Equity finance: Real estate convertibles are the hot ticket
Investors are hungry for property exposure and for equity-linked paper. The result? Real estate convertibles are in huge demand. Europe and Asia are on a high while a new market has also sprung up from the Middle East. Laurence Neville reports.
There has always been equity-linked real estate issuance but in Europe, for example, just one or two deals have typically been completed every year. This year, in contrast, there have already been four issues, accounting for around 60% of total funds raised, compared with 19% in 2006.