March 2016 Issue

    Month: March
    Year: 2016

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    Editor’s letter: What’s your risk appetite? A question for Germany

    “The whole market is moving up the risk curve”. This was one of many striking pronouncements made at our REC Germany Forum 2016 in Frankfurt in mid-February.

    REC Germany Forum: Facing up to political risk

    At our annual Frankfurt gathering, hopes were high that Europe’s economies were moving in the right direction – but there were other reasons for anxiety. Andy Thomson reports.

    LNR/HPI Debt Forum: Cash still flows but it’s time for more caution

    Global volatility is focus of debate at LNR/HPI’s CRE Debt Forum, reports Jane Roberts.

    Syndicated loan puts Merin on a firmer financial footing

    The portfolio which once secured Europe’s first defaulted CMBS has a new capital structure, writes Daniel Cunningham.

    Single-Family Rental: The bubble that never grew

    Justin Slaughter takes a look at why a market tipped for big things can only boast modest accomplishments so far.

    Capital Flows: A year when borders were breached

    On these pages and in the features that follow, we discover where real estate capital is coming from and where it is going. One resounding conclusion: never before has it been so mobile. Andy Thomson reports.

    Canada’s wealthy raiders strike mammoth deals

    But might the capital dry up as exchange rates become an increasing factor? Al Barbarino surveys the landscape.

    Channel opens for institutions hunting long-lease income

    M&G launches first European fund to offer inflation-linked protection, writes Jane Roberts.

    China pauses but keeps eyes on Europe

    Institutional investment will continue despite a pull-back from residential, writes Christie Ou.

    Deutsche Hypo: ‘We want to be in the top three’

    Deutsche Hypo is aiming to establish itself among the leading German mortgage banks by sticking to its core markets. Daniel Cunningham discusses its strategy with head of origination Thomas Staats.

    Prolific ING achieves its European goals

    Last year saw the Dutch bank’s REF team seal its place in the premier league with a glut of origination and syndication success.

    Japan: Giving negative interest rates a positive spin

    The Bank of Japan’s surprise move into negative interest rates gave property stocks a shot in the arm, but has it turned out to be a short-lived rush? Paul Yandall reports.

    Natural selections: The changing ecology of real estate

    Ever-closer scrutiny is being applied to the operations of fund managers, finds independent non-executive director Richard Urban.

    CAPITAL WATCH: Recent lending deals Jan/Feb 2016

    Among February’s largest continental European deals was a €341 million financing of Blackstone’s purchase of the 1 million square foot logistics portfolio of Austria’s Immofinanz.

    CAPITAL WATCH: Private real estate debt funds Feb 2016

    The latest figures compiled by our Research & Analytics division show that there are 117 real estate debt funds in the market, seeking around $50.1 billion of capital in total. We recorded 57 funds with an Americas focus, and 40 with a focus on Europe.