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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?

Financing the cities of the future

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.

Grosvenor, the international property development, investment and fund management group, has made several senior level changes. Jeremy Newsum, group chief executive, will resign from this role on June 30 2008 and will be succeeded by Mark Preston. In addition, Anthony James has been hired as group head of corporate finance. Preston is at present chief executive of Grosvenor Britain & Ireland, the largest business within the group. During his time at Grosvenor he has also headed the US business within Grosvenor Americas, and Grosvenor’s international fund management business.

Financing the cities of the future

Financing the cities of the future

Financing the cities of the future

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.

The main clearing houses in Europe have had a busy few years.

Two SIVs endured very different fates in February. On February 21, Dresdner Bank announced plans to shore up its K2 vehicle, providing liquidity support to the $19 billion vehicle as it restructures. But parent company Allianz has confirmed its plans to wind the vehicle down by the year-end. K2 runs three portfolios, one of which has entered a restricted operating period. Standard Chartered, however, has walked away from its SIV, Whistlejacket, which entered receivership on February 11 and was teetering on the brink of default by February 21.

Brazil’s private bankers are eagerly seeking out the means to differentiate themselves from rivals and attract the rich shoal of high-net-worth individuals a market boom has created.

Egypt’s banking system is undergoing wide-ranging reforms designed to make it more competitive. Have the lessons from the past finally been learnt?