in 2006, it is not surprising that substantial time and effort have been invested in trying to establish this asset class in Europe.

Published: 08/03/2007

First French property swap learns from UK



Published: 08/03/2007

First China CMBS unlikely to start a dynasty



The current size of China’s real estate market, let alone its growth potential, is enough to whet the appetite of any CMBS banker. So when Citigroup Global Markets Asia and Macquarie Bank issued Dynasty Assets (Holdings)’ $145 million series 2006-1 secured floating rate notes in October, the first CMBS issue backed by mainland Chinese properties, there was reason for all banks to cheer. A closer look at the transaction however, gives cause for a more sober assessment of the potential of the market.

Published: 08/03/2007

Long awaited Bluebonnet swamped with interest



If ever there was an eagerly anticipated deal, it is Bluebonnet Finance. The €1.34 billion securitization of a portfolio of non-performing German loans was launched in December 2006 but had been in the works ever since Lone Star Funds bought a €3.6 billion pool of NPLs from HypoReal Estate in late 2004. Securitization was always the planned exit from the investment, but getting from A to B was a lengthy process.

Published: 08/03/2007







Building blocks





CapitaLand makes further REIT push in Asian markets



Singapore group takes stakes in two Japanese trusts.

Published: 08/03/2007

New launch lays claim to being the first ‘global’ fund



But diversity may not match necessary scale.

Published: 08/03/2007

Real estate sukuks reach record levels of issuance



European demand drives up volume of issuance.

Published: 08/03/2007

Latin MBS issuance to continue rapid pace of growth



Structured finance in real estate is growing at 50% a year in Brazil and Mexico and at 20% a year in Argentina, according to rating agency Standard & Poor’s.

Published: 08/03/2007

Orn Capital prepares for property derivative take off



Fund hopes to expand ex-UK investments quickly.

Published: 08/03/2007

Chicago exchanges face derivatives clash



CME and CBoT adopt separate strategies ahead of merger.

Published: 08/03/2007

News in brief: GFI launches property derivative pricing software



Published: 08/03/2007

News in brief: Barclays adds US sub-prime originator



Published: 09/03/2007

News in brief: Deutsche to invest in Emaar-MGF?



Published: 09/03/2007

News in brief: First Asia-Pacific property fund launched



Published: 09/03/2007

European investment records tumble



European real estate achieved record volumes of investment in 2006. Some €242 billion flowed in, representing a 39% increase on 2005. That increase, of €68 billion, was another record. In 2007, real estate markets are expected to remain strong, and could well grow further.

Published: 09/03/2007

Virtual real estate hits Asia



For a region that has had a long-term love affair with property, Asia’s first property derivative could mean the start of a beautiful new relationship. In February, ABN Amro and Hong Kong broker, Sun Hung Kai Financial executed Asia’s maiden property derivative based on Hong Kong residential properties.

Published: 09/03/2007

ABN and Merrill complete industrial swap



ABN Amro and Merrill Lynch have executed the property market’s first ever industrial sector swap. The two banks have taken a position of £10 million. The trade is the latest development in a continuously evolving swaps business. For ABN Amro, it completes the set of sector-specific property swaps.

Published: 09/03/2007







Moving on





DSP Merrill Lynch spearheads drive into Indian real estate



Investors believe market remains full of potential.

Published: 08/03/2007

Marcuse moves to UBS Gam



Departure heralds new appointments at Axa Reim.

Published: 08/03/2007

Wachovia talks big in German real estate



String of hires made to take on the big players.

Published: 08/03/2007

Multi confirms asset management shift



Published: 08/03/2007

Moving on: News in brief



Published: 08/03/2007







Foundations - Data and analysis





UK Reits: Reflected performance



by Gareth Lewis, director of finance and investment, British Property Federation.

Published: 09/03/2007

UK Reits: Conversion has been priced



by Edmund Craston, managing director, head of European real estate investment banking, Lehman Brothers

Published: 09/03/2007

Property derivatives: Spreads narrow



by Nick Mansley, Morley FM.

Published: 09/03/2007

Property derivatives: Softening sentiment



by Tom Frost, vice-president, ICG, Deutsche Bank.

Published: 09/03/2007

Property derivatives: Is this panic?



by Kanak Patel, Magdalene College, Cambridge.

Published: 09/03/2007

CRE CDO: Collateral composition



by Angus Duncan, Cadwalader, Wickersham & Taft

Published: 09/03/2007

CRE CDO: Booming market



by Brian Lancaster, managing director, head of structured products research at Wachovia Capital Markets.

Published: 09/03/2007

League tables and performance data



Published: 09/03/2007







Research guide





The 2007 guide to Property derivatives



Until recently, the commercial property market remained virtually untouched by the derivatives revolution that has taken place in other asset classes.

Published: 01/03/2007




We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree