December/January 2015 Issue

    Month: December
    Year: 2015

    Back to Print Editions

    Editor’s letter: Will US interest rate rise be Christmas gift for property?

    Heading towards the end of 2015, what possible new scenarios might be on the horizon? As we went to press, one was already looming large in the rear-view mirror: the increasing prospect of a rise in US interest rates.

    New regime holds top real estate bankers to account

    Last month’s damning report by the Bank of England and Financial Conduct Authority (FCA) on the near implosion of HBOS laid the blame squarely at the door of senior executives and criticised the decision not to pursue prosecutions of at least 10 of the bank’s top-ranking staff.

    CMBS runs out of steam as volatility cools the engine

    Strong US CMBS issuance in the first half of 2015 was in line with inflated early predictions for a post-recession breakthrough year, but the year-end figures are likely to disappoint.

    Barometer shows pressure rising with debt demand

    After a pause around the May UK general election, finance requests have come back strongly, the latest Laxfield Capital UK CRE Debt Barometer shows.

    REC New York Forum: Quest for yield steers lenders into riskier waters

    Traditional lenders’ willingness to write riskier loans to compete with the growing pack of non-bank players was a key theme at Real Estate Capital’s first NewYork Forum.

    CREFC Europe Conference: Borrowers aim to keep the lender relationships sweet

    In a competitive market, borrowers value speedy execution and sound covenants as much as low pricing and high leverage, debate at CREFC Europe’s event proved.

    Multi-Family Housing: Resi recovery gives investors Dutch courage

    Dutch residential property investors have enjoyed a rise in debt liquidity since last summer, with already cheap financing becoming even more competitive and insurance companies now targeting the debt market.

    Multi-Family Housing: Safe as houses in Germany

    German multi-family housing is as safe a bet now as it ever was, largely owing to the reliable nature of its cash flow, spread among hundreds or thousands of tenants in separate apartments within one complex.

    Multi-Family Housing: US agencies help investors to make it a family affair

    Fannie Mae and Freddie Mac back wave of multi-family deals.

    Multi-Family Housing: Institutions knock on the door of UK rented housing

    The UK’s private rented sector has become Europe’s top destination for overseas and domestic institutional fund managers, even though its hard-earned rewards are, for some, a triumph of hope over expectation.

    Multi-Family Housing: UK housing crisis is also a rented sector opportunity

    John German of Invesco Real Estate explains why the UK’s private rented sector offers compelling investment characteristics for institutions

    Prudential stance pays off for M&G

    A carefully thought-out investment strategy is helping to drive real estate growth at Prudential’s investment manager, M&G, with property head Alex Jeffrey set on building a portfolio that will stand the test of time.

    A winning debt and equity double act

    Cain Hoy's Jonathan Goldstein and John Cole have overseen a spate of deals, both debt and equity

    CAPITAL WATCH: Investor pricing survey

    Responses to the latest Colliers International and Real Estate Capital Investor Pricing Survey show opinion split exactly 50:50 on whether the UK property market has peaked. The 50% who said it had may point to the lowest yields since just before the 2007 crash, while the average gap between prime and secondary yields has narrowed to 148bps, the lowest since November 2008, suggesting all property is being fully valued.

    CAPITAL WATCH: Private real estate debt funds

    Fund raising for real estate debt funds has gathered pace since our last issue, with 136 debt funds in the market seeking $56.75bn in capital, compared with the 112 funds aiming to raise $44.5bn a month ago. This month’s data shows 56 Americas funds in the market and 40 European funds, with the rest having […]