INVESTMENT
EUROPEAN INVESTMENT TO RISE, SAYS UNION INVESTMENT SURVEY European real estate investors are planning to increase their investments in 2013, according to a survey by Union Investment Real Estate. However, owing to tighter lending and
increasing yield expectations, market opportunities remain limited and there will be high levels of competition within the northern European markets, according to the survey. A majority (70%) of investor respondents
expect interest rates to rise and about 85% of real estate professionals believe that the focus on core products will further increase. Investors are starting to take higher risks,
said the research. Yield criteria is the first concern of UK investors, while in France and Germany the focus is shifting from low-risk to higher-risk investments. In general, investors expect a positive set of market trends in the eurozone. Besides Germany, the property markets in Poland, Turkey and Ireland are expected to retain their strengths. “Considering the tricky framework in debt
markets, it is not surprising that there is still little space for opportunistic investments in active portfolio strategies,” said Reinhard Kutscher, board chairman of Union Investment Real Estate.
SPAIN AND IRELAND TO REVAMP REITS Spain and Ireland are to implement new REIT regimes this year. Madrid and Dublin
view listed real estate investment trusts as one of the most effective and transparent ways of recapitalising their property sectors. Spain’s parliament approved an amendment to the country’s REIT/ SOCIMIs regime in late 2012 and Irish finance minister Michael Noonan has said he would provide for the establishment of Irish REITs this year. Philip Charls, chief
executive of EPRA, said: “REITs have shown they can perform this role – they were instrumental in solving the US savings & loan crisis in the early 1990s.”
5 Aldermanbury Square, London
EURO PROPERTY
DEKA GRABS UK ASSETS Frankfurt-based Deka Immobilien has paid €290m for 5 Aldermanbury Square in London. The asset was sold
by Scottish Widows and ND Properties, a subsidiary of US pension fund TIAA- CREF and was bought for Deka’s open- ended fund Deka- ImmobilienEuropa. The 24,400 m2
office
is almost fully let to anchor tenant Fortis Bank, part of the BNP Paribas group. It is also BNP Paribas Real Estate’s London office. Deka has also
bought the 27,600 m2 Palestra office building in London’s Blackfriars Road for €275m from Royal London Asset Management and Blackfriars Investment. The tenant is Transport for London.
IN ASSOCIATION WITH
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