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Europe beckons
The easy money has been made, but the outlook still seems promising for EU real estate.
The easy money has been made, but the outlook still seems promising for EU real estate.
由Sharon Reier.
2001年6月
Institutional Investor Magazine
The easy money has been made, but the outlook still seems promising for EU real estate.
在法国最大的公共举办房地产公司（法国最大的公共房地产公司）外，距离巴黎以外的无菌但被追捧的办公楼楼，是在COEUR D，FENSE上的工作。双塔楼拥有182,000平方米的空间，建筑物将是Axa Group，SociétéGénérale，ING集团和其他企业客户的所在地，这些客户都有约90％的可用空间。速度：每平方米，FF3,500至FF4,000（460美元至520美元）。这是两年前开始租赁Coeurdéfense时，Unibail收取的价格大致翻了一番。
The outlook for commercial real estate in and around Paris seems particularly promising, but property values are on the rise at the moment across much of the Continent. Commercial space is tight in Barcelona, Madrid and Munich, among other markets. Credit an imbalance between growing demand from corporate tenants that are still expanding - even amid the current European slowdown - and a limited supply of suitable office space.
One result: For the first quarter, the Global Property Research index of European real estate securities rose 3.9 percent in euro terms, versus a 10.3 percent decline for Morgan Stanley's MSCI Europe index. For 2000 the real estate index increased 16.4 percent in euros, while the MSCI Europe fell 1.9 percent. Although the easy money has already been made in European real estate, in both direct investment and equities, the market still holds considerable promise.
在许多美国房地产市场，越来越多的养老基金和其他美国机构投资者以股票，资金和直接投资的形式促进了高科技爆炸，越来越高的价格，越来越多的高价爆破，越来越多的高科技爆破。亚博赞助欧冠TED BIGMAN是一个摩根士丹利董事总经理的房地产基金，“我们的大型图片声明是，而美国房地产市场已达到均衡，这是进入欧洲的美好时机。”
同样的是，许多在20世纪90年代中期衰亚博赞助欧冠退期间进入欧洲房地产市场的机构投资者现在正在将他们的一些筹码从桌子上拿走。Lasalle投资管理销售其1995年收购的3亿美元的Francilienne投资组合，致德国投资者，每年的回报超过60％。美国国际集团和标准生活保障公司的高盛，萨克斯＆Co.，美国国际集团和标准生活保障公司正在处理选定的物业，并购令人印象深刻的回报。
现在可能很难得到高额回报。在弗吉尼亚州n Stults, managing director of Orion Capital Managers, whose firm has invested E750 million ($640 million) in Europe over the past year, admits, "Last year was as good as it gets." Nevertheless, Stults and other investors say European commercial real estate still represents a highly attractive market that ought to provide returns of more than 20 percent to direct investors over the next couple of years, barring an outright global recession.
师徒争辩说，许多欧洲城市面临着跨国公司要求的最高质量办公空间的严重短缺。在巴黎，办公室空置率最小的2％（与6％的均衡率相比），约75％的办公空间位于笨拙的建筑物中，笨拙地铺设，外国执行官没有小缺陷 - 不是然而有线空调。2月份，他的基金在基于巴黎的公开交易的房地产公司收购Locafinancire的e4.50万元的多样化法国物业组合。但猎户座也有许多其他建筑物，即将在外面的巴黎社区开放业务。“我们已经超越了我们对附近郊区的房产的期望，如Issy-Les-Moulineaux和St.-denis，”他说。“这些建筑物是巴黎中部公司的公司具有成本效益的替代品。租金可能是巴黎中部的一半。”
凯雷集团为其第一个欧洲房地产基金筹集了5亿美元，这将直接投资。阿波罗房地产顾问希望为其国际房地产基金筹集约5亿美元，主要针对欧洲，高盛的白厅集团已经积累了23亿美元，其中一部分将在欧洲投资。
Jeppe de Boer, a London-based real estate analyst at Goldman, sees firsthand evidence of the growing interest in Europe. Several months ago he published an extensive analysis of European real estate stocks. "If I had written this the year before," he says, "I might have [been asked to visit] ten U.S. institutions after publishing the report. Now I am visiting almost 40."
尽管如此，该行业不太可能回到20世纪90年代初的危险令人危险的日子。回来后，银行在渴望开发商面前晃动过多的资本，融资空建筑物，欧洲办公市场变得严重过度建造。例如，在1992年，日本工业银行的子公司Kowa房地产有限公司为华盛顿广场为华盛顿广场支付了FF100,000，这是一家在急需翻新的弧德特拉梅菲附近的办公楼。Kowa每米进一步的FF20,000才能现代化空间。最近，由SociétéFonciereLyonna领导的法国机构联盟购买了每平方米的大约FF60,000 - 大约一半由Kowa支付的价格。
Although European Union real estate values are not yet approaching their early '90s peak, rental rates have climbed back to levels not seen since the start of that decade. Says Eric Sasson, head of Carlyle's new European property investment group: "Ten years later you are back to rental prices of Ff5,000 per square meter for top locations in central Paris. But ten years have gone by, and there has been inflation."
从现在起多年来，今天的交易看起来可能取决于两个因素：欧洲经济的增长率和新房地产空间可用的速度。Jay Henry，摩根斯坦利欧洲房地产投资集团负责人，在两端持续乐观：“欧洲可能会在风暴以及那里的任何经济体内天气。在供应方面，它一直很难提供供应。In cities like London, Paris and Milan, the regulatory structure is more difficult than in the U.S."
Others are not so sanguine. Jones Lang LaSalle, a Chicago-based real estate brokerage and research firm, estimates that while Paris will see a minuscule 2.4 percent increase in new space coming to market this year, with a further 2.5 percent added in 2002, other cities will face more substantial additions. Madrid anticipates a 6.5 percent jump in 2001 and an 8.2 percent increase next year; Munich is looking at 5.1 percent and 7.5 percent increases for the next two years.
至于经济,如果美国进入recession, Europe - and European real estate - will undoubtedly feel the effects. Orion's Stults says: "The current question is how firm are these preleased spaces? Will the technology, telecom and media companies actually take their pre-lets? And we have to watch the financial institutions. Currently, the investment banks are in a hiring freeze, and staff reductions could mean that we'll see some sublease space coming on the market."
To circumvent any slowdown, Carlyle's Sasson says he intends to buy properties in regional French capitals like Lille and Marseille. Demand tends to be more stable in these markets, where subsidiaries of multinationals have recently opened new outposts. "When you are an EDF or Coca-Cola," says Sasson, "as much as you are headquartered in Paris, you also need tentacles in places like Lyon. It had been a city where only French companies had assets. Now you have Germans and Americans buying up properties."
As Sasson well knows, as European governments continue to sell off state-owned assets and public companies restructure, more real estate will be coming on to the market. "There is a very strong deal flow," he says.
Lehman Brothers recently joined with Beni Stabili, an Italian real estate firm, in a landmark E2.9 billion deal with debt-laden Telecom Italia to buy telecommunications and office buildings. It is now negotiating a deal with Swisscom. Five months ago Goldman's Whitehall bought Peugeot's headquarters in Neuilly-sur-Seine, a Paris suburb. In the offing: sales of property portfolios and individual properties from Siemens, ENI and Deutsche Telekom.
No one expects these assets to come on the market at vulture fund prices. "Opportunity presents itself if a property is undermanaged or underutilized," says Stults. "Money is made in adding value and modernizing."
由Sharon Reier.
2001年6月
Institutional Investor Magazine
The easy money has been made, but the outlook still seems promising for EU real estate.
在法国最大的公共举办房地产公司（法国最大的公共房地产公司）外，距离巴黎以外的无菌但被追捧的办公楼楼，是在COEUR D，FENSE上的工作。双塔楼拥有182,000平方米的空间，建筑物将是Axa Group，SociétéGénérale，ING集团和其他企业客户的所在地，这些客户都有约90％的可用空间。速度：每平方米，FF3,500至FF4,000（460美元至520美元）。这是两年前开始租赁Coeurdéfense时，Unibail收取的价格大致翻了一番。
The outlook for commercial real estate in and around Paris seems particularly promising, but property values are on the rise at the moment across much of the Continent. Commercial space is tight in Barcelona, Madrid and Munich, among other markets. Credit an imbalance between growing demand from corporate tenants that are still expanding - even amid the current European slowdown - and a limited supply of suitable office space.
One result: For the first quarter, the Global Property Research index of European real estate securities rose 3.9 percent in euro terms, versus a 10.3 percent decline for Morgan Stanley's MSCI Europe index. For 2000 the real estate index increased 16.4 percent in euros, while the MSCI Europe fell 1.9 percent. Although the easy money has already been made in European real estate, in both direct investment and equities, the market still holds considerable promise.
在许多美国房地产市场，越来越多的养老基金和其他美国机构投资者以股票，资金和直接投资的形式促进了高科技爆炸，越来越高的价格，越来越多的高价爆破，越来越多的高科技爆破。亚博赞助欧冠TED BIGMAN是一个摩根士丹利董事总经理的房地产基金，“我们的大型图片声明是，而美国房地产市场已达到均衡，这是进入欧洲的美好时机。”
同样的是，许多在20世纪90年代中期衰亚博赞助欧冠退期间进入欧洲房地产市场的机构投资者现在正在将他们的一些筹码从桌子上拿走。Lasalle投资管理销售其1995年收购的3亿美元的Francilienne投资组合，致德国投资者，每年的回报超过60％。美国国际集团和标准生活保障公司的高盛，萨克斯＆Co.，美国国际集团和标准生活保障公司正在处理选定的物业，并购令人印象深刻的回报。
现在可能很难得到高额回报。在弗吉尼亚州n Stults, managing director of Orion Capital Managers, whose firm has invested E750 million ($640 million) in Europe over the past year, admits, "Last year was as good as it gets." Nevertheless, Stults and other investors say European commercial real estate still represents a highly attractive market that ought to provide returns of more than 20 percent to direct investors over the next couple of years, barring an outright global recession.
师徒争辩说，许多欧洲城市面临着跨国公司要求的最高质量办公空间的严重短缺。在巴黎，办公室空置率最小的2％（与6％的均衡率相比），约75％的办公空间位于笨拙的建筑物中，笨拙地铺设，外国执行官没有小缺陷 - 不是然而有线空调。2月份，他的基金在基于巴黎的公开交易的房地产公司收购Locafinancire的e4.50万元的多样化法国物业组合。但猎户座也有许多其他建筑物，即将在外面的巴黎社区开放业务。“我们已经超越了我们对附近郊区的房产的期望，如Issy-Les-Moulineaux和St.-denis，”他说。“这些建筑物是巴黎中部公司的公司具有成本效益的替代品。租金可能是巴黎中部的一半。”
凯雷集团为其第一个欧洲房地产基金筹集了5亿美元，这将直接投资。阿波罗房地产顾问希望为其国际房地产基金筹集约5亿美元，主要针对欧洲，高盛的白厅集团已经积累了23亿美元，其中一部分将在欧洲投资。
Jeppe de Boer, a London-based real estate analyst at Goldman, sees firsthand evidence of the growing interest in Europe. Several months ago he published an extensive analysis of European real estate stocks. "If I had written this the year before," he says, "I might have [been asked to visit] ten U.S. institutions after publishing the report. Now I am visiting almost 40."
尽管如此，该行业不太可能回到20世纪90年代初的危险令人危险的日子。回来后，银行在渴望开发商面前晃动过多的资本，融资空建筑物，欧洲办公市场变得严重过度建造。例如，在1992年，日本工业银行的子公司Kowa房地产有限公司为华盛顿广场为华盛顿广场支付了FF100,000，这是一家在急需翻新的弧德特拉梅菲附近的办公楼。Kowa每米进一步的FF20,000才能现代化空间。最近，由SociétéFonciereLyonna领导的法国机构联盟购买了每平方米的大约FF60,000 - 大约一半由Kowa支付的价格。
Although European Union real estate values are not yet approaching their early '90s peak, rental rates have climbed back to levels not seen since the start of that decade. Says Eric Sasson, head of Carlyle's new European property investment group: "Ten years later you are back to rental prices of Ff5,000 per square meter for top locations in central Paris. But ten years have gone by, and there has been inflation."
从现在起多年来，今天的交易看起来可能取决于两个因素：欧洲经济的增长率和新房地产空间可用的速度。Jay Henry，摩根斯坦利欧洲房地产投资集团负责人，在两端持续乐观：“欧洲可能会在风暴以及那里的任何经济体内天气。在供应方面，它一直很难提供供应。In cities like London, Paris and Milan, the regulatory structure is more difficult than in the U.S."
Others are not so sanguine. Jones Lang LaSalle, a Chicago-based real estate brokerage and research firm, estimates that while Paris will see a minuscule 2.4 percent increase in new space coming to market this year, with a further 2.5 percent added in 2002, other cities will face more substantial additions. Madrid anticipates a 6.5 percent jump in 2001 and an 8.2 percent increase next year; Munich is looking at 5.1 percent and 7.5 percent increases for the next two years.
至于经济,如果美国进入recession, Europe - and European real estate - will undoubtedly feel the effects. Orion's Stults says: "The current question is how firm are these preleased spaces? Will the technology, telecom and media companies actually take their pre-lets? And we have to watch the financial institutions. Currently, the investment banks are in a hiring freeze, and staff reductions could mean that we'll see some sublease space coming on the market."
To circumvent any slowdown, Carlyle's Sasson says he intends to buy properties in regional French capitals like Lille and Marseille. Demand tends to be more stable in these markets, where subsidiaries of multinationals have recently opened new outposts. "When you are an EDF or Coca-Cola," says Sasson, "as much as you are headquartered in Paris, you also need tentacles in places like Lyon. It had been a city where only French companies had assets. Now you have Germans and Americans buying up properties."
As Sasson well knows, as European governments continue to sell off state-owned assets and public companies restructure, more real estate will be coming on to the market. "There is a very strong deal flow," he says.
Lehman Brothers recently joined with Beni Stabili, an Italian real estate firm, in a landmark E2.9 billion deal with debt-laden Telecom Italia to buy telecommunications and office buildings. It is now negotiating a deal with Swisscom. Five months ago Goldman's Whitehall bought Peugeot's headquarters in Neuilly-sur-Seine, a Paris suburb. In the offing: sales of property portfolios and individual properties from Siemens, ENI and Deutsche Telekom.
No one expects these assets to come on the market at vulture fund prices. "Opportunity presents itself if a property is undermanaged or underutilized," says Stults. "Money is made in adding value and modernizing."