14 gennaio 2009
«CB Richard Ellis Group, Inc. announced today that European commercial real
estate investment turnover slowed to €19.5 billion in Q4 2008, following two
consecutive quarters of more stabilised turnover levels of around €27-28
billion. This brings the total 2008 turnover to €116 billion, a level
comparable with that registered in 2004.
Almost every market saw a decline in activity compared to the third quarter
2008. The contrast between Q3 and Q4 was heavily influenced by the collapse
of Lehman Brothers and the deepening of the credit market turmoil, which had
a negative impact on investor confidence. Furthermore, by the end of the
third quarter, the credit crunch had taken its toll on the broader economy,
with many European countries slipping into negative economic growth and 2009
forecasts signaling recession.
Although Q4 European investment activity fell by 29% from the third quarter,
the results were boosted by a number of significant deal closures just
before the year end. Amongst those were a few notable transactions,
including the €990 million HSBC buyback of 8-16 Canada Square in London and
sale-and-leaseback portfolio disposals by two of Italy’s major banks, Banca
Intesa and Unicredit Group, together amounting to €1.65 billion.
Powered by these transactions, Italy saw a sharp increase in investment
activity compared with Q3. Most other countries, however, saw decreased
investment activity for the quarter, with the exception of France and
Germany.
Equity and institutional buyers, which were the dominant players in 2008,
will remain key for the real estate investment market in the near future.
Michael Haddock, Director of EMEA Capital Markets Research, CB Richard Ellis,
said: "There was quite a sharp rise in prime yields across Europe in the
final quarter of 2008, averaging between 30 and 40 bps. This will go some
way to closing the gap between buyer and seller pricing expectations and set
the stage for higher levels of activity in 2009."
Jonathan Hull, Executive Director of EMEA Capital Markets, CB Richard Ellis,
said: "Although the overall European market slowed in the last quarter of
2008, investors are starting to express increased interest in some markets.
The UK in particular is witnessing increasing levels of interest,
particularly Central London where the degree of re-pricing has made much of
the core market attractive to the long-term investor. The recent weakening
of sterling offers an additional benefit to many cross-border investors with
foreign currency denominated funds." » (CS della Società)
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