Notice to investors in Australia
|
|
- Randolf Fowler
- 5 years ago
- Views:
Transcription
1 REAL ESTATE March 2019 Europe Real Estate Market Outlook For Investment Professionals only Notice to investors in Australia M&G Investment Management Limited (MAGIM) and M&G Alternatives Investment Management Limited (MAGAIM) have received notification from the Australian Securities & Investments Commission of the Class Order [CO 03/1099] exemption and are therefore permitted to market their investment strategies (including the offering and provision of discretionary investment management services) to wholesale clients in Australia without the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth). MAGIM and MAGAIM are authorised and regulated by the Financial Conduct Authority under laws of the United Kingdom, which differ from Australian laws.
2 The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Executive summary Economic growth softens, while macro tailwinds remain strong Emerging submarkets driven by new infrastructure offer bottom-up opportunities Defensive qualities of the residential sector creates attractive long-term potential Innovative and tourist-driven retail set to remain resilient to online competition Transport corridors between Europe and China to open up new investment Income and rental growth to drive future real estate returns Cover and this page: Greenwalk, Suresnes, France
3 Economic growth softens, but new trade agreements support growth Economic growth in the Eurozone softened in 2018, with initial GDP estimates indicating expansion of 1.9% down 50bps from Various headwinds emerged over the year resulting in negative growth in Italy, and during the third quarter. The latter countries saw a combination of slowing domestic demand, as well as the impact of car emissions testing and weaker automotive sales in China. These factors are likely to be temporary however, with the Services Purchasing Managers Index moving back into healthy expansion territory, and some of the key challenges facing the automotive sector expected to be resolved over the course of Political turmoil in Italy may also begin to moderate, with the revised budget plan now in line with EU deficit rules and endorsed by the European Commission in December. The 10-year Italian government bond, often used as a risk-free proxy for real estate, has since fallen back from its peak of 3.7% in October to 2.9% in February Temporary factors aside, macro tailwinds should support steady forward momentum, with Japan and the European Union agreeing to remove tariffs on goods and services from February The agreement signals a commitment to global free trade between two economic blocks that together account for around one third of the world s GDP. Figure 1: Outlook for GDP across Europe Real GDP Growth (% pa) Eurozone Italy Belgium France Portugal Denmark Finland Netherlands Spain Poland Eurozone unemployment fell below 8% in December 2018 for the first time in a decade. This remains consistent with a further pick-up in wage growth, most notably in, the Netherlands and Spain, with the Spanish government recently approving a 22% rise in minimum wage. This bodes well for wider consumer economic prospects and retail sales growth. Looking at overall Eurozone prospects, GDP over is expected to be a softer, but still a healthy 1.5% per annum, ranging from 3.3% per annum in Poland to 0.8% per annum in Italy 3. Against this backdrop, the ECB s 2.5 trillion asset purchase programme ended in December 2018, paving the way for the inevitable but gradual process of policy normalisation. The milder economic outlook, however, leaves the door open for the ECB to delay its first interest rate hike if growth and/or core inflation remains more subdued. Estimates have subsequently been revised, with no movement forecast until the middle of Even with an interest rate hike, expectations are for a 20bps increase, meaning that upward pressure on government bond yields is likely to be moderate. Given the current healthy spread of European property yields over bonds, the sector is likely to remain an attractive asset class in the medium term at least. Income and rental growth to drive future real estate returns Despite expectations that the first interest rate hike is not due for another 18 months, scope for further yield compression is limited, particularly in core Central Business Districts (CBD) where prime yields appear to be more fully priced. Investors are likely to turn their attention to diverse and dynamic cities with strong rental growth prospects to support future property returns. Last year, office rents continued to improve across most European cities, with Berlin, Madrid and Lisbon all posting growth of over 10% in Across the 23 office markets covered by M&G Real Estate, headline rents saw an average uplift of 5% year on year 5. Source: Bloomberg Concensus Forecasts, January Bloomberg Economics, February Trading Economics, February Trading Economics, February Bloomberg Consensus Forecasts, December JLL, Q4 2018
4 Figure 2: European city offices well-placed to maintain and grow income 5-year cumulative rental growth CBD (%) 22 Berlin Stockholm 16 Amsterdam 14 Munich Copenhagen Helsinki 12 Prague Madrid Hamburg Frankfurt Brussels 10 Cologne 8 Paris Dusseldorf Barcelona 6 Luxembourg Lyon Lisbon Milan 4 Vienna Dublin 2 Rome 0 Warsaw Total city office vacancy rate at end-2019 (%) Source: M&G Real Estate forecasts as at October 2018, PMA Autumn 2018 While we expect this to moderate to 3.1% in , as macro uncertainties taper positive occupier sentiment, upside growth potential can still be found at a submarket level. Occupier demand has moved from strength to strength, with technology, media, business services and flexible office-based companies upgrading and expanding into high-quality, modern space. At the same time, the development market has not been able to keep up. Net additions to stock averaged about 1% in 2018 and are forecast to reach just 1.2% per annum on average for the next five years 7. As such, European cities are generally well-placed to maintain and grow income. We expect higher growth cities to be found largely in the Nordics and Benelux, while the core, but more expensive markets of and France, are defensively positioned (in terms of record low vacancy rates) and offer the greatest upside growth potential. Emerging submarkets driven by new infrastructure offer bottom-up opportunities Outside of the traditional CBD, there are likely to be increasing opportunities to drive real estate performance within newly connected, emerging submarkets. Edge-of- CBD submarkets continue to offer more attractive office yields, with discounts upwards of 50bps 8 to the CBD, yet benefit from equally healthy market fundamentals. Record low vacancies have been supported by additional demand from occupiers in search of more affordable rents and larger floorplates, which have become increasingly challenging to find in CBD submarkets. Figure 3: Grand Paris Project and office submarkets 1. Saint Denis 2. Saint Ouen 3. La Defense 4. Nanterre 5. Suresnes 6. Montrouge 7. Bagneux 8. Villejuif Source: JLL, M&G Real Estate With most major cities across Europe undergoing significant regeneration or transport infrastructure programmes, interesting opportunities are emerging for bottom-up investors to target alternative submarkets. The 26 billion Grand Paris Project, for example, will add a further 200km to Paris transport network by 2030, opening up and connecting new submarkets around the city. Headline rents in markets such as Saint Denis, Saint Ouen and Suresnes currently sit at a discount of nearly 60% to the Paris CBD. We expect such submarkets to appeal to more cost-conscious occupiers, particularly from the growing technology sector, which should support upside rental growth potential. Infrastructure projects such as this are not limited to Paris. Submarkets such as Cityrand Süd in Munich, Porta Nuova in Milan, and Kalasatama in Helsinki all stand to benefit from either improving transport connections or substantial redevelopment schemes in the medium term. Given the growing importance of connectivity and placemaking to occupiers, there is the potential to see a structural shift in rents in such areas over the next decade, as they begin to compete with the traditional centres as commercial districts in their own right. 8 I.N11 - lh14 - Li'lllS - i...1, i.nn - l Source: M&G Real Estate office market forecast, October Source: Property Market Analysis, autumn Source: Cushman & Wakefield, Q4 2018
5 Defensive qualities of the residential sector creates attractive long-term potential The theme of improving connectivity and placemaking represents a key trend across the housing/living sectors in Europe and alternatives more generally. While European populations at a national level are expected to stay flat or even decline over the next decade, the opposite is true of European cities. Paris, Milan, Berlin, Brussels and Stockholm, for example, are all expected to grow by over 400,000 people by , driven by the preference of younger, more affluent generations to live and work in vibrant, prosperous cities. The choice of the mobile urban population is increasingly centred around affordability and amenities, with green space quality, transportation and commute times now key factors in housing demand, alongside prospective job opportunities Figure 4: Residential sector offers defensive qualities versus commercial real estate Innovative and tourist-driven retail set to remain resilient from online competition The outlook remains more mixed in the retail sector, so maintaining a strict screening strategy will be essential to drive performance over the next few years. Headline rents on the high street continued to grow over 2018, with Paris, Madrid and Barcelona all recording uplifts of 5% or more 10, proving that tourist-driven markets remain resilient to online pressures. More broadly, however, consumer sentiment subsided over the last few quarters of 2018, as wider macro fears impacted retail confidence, leading to upwards pressure on yields, particularly for more secondary retail markets. Figure 5: Key attributes of retailer success Tourist destinations Food-anchored 4.0 Market Rental Value Growth, (%pa) I 0.5 Netherlands 0.0 France Netherlands Standard Deviation, (%) Residential Retail Offices Logistics Source: MSCI, March 2018 Netherlands France France France Netherlands Urbanisation on this scale has led to an increasing burden on Europe s housing supply, with new development in key cities failing to keep up with demand. As a result, the outlook for rental growth across the living sectors is healthy. The lack of quality, modern accommodation in central locations, for students, young renters, families and the elderly, is likely to create substantial opportunities for European investors. Coupled with the broader living sector s more defensive qualities and relative value compared to the commercial sectors, we expect it to become an increasing part of the European investment universe over the next two years. The lower volatility of rents and potential to grow income at this stage of the cycle should also prove an attractive characteristic. Experience-led Source: M&G Real Estate Highly connected Despite pressures from online retail, the physical store will remain an important touchpoint for consumer engagement. Europeans now spend a greater proportion of their income on experiences and in response retailers and landlords have been adapting, with the proportion of lifestyle and food and beverage tenants increasing across key cities. US-based lifestyle brand Anthropologie, for example, opened its first high street store in continental Europe in 2018, in the German city of Düsseldorf, having previously only been available online in the region. With future expansion plans in Berlin, Hamburg and Munich, the retailer s philosophy is to drive brand awareness through social media and in-store events. Alongside rising tourism flows across Europe, we believe that this drive to create desirable, experience-led retail locations gives certain bricks and mortar retail an advantage over online purchasing, and should support rents and values in key high streets within core destination cities. 9 Source: Eurostat 10 Source: JLL, Q4 2018
6 Transport corridors between Europe and China to open up new investment Performance prospects in the logistics market continue to keep the sector in vogue with European investors. Despite sentiment in the manufacturing sector falling back to 51.4 on the Markit PMI in December, from more than 60 the year before, upside rental pressure continued to build over the year, with industrial rents growing 3% on average across the continent. Even in the automotive-centric German markets, which remain most exposed to slowing car sales in China, rental uplifts as much as 10% in Berlin and 5% in Munich were recorded in The sector has clearly been supported by the growing need for multi-channel retailers to upgrade and expand their supply chains to facilitate quicker, more efficient logistics to service consumers and businesses alike. Figure 6: China-Europe rail routes and trip frequency (per week 2018) Global trade will continue to be a key driver of this sector despite the threat of protectionist measures impacting confidence. Transport corridors between Europe, China and other emerging economies are expected to see significant growth over the next two years. Chinese e-commerce giants Alibaba and JD.com, for example, have both begun using rail to transport high-value European goods into China. Coming back into Europe are typically cheaper electronics, clothes and homeware, to supply some of Europe s largest retailers. China has a target of 5,000 westbound freight trains into Europe over 2019, which would mean tripling the number achieved just two years ago. Increased volumes of goods on this more cost-efficient transport link are likely to drive greater demand for logistics space along core strategic networks, opening up new logistics areas and investment opportunities. Summary The prospects for European real estate remain bright, despite more limited opportunities to capture yield compression. Strong underlying macro drivers remain ever-present in the occupier markets and the significant undersupply of good quality modern space means European cities are now some of the best placed globally to maintain and grow income. Investment opportunities are likely to be both sector and city submarket specific, meaning that investors with a bottom-up approach are well-positioned to capture future upside performance. Source: Center For Strategic & International Studies, The Rise of China-Europe Railways, March Source: JLL, Q4 2018
7 Strategic themes and long-term recommendations Offices Target quality assets in supply-constrained cities to maintain and grow income Identify emerging submarkets adjacent to CBDs to capture structural upside rental potential Focus on cities with improving connectivity and highly innovative workforces Living Target markets facing structural undersupply, where rental performance prospects are greatest Focus on cities characterised by affordable living, green spaces and greater amenities Identify cities facing greatest demographic change to benefit from long-term growth Retail Maintain a strict asset screening strategy to drive future retail performance Seek out destination-led and food-anchored retail with diverse experience offering Target dominant, tourist-driven high street retail locations which remain defensive to online Logistics Focus on strategic locations along key network corridors with high cross-border activity Consider multi-unit schemes close to large, affluent populations to support last-mile delivery Take advantage of latent rental growth potential in supply-restricted submarkets
8 Contact Alex Lund Senior Associate: Property Research +44 (0) Vanessa Muscarà Associate Director +44 (0) Richard Gwilliam Head of Property Research +44 (0) Lucy Williams Head of Investor Relations and Business Development +44 (0) Ingo Matthey The Netherlands Stefan Cornelissen +31 (0) Nordics Robert Heaney Italy Costanza Morea France Florent Delorme +33 (0) Spain Alicia Garcia Switzerland Manuele De Gennaro +41 (0) For Investment Professionals only. This document is for investment professionals only and should not be passed to anyone else as further distribution might be restricted or illegal in certain jurisdictions. The distribution of this document does not constitute an offer or solicitation. Past performance is not a guide to future performance. The value of investments can fall as well as rise. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and you should ensure you understand the risk profile of the products or services you plan to purchase. Information given in this document has been obtained from, or based upon, sources believed by us to be reliable and accurate although M&G does not accept liability for the accuracy of the contents. M&G does not offer investment advice or make recommendations regarding investments. Opinions are subject to change without notice. Notice to investors in the Netherlands: This document does not constitute investment advice or an offer to invest or to provide discretionary investment management services. Notice to recipients in Hong Kong: The contents of this document have not been reviewed by any regulatory authority in Hong-Kong. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Notice to recipients in Singapore: This advertisement has not been reviewed by the Monetary Authority of Singapore. M&G Real Estate Pte. Ltd. (Co. Reg. No G) may distribute information/research produced by its respective foreign affiliates within the M&G Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the information/research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, M&G Real Estate Pte. Ltd. accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact M&G Real Estate Pte. Ltd. at (65) for matters arising from, or in connection with the information distributed. This information/research is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update. All investment products detailed in this presentation may only be invested by Institutional Investors as defined in section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (the SFA ) and in accordance with the conditions of, any other applicable provision of the SFA and its subsidiary legislations. M&G Investments and M&G Real Estate are business names of M&G Investment Management Limited and are used by other companies within the Prudential Group. M&G Investment Management Limited is registered in England and Wales under numbers with its registered office at Laurence Pountney Hill, London EC4R 0HH. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority. M&G Real Estate Limited is registered in England and Wales under number with its registered office at Laurence Pountney Hill, London EC4R 0HH. M&G Real Estate Limited forms part of the M&G Group of companies. M&G Investment Management Limited and M&G Real Estate Limited are indirect subsidiaries of Prudential plc of the United Kingdom. Prudential plc and its affiliated companies constitute one of the world s leading financial services groups and is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America. FEB 19 / W343404
REAL ESTATE. October 2018 Europe Real Estate Market Outlook. For Investment Professionals only
REAL ESTATE October 2018 Europe Real Estate Market Outlook For Investment Professionals only Executive summary Economic growth softens, but macro tailwinds still strong Majority of European markets now
More informationImpact of higher interest rates on UK commercial property
For Investment Professionals only July 2018 Impact of higher interest rates on UK commercial property Gradual transition towards a comparatively lower new normal for interest rates Relationship between
More informationOutlook 2015: Europe & Germany
Part of the M&G Group Outlook 215: Europe & Germany Research presentation 27 th November 214 European Economic Fundamentals Update & Outlook 2 Economic recovery broadening GDP growth by country Q3 214
More informationReal Estate Market Outlook Continental Europe
September 217 Real Estate Market Outlook Continental Europe Part of the M&G Group Executive summary Eurozone growth continues to gather momentum with recent actual data surprising on the upside Loose monetary
More informationMarch Europe Real Estate Market Outlook. For Investment Professionals only
March 2018 Europe Real Estate Market Outlook For Investment Professionals only Executive summary 2.2% Economic upturn is broadening across Europe Monetary policy remains accommodative, with consensus expectations
More informationfinancial benefits for investors?
November 2018 Green buildings: what are the November 2018 financial benefits for investors? Green buildings: what are the financial benefits for investors? For Investment Professionals only For Notice
More informationFebruary 2019 Asia Real Estate Market Outlook
REALESTATE February 19 Asia Real Estate Market Outlook For Investment Professionals only Notice to investors in Australia. M&G Investment Management Limited (MAGIM) and M&G Alternatives Investment Management
More informationReal estate market outlook Asia Pacific
December 2014 Real estate market outlook Asia Pacific Part of the M&G Group Executive summary Economic outlook remains firm Leasing fundamentals improving in most Asia Pacific markets Accommodative monetary
More informationPerspectives: The impact of QE on European property markets
April 15 Perspectives: The impact of QE on European property markets The European Central Bank (ECB) plans to inject 1.1 trillion into the eurozone economy through its new quantitative easing (QE) programme
More informationGrand Paris project: beyond the CBD office investment opportunities
Grand Paris project: beyond the BD office investment opportunities For Investment Professionals Only Executive summary By 2030, the 26 billion Grand Paris project will add a further 200km to the capital
More informationJuly Asia Real Estate Market Outlook. For Investment Professionals only
July 2018 Asia Real Estate Market Outlook For Investment Professionals only Executive summary Attractive prospects for APAC real estate supported by improving structural and early economic upcycle drivers
More informationEuropean Quarterly Outlook JULY 2011
European Quarterly Outlook JULY 2011 EUROPE Executive Summary Key Themes Economic growth is improving steadily and interest rates are rising, although concerns about the outlook persist. Forecasts could
More informationALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE
ALLIANZ REAL ESTATE REAL ESTATE INVESTMENTS FROM A GLOBAL INVESTOR S PERSPECTIVE Investors Forum 2018 Alexander Gebauer CEO Western Europe Brussels, January 18 th 2018 Vertigo, Luxembourg AGENDA 01 at
More informationInvestment Market Germany. PROVADA 5 th June 2013
Investment Market Germany PROVADA 5 th June 2013 In Europe, which country/region do you believe to be the most attractive for making investment purchases in 2013? 40 35 2012 2013 2012 (n=341) 2013 (n=361)
More informationPROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING
PROPERTY EU EUROPEAN LOGISTICS INVESTMENT BRIEFING RICHARD HOLBERTON, SENIOR DIRECTOR, EMEA RESEARCH, CBRE FEBRUARY 19 TH 2015 AGENDA Economy Market Activity Forecasts Issues ECONOMY 2014 Some Alarms and
More informationEuropean Commercial March European Investment. SPOTLIGHT Savills Research. Alternative Sectors Yield Compression Korean Investment
SPOTLIGHT Savills Research European Commercial March 2019 European Investment Alternative Sectors Yield Compression Korean Investment Poland, Portugal and Luxembourg were among the most active markets
More informationEuropean Investment Bulletin
European Investment Bulletin Spring 2009 Prime yield decompression per sector (yoy) Rents in decline in line with business sentiment 200 CBD offices Warehouses Shopping Centres European average prime office
More informationAustralian capital is it really safer at home?
HALF IMAGE PLACEMENT HOLDER (HORIZONTAL) Resize image to cover grey box Australian capital is it really safer at home? November 2015 FOR INSTITUTIONAL USE ONLY NOT FOR PUBLIC DISTRIBUTION Contents 8:28
More informationReal Estate Investment Strategy
Real Estate Investment Strategy 8th of July, 2015 Alessandro Bronda Head of Global Real Estate Investment Strategy Group Real Estate Zurich s real estate strategy Zurich has a systematic and structured
More informationEuropean Quarterly Outlook
European Quarterly Outlook JANUARY 2012 Prudential Real Estate Investors 8 Campus Drive Parsippany, NJ 07054 USA 973.683.1745 Phone 973.734.1319 Fax www.prei.com REF: # PFIA-8QTNTF Executive Summary Macro
More informationEuropean Property Investment Markets. Sorbonne Immo 13 Juin 2007
European Property Investment Markets Sorbonne Immo 13 Juin 2007 European Direct Commercial Property in bn. Euro 250 Investment by sector Office Retail Logistics Others 200 150 100 50 0 2000 2001 2002 2003
More informationBriefing Note European property themes 2018
Savills World Research European Commercial Briefing Note European property themes 2018 December 2017 GRAPH 1 European economy another year of a healthy growth rate is predicted yoy % change 4.0 3.0 2.0
More informationEuropean Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate
European Market Outlook The Risks & the Opportunities Guy-young LAMÉ Associate Director Research Europe, Invesco Real Estate This presentation is issued by Invesco Real Estate for Professional Clients
More informationWill Rising Interest Rates Pummel Your Portfolio?
Will Rising Interest Rates Pummel Your Portfolio? ULI Fall Meeting Chicago - November 2013 Dr. Richard Barkham, MRICS Global Research Director, Grosvenor Group Eileen Marrinan, CRE Director of Research,
More informationReal Estate Market Outlook UK
January 2017 Real Estate ket Outlook UK Part of the M&G Group For investment professionals only Front cover photo: Hardman Square, Manchester. Executive summary Economy shrugs off initial Brexit-related
More informationJuly UK Real Estate Market Outlook. For Investment Professionals only
July 18 UK Real Estate Market Outlook For Investment Professionals only Executive summary Recent moderation in economic activity unlikely to continue Brexit transition period agreement provides some certainty
More informationContinental European Real Estate: Reasons to be Cheerful
Continental European Real Estate: Reasons to be Cheerful May 8 Mark Callender, Head of Real Estate Research The last few years have seen a solid recovery in continental European real estate markets, echoing
More informationEuropean Real Estate Market
European Real Estate Market A P R I L 2 18 European Real Estate Market - April 218 The European Union MACROECONOMIC OVERVIEW The stronger cyclical momentum in Europe and the positive unexpected rise of
More information2018 EUROPEAN PROPERTY MARKET OUTLOOK
AEW RESEARCH 2018 EUROPEAN PROPERTY MARKET OUTLOOK FUNDAMENTALS DRIVING FEARS AWAY 2 EUROPEAN PROPERTY MARKET OUTLOOK - 2018 AEW EUROPEAN PROPERTY OUTLOOK We are delighted to share with you our first European
More informationEuropean Real Estate House View
Real Estate European Real Estate House View Second half-year 2017 EXECUTIVE SUMMARY Retailers raise concerns, office markets perform well European Europe s economies are benefitting from the first simultaneous
More information1bn. 400bps prime office yield spread over government bonds. Over. 300m. 318m. 164m. Magnify
For investment professionals only Magnify European Office Market 2% The recovery in Europe is showing little sign of running out of steam. Economic sentiment is on an upwards trend, while the provision
More informationTHE AFRICA OPPORTUNITY
PETER WELBORN THE AFRICA OPPORTUNITY API CONFERENCE 2016 Africa: the growth 1continent AFRICA S POPULATION GROWTH Africa has the fastest population growth of any global region. Africa s population has
More informationEuropean Consensus Forecasts of Prime Office Rents
Investment Property Forum European Consensus Forecasts of Prime Office Rents MAY 2017 This research was commissioned by the IPF Research Programme 2015 2018 European Consensus Forecasts This research was
More informationEMEA Investor Intentions Survey 2015
EMEA Investor Intentions Survey 1 CBRE Research B INVESTOR INTENTIONS SURVEY 1 EMEA INVESTOR INTENTIONS SURVEY 1 EMEA 1 Executive summary Real Estate investors intentions in 1 Western Europe is the region
More informationEUROPE REAL ESTATE STRATEGIC OUTLOOK. August 2018 / Research Report. Marketing Material
Marketing Material August 2018 / Research Report EUROPE REAL ESTATE STRATEGIC OUTLOOK On March 23, 2018, Deutsche Asset Management rebranded to DWS. The brand DWS represents DWS Group GmbH & Co. KGaA and
More informationMemorandum of Understanding Signed with France s Largest Residential Landlord Société Nationale Immobilière (SNI) Assessing the Potential of European
Memorandum of Understanding Signed with France s Largest Residential Landlord Société Nationale Immobilière (SNI) Executive Summary Vonovia has signed a Memorandum of Understanding (MoU) with SNI, the
More informationMarketView European Capital Markets
MarketView European Capital Markets www.cbre.eu/research OVERVIEW Quick Stats Change from Q4 11 Q1 11 Capital Values Yields Hot Topics Investment activity down on weaker economic activity. Economic outlook
More informationContinental European real estate
October 216 For professional investors only. This material is not suitable for retail clients 1 Schroders Insurance Asset Management Insurance Strategy Continental European real estate The right time to
More informationThe Office Property Handbook 4.0 Investment & Financing Keys Spain 2019
The Office Property Handbook 4.0 Investment & Financing Keys Spain 2019 February 2019 Financial Advisory I Real Estate 1 of 19 The spanish economy keeps growing and remains stable but a lower pace than
More informationInsolvency forecasts. Economic Research August 2017
Insolvency forecasts Economic Research August 2017 Summary We present our new insolvency forecasting model which offers a broader scope of macroeconomic developments to better predict insolvency developments.
More informationReal Estate Market Outlook UK
July 217 Real Estate Market Outlook UK Part of the M&G Group For investment professionals only Front cover photo: Hardman Square, Manchester. Executive summary UK economic growth moderates, but still supportive
More informationM&G Real Estate.
www.mandgrealestate.com One of the world s largest property investors focused on generating income through the active management of real estate Delivering strong, long-term income Delivering strong, long-term
More informationBank of Greece 2 nd conference on real estate market. Property valuations during crisis: consequences and risks
Bank of Greece 2 nd conference on real estate market Property valuations during crisis: consequences and risks Ioannis Ganos MRICS Chairman RICS Hellas Bluehouse Capital Agenda 1. European Economic Environment
More informationEuropean Real Estate Market Outlook
For professional investors only, in Switzerland for Qualified investors only not for use by retail investors or advisers an Real Estate Market Outlook Q4 2018 02 an real estate market outlook Our overall
More informationCan the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight
Can the Eurozone Remain at the Party? Howard Archer Country Intelligence Group Global Insight Eurozone Growth Robust in First Half 4 (Percent change, q/q, real GDP) 3 2 1 0-1 GDP Dom Demand Cons Inv Govt.
More informationEuropean Outlook May 2018
Investment Research European Outlook May 2018 In This Report Europe s real estate investment markets continue to benefit from positive momentum. Deal volume is rising again, although returns are starting
More information2017 Mid-Year Commercial Real Estate Outlook for Asia Pacific
2017 Mid-Year Commercial Real Estate Outlook for Asia Pacific REAL ASSETS REAL ESTATE INVESTING TEAM INVESTMENT INSIGHT 2017 The global macroeconomic landscape continues its shift away from highly accommodative
More informationM&G Real Estate: Asia Pacific Outlook
December 216 M&G Real Estate: Asia Pacific Outlook Part of the M&G Group Executive summary Asia-Pacific economic outlook healthy in near-term, but policy uncertainty globally poses risks. Regional property
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly July 2007
Prudential Real Estate Investors European Quarterly July 2007 Market Perspective Executive Summary During the first half of 2007, Europe s economy remained relatively strong. Despite a tighter monetary
More informationReal estate to enjoy longer low interest rate regime
FORESIGHT Real estate to enjoy longer low interest rate regime European Fair Value Index Q 015 9//016 Contents Overview Drivers of Fair Value Index 3 Market in Focus: Warsaw Retail 3 Cushman & Wakefield
More informationFOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS
A Global View June 2018 Andy Schofield, Director of Research FOR FINANCIAL PROFESSIONAL USE ONLY. NOT FOR PUBLIC DISTRIBUTION AND NOT FOR USE BY RETAIL INVESTORS. PLEASE REFER TO DISCLOSURE PAGE FOR IMPORTANT
More informationThreats and opportunities in Dutch Office Investment Market
9th April 213 Threats and opportunities in Dutch Office Investment Market Alphons Spaninks Local Head of Asset Management Benelux & Nordics Real Estate Investment Seminar 213 Dutch Real Estate: Office
More informationInterest Rates, Cap Rates, and the Real Estate Cycle
Interest Rates, Cap Rates, and the Real Estate Cycle Stephen Hester, Chief Executive We are real estate investors and create value by actively managing, financing and developing prime commercial property
More informationAdministrative and support service statistics - NACE Rev. 2
Administrative and support service statistics - NACE Rev. 2 Statistics Explained Data from May 2018 Planned article update: October 2019 This article presents an overview of statistics for the European
More informationGlobal Macroeconomic Monthly Review
Global Macroeconomic Monthly Review August 14 th, 2018 Arie Tal, Research Economist Capital Markets Division, Economics Department 1 Please see disclaimer on the last page of this report Key Issues Global
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationEmerging Trends in Real Estate Europe 2018 Reshaping the future. Join the conversation: #emergingtrends
Emerging Trends in Real Estate Europe 2018 Reshaping the future Join the conversation: #emergingtrends 1 How do we feel about 2018? 2 Business prospects in 2018 The industry is cautious but positive. 3
More informationEuropean Real Estate Market H
European Real Estate Market H1 2 18 The European Union MACROECONOMIC OVERVIEW 18. Contribution of some Member States to the EU-28 GDP (million euro) Globally, economic growth remains solid, but less synchronized
More informationGlobal Real Estate Capital Markets
Global Real Estate Capital Markets Real Estate Data as of 2Q 2017 Economic/Capital Markets Data as of September 2017 Jon H. Zehner Presentation to ULI Scotland Thursday 28 September 2017 LaSalle Investment
More informationGlobal Property Market Outlook
Global Property Market Outlook Q3 2017 Paris Executive Summary The outlook for the global economy remains positive with output expected to pick-up in 2017 along with inflation. These trends should support
More informationEurope Real Estate Strategic Outlook
Marketing Material For Professional Clients (MiFID Directive 2004/39/EC Annex II) only. For Qualified Investors (Art. 10 Para. 3 of the Swiss Federal Collective Investment Schemes Act (CISA)). For Qualified
More informationBank of Ireland Hotel Sector Briefing
Bank of Ireland Hotel Sector Briefing 29 th November 2018 Sarah Duignan Director, Client Relationships sduignan@str.com 2018 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly October 2005
Prudential Real Estate Investors European Quarterly October 2005 Market Perspective Europe s economic recovery remains slow and fragile, but despite this, conditions in property leasing markets are improving.
More informationPortfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios
Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity
More informationAberdeen Standard European Logistics Income PLC
Aberdeen Standard European Logistics Income PLC A new investment trust to be listed on the premium segment of the London Stock Exchange offering a focused long term income strategy exploiting the demand-supply
More informationMarket Perspective. Prudential Real Estate Investors. European Quarterly October 2007
Prudential Real Estate Investors European Quarterly October 2007 Market Perspective Executive Summary While the business cycle is maturing, forward-looking indicators have been declining but are still
More informationFINLAND. Country Snapshots. Second quarter I Please click on the appropriate sector to view. Economy Offices Retail Industrial.
Country Snapshots Second quarter I 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Finnish economy maintained a steady momentum
More informationEurozone Real Estate Outlook
Eurozone Real Estate Outlook Edition 1H18 Robust demand as economy holds strong UBS Asset Management Economic environment & expected occupier demand Figure 1: GDP growth forecasts 2018-20 Economic growth
More informationSegmental reviews. Transaction Advisory
The Savills Group advises on commercial, rural, residential and leisure property. We also provide corporate finance advice, investment management and a range of property related financial services. Operations
More informationABN AMRO (Channel Islands) Limited Order Execution Policy
ABN AMRO (Channel Islands) Limited Order Execution Policy 1. Introduction 1.1. What is the aim of this policy? In this policy document, the bank has set out the procedures and rules used to execute your
More informationGlobal Real Estate Outlook
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research 7 August 2014 Global Real Estate Market Outlook Jeremy Kelly Director, Global Research Jeremy.Kelly@eu.jll.com
More informationGlobal. Real Estate Outlook. Jeremy Kelly Global Research. David Green-Morgan Global Capital Markets Research
Global Real Estate Outlook Jeremy Kelly Global Research David Green-Morgan Global Capital Markets Research Ben Breslau Director of Research, Americas 7 th February 2013 Global Real Estate Outlook Road
More informationPrudential Dynamic Growth Funds Quarterly Update Quarter
Prudential Dynamic Growth Funds Quarterly Update Quarter 2 2018 This is for information only and is designed for Investment Professionals. This is the quarterly update for the Prudential Dynamic Growth
More informationAugust 2016 Real Estate Strategies Brexit and the Real Estate Markets in the UK and the EU: An Initial Assessment
August 2016 Real Estate Strategies Brexit and the Real Estate Markets in the UK and the EU: An Initial Assessment Contents Executive Summary No Tension in Financial Markets following Brexit Open-Ended
More informationQuarterly market summary 4th Quarter 2018
POOLED PENSIONS Quarterly market summary 4th Quarter 2018 Economic overview As the quarter progressed, investors became increasingly concerned about the outlook for the world economy. The perception was
More information2019 EUROPEAN ANNUAL OUTLOOK
AEW 19 EUROPEAN ANNUAL OUTLOOK WHEN THE GOING GETS TOUGH 19 EUROPEAN MARKET OUTLOOK TABLE OF CONTENTS EXECUTIVE SUMMARY: MORE THAN HALF OF MARKETS NEUTRAL OR ATTRACTIVE... 3 SECTION 1: ECONOMIC BACKDROP...
More informationEurozone Economic Watch. April 2018
Eurozone Economic Watch April 2018 Eurozone: solid growth and broadly unchanged projections, with protectionist risks BBVA Research - Eurozone Economic Watch / 2 Confidence has weakened in 1Q18 since the
More informationMACRO INVESTMENT OUTLOOK
MACRO INVESTMENT OUTLOOK AUGUST 18 INVESTMENT STRATEGY AND DYNAMIC MARKETS TEAM, MULTI ASSET GROUP GLOBAL SHARES CONSTRAINED BY TRADE WAR FEARS BUT AUSTRALIAN SHARES RELATIVELY RESILIENT 5 Australia -
More informationEuropean Regional Economic Growth Index Introduction to E-REGI
September 2016 European Regional Economic Growth Index Introduction to E-REGI What is E-REGI? Launched in 2000-2016 is the 17 th edition of E-REGI Europe-wide coverage - 32 countries - 295 European regions
More informationEurozone. EY Eurozone Forecast March 2015
Eurozone EY Eurozone Forecast March 2015 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Lithuania Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for
More informationTHINK: Australia Finding resilience in industrial
Better growth outlook in 2018 We hold a broadly positive view of the Australian economy over the medium-term for a number of reasons. Firstly, despite lingering uncertainty over the strength of the consumer
More informationSchroder European Real Estate Investment Trust
Schroder European Real Estate Investment Trust Interim results presentation Tony Smedley, Head of Continental European Real Estate Investment Andrew MacDonald, Head of Real Estate Finance 25 May 2017 Jeff
More informationResearch & Forecasting December 2014 EMEA Predictions for Europe. Real Estate Investment Volumes in the UK
Research & Forecasting December 214 EMEA Predictions for 215 Europe AS GOOD AS IT GETS FOR INVESTMENT IN CORE EUROPE? The key European real estate markets of UK and Germany are on track to reach the highest
More informationMANDATORY PROVIDENT FUND SCHEMES AUTHORITY
Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation (the Regulation) defines
More informationInvestment Property Forum UK Consensus Forecasts AUTUMN 2017
Investment Property Forum UK Consensus Forecasts AUTUMN 2017 This research was commissioned by the IPF Research Programme 2015 2018 UK Consensus Forecasts This research was funded and commissioned through
More informationECB policy: how to taper without causing a tantrum?
Europe Insights Monthly update on European Markets August 217 ECB policy: how to taper without causing a tantrum? Summary In the Spotlight. The European Central Bank (ECB) has already reduced monthly purchases
More informationGlobal PMI. Global economy buoyed by rising US strength. June 12 th IHS Markit. All Rights Reserved.
Global PMI Global economy buoyed by rising US strength June 12 th 2018 2 Global PMI rises but also brings signs of slower future growth At 54.0 in May, the headline JPMorgan Global Composite PMI, compiled
More informationGreen shoots appearing
The Hague office market Green shoots appearing After a period of low activity in the office market of The Hague, the turnaround seems eminent. Interpreting the early signs of the local market cycle, CBRE
More informationQuarterly market summary 3rd Quarter 2018
POOLED PENSIONS Quarterly market summary 3rd Quarter 2018 Economic overview An escalating trade war between the US and China was very much at the forefront of investors minds during the third quarter.
More informationM&G European High Yield Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018
M&G European High Yield Bond Fund a sub-fund of M&G Investment Funds (3) Annual Short Report June 2018 For the year ended 30 June 2018 Fund information The Authorised Corporate Director (ACD) of M&G Investment
More informationMain Economic & Financial Indicators Eurozone
Main Economic & Financial Indicators Eurozone 03 NOVEMBER 2015 AKIKO DARVELL ASSOCIATE ECONOMIST ECONOMIC RESEARCH OFFICE (LONDON) T +44-(0)20-7577-1591 E akiko.darvell@uk.mufg.jp The Bank of Tokyo-Mitsubishi
More informationEurozone. EY Eurozone Forecast September 2014
Eurozone EY Eurozone Forecast September 2014 Austria Belgium Cyprus Estonia Finland France Germany Greece Ireland Italy Latvia Luxembourg Netherlands Portugal Slovakia Slovenia Spain Outlook for Stronger
More informationMarket Bulletin. China: Still sneezing hard. January 20, 2016 MARKET INSIGHTS. In brief
MARKET INSIGHTS Market Bulletin January 20, 2016 China: Still sneezing hard In brief Slower 4Q15 GDP growth and soft December data add to concerns about China s economic health. On a more encouraging note,
More informationESF Securitisation. Data Report
ESF Securitisation Data Report Autumn 2007 www.europeansecuritisation.com European Securitisation Forum St. Michael s House 1 George Yard London EC3V 9DH T +44.20.77 43 93 11 F +44.20.77 43 93 01 www.europeansecuritisation.com
More informationGlobal Fixed Income Weekly
Global Fixed Income Weekly Executive Summary US nonfarm payroll employment rose by 103,000 in March, falling short of consensus expectations by 82,000; the undershoot is likely due to weather effects and
More informationINTERIM MANAGEMENT STATEMENT QUARTER ENDED 31 MARCH April 2013
- INTERIM MANAGEMENT STATEMENT QUARTER ENDED 31 MARCH 2013 11 April 2013 Financial summary Growth in net fees for the quarter ended 31 March 2013 (Q3 FY13) (versus the same period last year) Growth Actual
More informationSchroder European Real Estate Investment Trust
Schroder European Real Estate Investment Trust Investor update presentation Tony Smedley, Head of Continental European Real Estate Investment Andrew MacDonald, Head of Real Estate Finance July 2017 Marketing
More informationSchroder Real Estate Fund of Funds Continental European Fund II (CEF II)
31 March 2015 Schroder Real Estate Fund of Funds Continental European Fund II (CEF II) Quarter 1 2015 Target return Fund NAV To provide Unitholders with an IRR of 8-10% per annum over the life of the Sub-fund,
More informationINVESCO Real Estate House View European Market Outlook
INVESCO Real Estate House View European Market Outlook This document is for Investment Professionals and Market Counterparties only and is not for consumer use. In the UK, from 1 November 2007, this publication
More informationDubai Real Estate Predictions 2016
Real Estate Dubai Real Estate Predictions 2016 Following two years of significant capital and rental growth across much of Dubai s real estate market, 2015 marked a slowdown and a return to more stable
More information