40


TARGET COUNTRIES FOR INVESTMENT


CANADA 12


% GERMANY 26 UNITED STATES 22


NETHERLANDS 11 FRANCE 19


UNITED KINGDOM 96 IRELAND 11


NORDICS 12 POLAND 10


CHINA 7 HONG KONG 7


SOUTH KOREA 6 JAPAN 8


NEW ZEALAND 1 BRAZIL 5 SPAIN 14 ITALY 6


rising bond yields over the course of the next 12 months. The disconnect between bond yields, interest rates and property yield expectations suggest that the UK is still attracting ‘safe haven’ investment, despite possible political risks given the general elections due in May 2015. Not surprisingly, 50% of UK-based investors thought that volatility across international markets has meant that competition is greater in relatively stable markets such as the UK.


CASH REMAINS KING IN THE UK


Despite half of respondents indicating that debt conditions improved over the last six months, the UK market remains cash driven. Official data shows that net lending to real estate contracted in July for the 32nd consecutive month.


COLLIERS INTERNATIONAL 2015 GLOBAL INVESTMENT SENTIMENT REPORT


This hard data in combination with UK-based investor expectations that the cost of debt would rise (44%) has resulted in the proportion of UK-based investors intending to use debt rising slightly to 70% compared with 65% last year. The use of debt, though, is not exclusively debt for acquisition. Over half of UK respondents (52%) indicated they would use debt for re-financing purposes. Since the downturn, cash has been king and remains so in closing deals. Finance is available, but is usually arranged in parallel with deals and drawn upon after a transaction is complete, or is part of a refinance strategy undertaken at a later date to free up equity for further investments.


SINAGPORE 8 AUSTRALIA 9


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