Scritto Mercoledì 16 Aprile 2008 da REurope || commenti (545)
Once upon a time, commercial property and residential were Two Different Things and woe-betide the investor who thought he could dabble in both and be taken seriously at MIPIM. Now, that’s all changing. Residential property – which never went away, in fact – presents different challenges to both developers and investors, but that’s no bad thing. So whether in the name of diversification, yield shifts, or exploiting increasing transparency, real estate firms are reassessing the potential of this most emotive of asset classes, which is likely to elicit an opinion even from your mother in law.
Mixed-used development with a percentage of apartments - better still, if some of those are destined for social housing – have become urban saviours in the eyes of planning departments from Mannheim to Moscow. And what about their green credentials? In the UK at least, residential tends to be leaps and bounds ahead of its commercial equivalents in terms of sustainability, both in terms of new schemes and the potential for greening existing stock.
This month’s cover story sees the UK’s largest quoted residential property owner, Grainger, spill the beans on the state of the nation which has typically seen some of the highest rates of private home ownership in Europe. CEO Rupert Dickinson asks if the time is right to support a professional build to let system in Britain, and pulls no punches as he identifies current problems in the political system. Elsewhere, guest writers include the CEO of GSW, Berlin’s biggest residential owner, Thomas Zinnöcker, who explains why increasing transparency helps their business, as well as the needs of investors and ultimately the tenants, too. GSW was bought by Cerberus back in 2004, but as German residential moves into the mainstream, its likely to be more typical property investors, rather than private equity firms, which lead further forays into this sector.
Elsewhere, the REurope team returned from MIPIM reeling from the hugeness of it all, and speaking at least five languages more than before we went to Cannes. It’s not just physically an immense prospect, but also makes each one of us ambassadors as we find out what our peers are up to half the way round the globe. As ever, the UAE boasted perhaps the most dazzling projects, and with that in mind, we’re bringing you a sneak look at their market data to peer behind the Wizard of Oz’s chair and find out if it’s all really as good at is looks. Finally, if you’re still missing the Croisette and find yourself aimlessly wandering out onto the streets in search of a beach party long after returning home from the office, we have the perfect remedy for Cannes withdrawal – our very own MIPIM Hangover special. So fix yourself a cocktail, sit back with a copy of REurope, and repeat after me: “it is hard work, actually…”
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Scritto Lunedì 11 Febbraio 2008 da REurope || commenti (446)
For this month's edition of REurope Magazine, we sifted through the biggest players in European real estate to present our definitive list of some of the greenest operators in the sector today. We talked to environmental consultants, engineers, press officers and tenants in the compilation of this issue and whilst its possible that we’ve left some firms out, our selection is also strong on diversity, so we added extra points for innovation, and what our school teachers might have called “effort”, regardless of the size of the company.
One of the most interesting issues we had to tackle in the compilation of this month’s magazine was a simple question that got hard to answer: what is a green real estate company? Some of you are throwing your weight behind greening existing stock; others are self-proclaimed experts in cutting-edge sustainable building; some are looking outwards at the industry around them, creating awards and partnerships, whilst others are starting small, addressing recycling and energy consumption issues, to aim big. Perhaps the best firms are doing a bit of everything. One of the most encouraging things we’ve found out over the course of this survey is that its never too late to take part. A few of the firms listed here caught our eye for being the first to recognise that green practices would be an integral part of the business in the future; others are waking up to the ideas now, but as the industry as a whole matures, some of the newest green giants on our list are able to take advantage of the ultimate measures, technologies, and competences to catch up with those pioneers.
The issue also looks one step beyond the real estate industry, to include hoteliers, politicians and even celebrities, addressing how the media’s attachment to sustainable issues (and even we’re guilty of this) is making green building a public matter. We say, all the better, as green only works if it runs deep. So, we’d like to raise a couple of points to even those of you that clap yourselves on the back for being included in this list. How much unnecessary building are you involved in? It isn’t green to rip down perfectly good stock in the name of building “better” real estate; where we do start from scratch, these properties need to be built to last. How can we help urban planning departments to reduce sprawl, improve public transport, and encourage tenants and residents of the future to walk 80% of the time, moving towards real sustainability, not just high-tech, lone buildings? Because if the eco-gadget tail is wagging the urban dog, we’ll move no closer to constructing the green communities of the future. And how can we be more responsible as individuals in our daily lives, to make all of these stunning efforts really worthwhile, regardless of good green copy?
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Scritto Giovedì 13 Dicembre 2007 da REurope
At this time of year, the odd new star in the sky is usually seen as a good omen. The New Star in the headlines of the property pages this week was a little more unsettling, however, as many investors woke up to discover significant paper losses. London’s New Star Asset Management, in a professed attempt to stay liquid, allowed its valuers, CBRE, to re-assess its fund’s value in the light of a slowing market, and acknowledged an 8.2% drop. This follows a capital fall of 9.6% in the previous four months, making a total capital fall of 17.8% since the end of July.
New Star hasn’t done anything wrong. Its property portfolio is heavily weighted towards prime office property in the City and the south east. The portfolio has a high rate of occupancy by blue-chip tenants. Vacancies are currently less than 1% and 91% of the rental income received by the Fund is paid by tenants that are categorised as low, very low or lowest risk. The prospects for rental income growth from this portfolio have also probably not changed materially since mid-summer. But falling prices, as we all know, have to be accepted by vendors for them to take affect. And New Star has made the difficult decision of taking them on board, with the hope that most of their investors will not instigate a redemption run – but quite the opposite – and choose to winter out the crisis.
The outlook isn’t all bad for the protagonists in this Christmas tale, just as right across Europe. Falling prices could tempt global investors back to the UK, whilst the weakening pound could also ease entry for investors with euros in hand. Meanwhile, across the continent, funds, REITs and SIICs are hoping that 2008 will mark the year they re-enter the market as buyers, after having been net sellers for much of 2007.
Distressed sales will not go away, but once the industry gets to grip with falling prices, transactions will return to the headlines. Stephan Rind, this month’s cover story, speaks positively about deal making in the current environment as he reveals why Colonia Real Estate’s business model is keeping the analysts purring. Meanwhile, we talk to the likes of Corio, ING RE and Multi about why large city centre schemes could lead the industry out of its crisis, and the strong appeal of retail. Our business section carries an interview with Patrick Fitzgibbon, Hilton’s Senior Vice President Development Europe & Africa about the incredible prospects for hospitality. Our Italian correspondent explores what’s around the corner for SIIQs and Investing In the Nordics uncovers a number of burgeoning prospects.
Real Estate investors know about cycles. They’re as symmetrical as the seasons, so even if its time to let a blanket of snow cover one’s assets for the time being, the thaw won’t be that long in coming.
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Scritto Martedì 27 Novembre 2007 da Re - Real Estate || commenti (457)
La nuova frontiera per l’industria dei fondi immobiliari sarebbe pronta a mettere una toppa al vuoto lasciato dal “non fare” della politica sul delicato fronte dell’emergenza abitativa. “Perche’ non guardare ad altre tipologie di settori fino ad oggi non considerate nella costruzione di fondi immobiliari”? Questo lo spunto di Mario Breglia, presidente di Scenari Immobiliari, in occasione del tradizionale aggiornamento sui fondi in Italia e all’estero. “E’ necessario però che la politica faccia un passo indietro – sostiene Clemente Di Paola (investire Immobiliare Sgr) - affinche’ gli operatori privati siano indotti ad entrare in questo specifico settore”. Allora ci chiediamo: “Basteranno da soli gli incentivi fiscali, per la verità ancora non specificatamente previsti, a traghettare i player del real estate verso investimenti a basso rendimento ma ad elevata valenza sociale, oppure bisognera’ affidarsi solo al buon cuore delle fondazioni, visti i primi timidi passi già compiuti da qualcuno”?
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Scritto Mercoledì 31 Ottobre 2007 da Re - Real Estate || commenti (550)
Sembrerebbe di sì a detta di Mario Breglia, presidente di Scenari immobiliari, secondo il quale un aumento del numero di proprietari di case sarebbe significativo di un elevato livello di povertà del Paese, a differenza di un aumento degli immobili in locazione che starebbe ad indicare un buono stato di salute dell'economia. L'affermazione, giunta nell'ambito della due giorni organizzata dall'Abi sul tema "Credito e mutui alle famiglie", si presta certamente a qualche dubbio. Se è vero, diciamo noi, che ad un maggior numero di proprietari di immobili corrisponde un più elevato livello di staticità della popolazione, non è altrettanto vero che questo si traduca obbligatoriamente in una minore ricchezza per il Paese. Ci riesce diffcile immaginare che una popolazione in gionocchio, o quantomeno in precarie condizioni si ponga tra le priorità, quella dell'acquisto di una casa con relativo indebitamento bancario per almeno 25 anni della propria esistenza.
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Scritto Martedì 02 Ottobre 2007 da Re - Real Estate || commenti (477)
Il tema casa è tornato prepotentemente in Finanziaria (non lo si vedeva dai tempi di Fanfani) per sanare un'anomalia tutta italiana. Troppi gli immobili di pregio sfitti, poche le case disponibili per tutti a prezzi ragionevoli. E' la convinzione del viceministro Pinza a margine di un incontro sul tema della crisi dei mutui. Il convegno è stato organizzato a Roma oggi da Crif, in collaborazione con l'Abi.
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Scritto Giovedì 20 Settembre 2007 da Re - Real Estate || commenti (548)
Non è l'ultimo spot elettorale di un Prodi-go governo ma la ricetta di Edoardo Longa (Assoimmobiliare), che tra le possibili soluzioni all'emergenza abitativa individua la possibilità di reperire 2 miliardi di euro di risorse, a patto che si riesca a far aumentare dal 2 al 10% la quota degli investimenti in fondi immobiliari.
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Scritto Lunedì 17 Settembre 2007 da Re - Real Estate || commenti (479)
"Questa è pornofinanza". Ha strappato un applauso liberatorio il discorso al seminario di Scenari Immobiliari di Santa Margherita il vivace sfogo di Walter Mainetti, ad di Sorgente, contro la spregiudicatezza delle banche americane che ha provocato la crisi dei mutui subprime. Mainetti ha sostenuto che la crisi è finanziaria, non immobiliare, e riguarda secondo i più recenti dati disponibili il 15% dei mutui subprime (pari complessivamente a 1.500 miliardi di dollari) che a loro volta sono il 15% del totale dei mutui immobiliari americani, pari a 10.000 miliardi di dollari.
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Scritto Venerdì 24 Agosto 2007 da REurope || commenti (453)
Russia’s 11 Millionniki (cities with populations in excess of 1 – 1.5 million people) are being tipped as the next commercial investment ‘hot spots’ in real estate, according to a new report from Jones Lang LaSalle World Winning Cites team. Between 2004 and 2006 investment volumes have grown 14 times to €2.8 bn, making Russia the fastest growing investment market in Europe. Russia has 13 cities with over one million inhabitants, but whilst Moscow and St. Petersburg are currently the prime focus of commercial real estate activity, there is now seen to be plenty of potential for the country’s 11 lesser known “secondary” cities. In 2006 the Millionniki had been already responsible for 10-12% of the total real estate investment volume and in 2007 the proportion of transactions completed on the regional markets can reach 15 – 20%. Jones Lang LaSalle expects 2007 to be another record-breaking year for Russia with the investment volumes reaching €4.5 bn and the share of regional real estate investment growing further.
The report says that in 2007 we are likely to see the increasing diversification of the source of capital on the Russian market, including private money, German funds, Russia-specific funds, investment banks through special situations groups or funds they control as well as managers of private wealth. Russian markets attract new groups of investors and alongside the well established domestic, CIS and Western European players, and JLLS expect new market entrants coming from more distant locations such as Singapore, China, South Korea, and Australia.
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Scritto Lunedì 20 Agosto 2007 da Re - Real Estate || commenti (433)
La crisi dei mutui subprime americani nei giorni scorsi ha scosso le borse mondiali. I 300 miliardi sborsati dalle banche centrali hanno contribuito a far rientrare il pericolo: i listini mondiali stanno infatti recuperando le perdite subite. Ma l’attenzione degli analisti rimane vigile, considerando l’intervento della banca centrale americana come segno che il problema dei subprime non è da sottovalutare. Secondo uno studio della National Association of Realtor, dal 2000 ad oggi i prezzi medi di una casa negli Stati Uniti sono cresciuti del 51%e le previsioni parlano di un mercato immobiliare stabile fino alla fine dell’anno per poi crescere nel 2008. Resta comunque l’incognita dei mutui subprime. Falso allarme o minaccia allo scoppio della bolla immobiliare, che alcuni economisti prevedono da circa due anni?
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Scritto Venerdì 20 Luglio 2007 da REurope || commenti (641)
REurope Magazine has launched a brand new recruitment section, which is currently enriching the July / August edition of the magazine with a host of attractive pan-European jobs. Across Europe, workplace tussels for the magazine were uglier than ever when real estate executives realised that REurope's new eight page recruitment section features not only a broad variety of vacancies, but also the regular recruitment column from Colbalt Director Timothy Rowe and an impressive array of mugshots from some lucky individuals who have already secured new jobs this month. Potential advertisers are being asked to write to
recruitment@reurope.com or call the marketing team for more information. With graduate milkround schemes hotting up in the autumn, it is predicted that the September issue will be an even more important issue for jobseekers in the real estate industry.
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Scritto Mercoledì 18 Luglio 2007 da REurope || commenti (633)
Spanish real estate, it seems, has turned from an exemplary growth model into an example of how not to do it. Further bearish signs in April and May saw even the top stocks slide further, with real estate firms bearing the brunt. Grupo Inmocaral fell more than 10% in a single day, whilst the likes of Metrovacesa is still having a tough time despite its high profile office purchase in London. The “oversized” Spanish housing market is also being sited as the culprit in warnings for further slumps. But the start of July saw the Spanish receive another sharp rap on the hand: the European Environment Agency has revealed that Spain is far adrift of pollution-cutting targets under the Kyoto Protocol. Spain’s emissions rose 3.6% in 2005, whilst the likes of Germany and Finland reduced emissions significantly. Construction and increased electricity use is partly to blame, but even a cooling real estate sector may not be enough to improve figures in the medium term.
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Scritto Lunedì 25 Giugno 2007 da REurope || commenti (498)
REurope was the proud sponsor of a competing boat, Silandra V, in the 55th edition of the Giraglia Rolex Cup last weekend. One of the oldest and most prestigious regattas in the Mediterranean, organised in association between the Yacht Club of France and the Yacht Club of Italy, the race sees 180 boats of all sizes sail from St Tropez to Genoa via Corsica, over a distance of 243 nautical miles. Whilst the REurope team is more accustomed to writing about buildings than boats, it wasn't hard to persuade the editorial team to swot up on sailing for this very special occasion. The Silandra V, a 23 metre sloop designed by Luca Brenta and built by Swan-Nautor, arrived in just under 30 hours – coming an incredible sixth overall in real time amongst 180 competing crafts. Her official finish was fourth in her class, and 11th overall with handicap. The regatta didn't turn out to be a world that far removed from real estate in the end - a number of Europe's biggest players were also there "messing about in boats". To find out who, and just how good or bad they really were, you'll have to buy me a drink at the next real estate fair...
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Scritto Venerdì 15 Giugno 2007 da Re - Real Estate || commenti (506)
E’ stato presentato il rapporto 2007 di Scenari Immobiliari sui fondi immobiliari in Italia e all’estero. Secondo le prime conclusioni, nel nostro paese è stata registrata la più alta performance europea del settore in Europa nel 2006, con il 7,29 per cento di Roe (return on equity), +26% rispetto al 2005. Secondo alcune voci autorevoli l’introduzione delle Siiq non toglierà mercato ai fondi immobiliari, finora tra i veicoli preferiti dagli investitori istituzionali. Cosa ne pensate? Esiste un pericolo "estinzione fondi"? I risultati dell’anno scorso sono destinati a rimanere negli annali, o costituiranno una soglia da superare?
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Scritto Giovedì 14 Giugno 2007 da REurope || commenti (541)
If you’re an office or retail real estate investor, look away now. The June issue of REurope Magazine is winging its way to subscribers as we speak, and we have to admit it's causing a bit of a stir. We've produced an issue dedicated to everything but office and retail properties, in celebration of so many intrepid investors that are bent on diversifying asset types. But we thought that even the most hardened office or retail specialist would like to find out about some of the data we've rounded up - such as the fact that the latest property indices produced by the IPD for Spain and Italy have demonstrated that industrial property is the real growth market in those territories. Or that even though private equity funds might be considering exit strategies for the residential sector in Germany, there’s actually still plenty of mileage for investors prepared to buy and hold those kind of investments.
This issue has also been a voyage of discovery for the REurope team, and we hope represents a quick spin round an ever more accessible globe for the reader. Our cover story documents the rise and rise of Macquarie Goodman European Logistics, demonstrating how a big Australian player has been keeping a close eye on the European market – like so many other international groups. Germany remains a big winner at the moment as far as investors from the States to the Far East are concerned, but we delve into the increasing importance of its residential market in this issue as this sector crystallises. Jones Lang LaSalle have just produced their first major report on the Berlin housing market in collaboration with private landlord GSW, a former state run housing company now in the capable hands of Cerberus and Goldman Sachs, to encourage more investor action not only in the German capital but also to stimulate interest in this most enduring asset class.
Housing isn’t a safe bet everywhere in Europe as the latest news from Spain seems to bear out, but we’ve pulled out some promising points in this month’s Investing In section, a guide to Spanish and Portuguese real estate. Spain continues to lead Europe in terms of the supply of shopping centres as retail holds up, and we’ve got a detailed study of some of the most important projects coming on line from the likes of Sonae Sierra.
So we lied when we said that we don’t give a fig about retail or office this month, but we hope that this magazine at least stimulates you to have a think about the burning question of diversification. If that wasn’t enough, next month we’ll be bringing you the low down on investing in hotels and hospitality. It should make happy holiday reading.
For those of you who haven't subscribed yet, head for the store where you can now sort out your annual subscription to REurope in just a matter of clicks.
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