33
EMEA INVESTORS: PRIMARY INVESTMENT FOCUS (NEXT 12 MONTHS)
OFFICE CBD 54 SHOPPING CENTERS 37
% HOTEL 33 INDUSTRIAL AND LOGISTICS 23 OFFICE SUBURBAN 18 DEBT 9
RESIDENTIAL 43
DEVELOPMENTS 35
HIGH STREET RETAIL 27
This greater appetite for risk is apparent in transactional activity. Investment volumes in Europe’s periphery have increased sharply from last year. In Spain total real estate investment was up +160% annually in the first nine months of the year, and +70% in Ireland. The nature of capital targeting these countries has also evolved, from opportunistic money to a more diverse pool of capital including institutional investors. Zurich, for example, recently acquired an office portfolio from the Generalitat de Catalunya in Spain, following AXA’s acquisition last year of another office portfolio from the same entity. In Southern Europe, there is also tangible interest in other asset classes such shopping centers, as highlighted by Union Investments’ and Allianz’s acquisitions in Italy, in La Spezia and Genoa respectively. It remains to be seen whether recent economic setbacks will impact investors’ attitude towards riskier markets in Europe’s periphery, although this doesn’t appear to be the case for now.
Likewise, in Europe’s core, the weight of capital and lack of stock have prompted some investors to take greater location or building risk, domestically and across the border. An example is the purchase of 5,500 residential units, most of them being social housing, in the Netherlands for €577 million by Patrizia Immobilien. There are also signs of Middle Eastern capital widening investment horizons. In August, Qatar Holding, for example, acquired 16 apartment blocks, also in the Netherlands.
2015 GLOBAL INVESTMENT SENTIMENT REPORT
OPPORTUNISTIC 20
LAND 13 OVERSEAS CAPITAL EXPANDS ONTO THE CONTINENT
Investors based in each one of the three EMEA territories examined (Western Europe, CEE and MENA) continue to prefer their domestic region for investments: 95% had investment allocations in EMEA in the last 12 months, while seven out of 10 invested 100%. Just less than a third (30%) invested in another territory outside EMEA, with Asia-Pacific and North America as the preferred regions at 20% each. These proportions are roughly unchanged when looking at investment plans for the next 12 months.
As a global investment destination, EMEA is a target for 14% of investors from outside the region (31% when investors from Australia and New Zealand are not included). Interestingly, 71% of Canadian respondents plan to invest in EMEA in the next 12 months. RCA data shows that they are already the third largest non-European source of capital in EMEA in the first nine months of 2014 after US and Kuwait, with approximately €1.9 billion invested. Recent examples of Canadian investment in Europe include the purchase of office and industrial portfolios by Maplewood and Granite in the Netherlands and Oxford Properties’ acquisition of Tour Blanche in Paris for €263 milllion.
LEASEHOLDS 6
COLLIERS INTERNATIONAL
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