22 ottobre 2008
"CB Richard Ellis Group, Inc. announced today that European commercial real
estate investment activity remained stable in the third quarter of 2008 at
€26.4 billion, slightly below the €27 billion registered in the second
quarter of 2008. The stronger-than-expected third quarter activity brings
European investment market turnover for the first nine months of 2008 to
€92.9 billion, a level comparable to that which was transacted for the same
period in 2004.
Europe’s largest markets continue to see the greatest impact of the credit
crunch on investment volume. Total activity in the UK, Germany and France
fell to €11.4 billion in the third quarter, representing 43% of the European
market as a whole, compared to an historical share of around 65%. By
contrast, seven of the remaining 23 countries in Europe saw investment
market activity increase quarter-on-quarter. Most notable was the Nordic
region, where investment turnover was boosted by two major transactions.
Activity was also robust in the Central and Eastern Europe region,
specifically the Czech Republic, Russia and Poland.
As was the case earlier in the year, the market continued to rely heavily on
equity-based investors in the third quarter. Such long-term investors are in
many cases looking at the market opportunistically and are being extremely
selective in their investment criteria. In particular, the German Open-ended
Funds (GOEFs) built further on their €4.2 billion spend in the first six
months of 2008, with a further €2.9 billion of property acquisitions in the
third quarter. Across Europe, the GOEFs accounted for 11% of all third
quarter acquisitions, including some of the largest deals closed this
quarter.
Overall the majority of the deals in the quarter were below the €100 million
mark as financing for larger transactions continued to become more difficult
over the summer. However, a number of attractive one-off transactions are
still being completed. The Steen and Strøm transaction in Scandinavia is a
good example of a large transaction involving strategic assets that are
rarely traded.
The recent bank rescue packages announced by U.S., UK and Eurozone
governments are aimed at addressing the current lack of financing. Looking
ahead, Michael Haddock, Director of EMEA Capital Markets Research, CB
Richard Ellis, said: "The fact that market turnover remained at nearly €27
billion in the third quarter is encouraging. However, the dramatic events in
the banking sector at the beginning of the final quarter have obviously
changed the investment landscape yet again."
He continued: "At the moment it appears that the injection of government
equity into the major banks is stabilising the banking sector and, in the
long and medium term, we expect this development to have a positive impact
on the commercial property sector. In the short term, whether this increased
equity will be directed towards the commercial property market remains to be
seen." ( CS della Società)
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