Business Immo, the real estate website

Maxime Alimi

Head of Investment Strategy

Laurence Arnold

Responsable de la gestion de l'innovation et des initiatives stratégiques

Antoine Aubry

Responsable stratégies CORE - Fund Management

Germain Aunidas

Global Head of Development, Real Assets

Ruulke Bagijn

Responsable mondiale de la division real assets private equity

Axèle Bastien

Global Head of Legal

Nicolas Bregerie

Co-Head of Development France

Stephanie Caldeira

Head of Disposal France

Laurent Clavel

Head of Research

Julien Conte

Deputy Head of Asia

Florence Dard

Global Head of Business Development Real Assets - Member of the Management Board Real Assets

Ghislain De Jerphanion

Gérant de fonds - Département Gestion créances immobilières

Henry De Massia

Senior Talent Acquisition Consultant - Real Assets

Antoine de Senneville

Senior Fund Manager

Anne-Laure Dury

Asset Manager Retail

Jean-Jacques Fabre

Responsable Portfolio Manager

Christophe Fritsch

Global Head of Alternative Credit

Julien Gailleton

Directeur - Equipe dédiée à l'investissement dans les infrastructures

Anthony Gilsoul

Head of Beneficial Ownership Reporting, Global Compliance

Émilie Jaskula

Directrice de l'asset management et des arbitrages France

Antoine Jozan

Head of Investor Relations and Marketing

Thomas Karmann

Head of Logistics

Laurent Lavergne

Global Head of Asset Management and Development

Christophe Lebrun

Senior Transactions Manager Forestry, Real Assets

Louis Leveillé Nizerolle

Investment Manager, Real Assets

Laurent Liot

Directeur général délégué

Alexandre Martin-Min

Head of Natural Capital & Impact Investments

Vincent Mezard

Global Head of Living & Hospitality

Xavier Ramette

Head of Asset Management Europe

Timothé Rauly

Global Co-Head of Real Estate

Marion Redel-Delabarre

Head of Private Wealth

Gautier Ripert

Global Head of Operations

Nathalie Savier Lacour

Co Head Développement France

Isabelle Scemama

Global Head of AXA IM Alts - Chief Executive Officer of AXA IM - Real Assets

Deborah Shire

Deputy Head of AXA IM Alts in charge of Corporate Development - Global Head of Structured Finance

Jocelyne Tamssom

Head of Communications, AXA IM Alts

Frédéric Tempel

Global head of listed real estate

Anne Vendeman

Development Manager


In Nanterre, within its own campus, Groupama takes over Crystal Défense

The Crystal Défense building in Nanterre has changed ownership. DTZ Investors made it official today via a press release. In the role of the (...)


Axa IM Alts buys a five-star hotel in Barcelona

Axa IM Alts, acting on behalf of its clients, has signed the Sofia Hotel, located in the Les Corts district of Barcelona, in a (...)


"Each crisis reminds us a little of the fundamentals from which we should not have drifted"

Business Immo: Faced with strong macroeconomic and geopolitical tensions, real estate investors must now deal with a new financial context. How do you interpret (...)


Life Sciences: Kadans accelerates its pace in France

After completing its first French acquisition in Villejuif at the end of 2022, Kadans Sciences Partners announced in mid-February its second French project, this (...)


Axa IM Alts to increase capital raising for its infrastructure and debt strategies in 2023

Axa IM Alts has raised around €15bn of new capital in 2022 ; a volume that also incorporates previously raised non-deployed capital. A "solid" year, (...)


Kadans Science Partner to develop 14,000 sqm of "tech" space in Paris-Saclay

After making its first real estate acquisition in France last year*, Kadans Science Partner has just signed a promise of sale with the EPA (...)

Health / Senior

Perial AM acquires the M&C healthcare portfolio

Perial Asset Management (AM), on behalf of its PF Hospitalité Europe SCPI, acquired in December a portfolio of healthcare assets in Germany, named « (...)


Axa IM Alts signs a €420m portfolio in Japan

Axa IM Alts likes Japan, where the group has just acquired a portfolio of 33 multi-family properties for approximately €420m. Located in the high-density (...)


Professor Jeremy Rifkin to give opening speech at Mipim 2023

Mipim announces the participation of the American essayist and economist Jeremy Rifkin in its next edition, which will be held from March 14 to (...)


Primonial REIM buys Paris 12th's Bloom office building from AXA IM Alts

Primonial REIM France has successfully completed the acquisition of the Bloom office building, located in the 12th arrondissement of Paris at 61-69 rue de Bercy, (...)


Kadans Science Partner officially launches its activity in France

Kadans Science Partner has signed its first real estate acquisition in France, in Villejuif to be precise. The Axa IM Alts subsidiary has signed (...)


EY will soon move from La Défense to Avenue Hoche

EY, whose lease on more than 44,000 sqm in the First Tower expires at the end of 2025, is preparing to turn the page (...)


La Défense: a joint venture puts together the puzzle of the Grande Arche

It is certainly the symbol of La Défense. And this symbol, designed by Johan Otto von Spreckelsen and inaugurated in 1989, has taken the (...)


Primonial REIM France sells two assets for €106.3m

While Primonial REIM France's SCPI Primopierre made headlines in the third quarter of 2022 with the acquisition of the Sensorium building near Lille (€126.6m), (...)


Axa IM Alts delivers Stories, a 64,000 sqm office complex in Saint-Ouen

Axa IM Alts announces the delivery of Stories, a new 64,000 sqm office complex in Saint-Ouen. Born from the reconstruction of a building dating from the (...)


UBP buys two office buildings totalling 70,000 sqm in Brussels

Seven months after acquiring the future headquarters of the SNCF in Saint-Denis (93) from Axa IM Alts and Bouygues Immobilier*, Union Bancaire Privée (UBP) (...)


A partnership between AXA IM Alts and Virtuo to develop 150,000 sqm of logistics space in France

The French firm Virtuo Industrial Property has partnered with asset manager AXA IM Alts, acting on behalf of its clients, to develop six logistics (...)


AXA IM Alts reviews its organisation

In order to support its growth, AXA IM Alts has evolved its internal organisation with five new dedicated business lines and four promotions. The (...)


Police searches at the Paris City Hall concerning the Unibail's Triangle Tower

According to the latest news, the French National Financial Prosecutor's Office had entrusted the Triangle Tower affair to an investigating judge. The latter ordered (...)


Louis Leveillé Nizerolle promoted to Head of Transactions France at AXA IM Alts

Louis Leveillé Nizerolle has been appointed Head of Transactions France for AXA IM Alts. He will replace Antoine Mesnage, who has been promoted to (...)


AXA IM Alts continues to develop its US platform

AXA IM Alts has appointed Stephan Ackermann to the newly created position of Head of Client Group North America. His objective? To further develop (...)


Eurocommercial Properties completes asset rotation programme

Eurocommercial Properties has sold the Les Grands Hommes gallery in Bordeaux for €22.5m. At the same time, the Dutch property company sold the offices (...)


UBP obtains a €152.7m loan for the development of the HAMØ building in Saint-Denis

Union Bancaire Privée (UBP) has obtained a €152.7m loan - for a period of seven years - from Berlin Hyp. This financing is intended for (...)


AXA IM Alts raises record c. €18bn of capital in 2021

AXA IM Alts raised a record €18.2bn of capital in 2021, including €10.2bn of third party commitments, reflecting the strong positioning and suitability of (...)


Ivanhoe Cambridge appoints Marie Le Dirac'h as Senior Director, Risks Management, Investments, Europe

Marie Le Dirac'h has joined Ivanhoe Cambridge as Senior Director, Risks Management, Investments, Europe. Marie Le Dirac'h began her career at General Electric in 2007. (...)


AXA IM Alts acquires 400-bed student housing scheme in Italy for €40m

AXA IM Alts has announced that it has agreed to acquire, via a forward-purchase agreement, a c. 400-bed purpose built student accommodation (PBSA) scheme in (...)


AXA IM Alts extends global green investment strategy with French forestry acquisition

AXA IM Alts has completed the acquisition, on behalf of clients, of a 537 hectare deciduous forest known as ‘Forêt de la Reine’ in (...)


In Clichy, AXA IM Alts and Redman imagine a 50,000 sqm ecological urban campus

Black is the name of the programme launched by AXA IM Alts, on behalf of the Development Venture IV fund, and Redman in Clichy, a (...)


URW partners with AXA IM Alts to develop Paris 15th's Triangle Tower project

Unibail-Rodamco-Westfield (URW) announced today the signing of a co-investment partnership with AXA IM Alts, a global leader in alternative investments acting on behalf of clients, for the (...)


AXA IM Alts completes acquisition of German R&D facility for c. €124m

AXA IM Alts, a global leader in alternative investments with c. €163bn of assets under management, announces the acquisition of a research and development (...)


AXA IM Alts raises €1.9bn for European Life Sciences investments

Paris-based global manager AXA IM Alts has raised €1.9bn of equity to accelerate investments into the Life Sciences sector. The capital raised will primarily (...)


AXA IM Alts and Accumulata Real Estate plan development of hybrid timber office in Munich

AXA IM Alts has acquired a site in central Munich, on behalf of clients, on which it plans to develop an “innovative and highly (...)


Segro sells portfolio of warehouses in Italy to AXA IM Alts for c. €128m

Segro plc has agreed the sale of a portfolio of six Italian urban warehouses for €127.51m to AXA IM Alts, on behalf of clients. The (...)


AXA IM Alts' Kley Group is expanding its workforce in France

Kley, the student housing and coliving arm of AXA IM Alts, has announced the recruitment of new staff to continue the company's development throughout the country. (...)


Paris 2nd: AXA IM Alts and Vinci Immobilier deliver the Kimpton St Honoré hotel to IHG

AXA IM Alts and Vinci Immobilier announce the delivery to IHG of the Kimpton St Honoré Paris hotel, located in the 2nd district, between (...)


Aéma REIM signs the acquisition of Issy-les-Moulineaux's Keïko tower from AXA IM Alts

Macifimo, which is changing its name to Aéma REIM, has signed the acquisition of the Keïko tower in Issy-les-Moulineaux from Axa IM Alts, which (...)


AXA IM Alts’ flagship core European real estate fund raises first green bond with €500m issuance

AXA IM Alts' flagship European open-ended real estate fund, AXA CoRE Europe, has priced a seven year €500m green bond offering with a green finance framework (...)


Patrizia appoints Amal Del Monaco as new European Head of Asset Management and chair of country heads

Patrizia AG has announced the appointment of Amal Del Monaco as its new European Head of Asset Management and chair of its country heads. She (...)


Hammerson continues to dispose of assets in France

With or without the health crisis, Hammerson is continuing its programme of disposals of French shopping centres deemed non-strategic. On the announcement of its (...)


"On the French logistics sector, the dynamism of the last few years is not about to slow down"

Business Immo: How did the French logistics rental market fare in 2020, given the non-standard context imposed by the Covid-19 pandemic? Didier Malherbe: Paradoxically, the (...)


Real I.S. acquires a 123,000 sqm logistics portfolio near Orleans

Real I.S. AG acquired a logistics portfolio in Mer — near Orléans — for its real estate funds BGV VIII Europa and Realisinvest Europa, (...)


AXA IM - Real Assets to acquire 30,000 sqm logistics development near Bordeaux

AXA Investment Managers - Real Assets has agreed to acquire, by way of forward funding and on behalf of clients, a c. 30,000 sqm (...)


Kley buys 7,200 sqm student residence from Eiffage Immobilier near Paris

Kley, the student housing and coliving arm of AXA Investment-Managers - Real Assets, has just acquired off-plan a 7,200 sqm student residence from Eiffage Immobilier. Located in (...)


"By taking a 49% stake in REI Habitat, AXA IM-Real Assets has given us the means to achieve our ambitions"

Business Immo: What does the entry of AXA IM - Real Assets into the capital of REI Habitat represent for REI Habitat? Paul Jarquin: This (...)


AXA IM-Real enters French timber-focused developer REI Habitat’s capital with 49% stake

REI Habitat and AXA Investment Managers - Real Assets have just entered into a partnership aimed at accelerating the development of the timber-focused developer. (...)


Kley to set up first coliving residence in Paris 18th

French student housing and coliving operator and investor Kley, bought last year by AXA Investment Management – Real Assets, has announced the future opening (...)


AXA IM-RA partners with in’li on Greater Paris 9,800 units affordable housing portfolio

AXA Investment Managers - Real Assets (AXA IM - Real Assets) has created a long term strategic partnership with in’li, the leading operator of (...)


Paris La Défense signs a deed of sale with AXA IMRA for the Altiplano project

Paris La Défense has just signed with AXA-IM Real Assets - acting on behalf of CDC Investissement Immobilier and another of its clients -, (...)


AXA IMRA raises over €1bn for second infrastructure debt fund

AXA Investment Managers - Real Assets (AXA IM - Real Assets) has just announced the successful final close of its second comingled European infrastructure debt fund, (...)


AXA IM - RA completes €13.7bn of transactions in 2019

Paris-based manager AXA Investment Managers - Real Assets has announced strong performance for 2019, having completed €13.7bn of transactions on behalf of clients and (...)


DTZ Investors REIM buys Aquarel building in Issy-les-Moulineaux

Acting on behalf of an OPPCI fund, DTZ Investors REIM has acquired the Aquarel office building in Issy-les-Moulineaux, near Paris, from AXA Investment Managers (...)


Paris-La Défense : AXA IM-RA sells 30,000 sqm Parallèle building to La Francaise

Paris-based La Francaise has acquired off-plan, on behalf of one of institutional clients, the Parallèle building, a 30,000 sqm office asset located in the (...)


AXA IM-RA acquires 275,000 sqm European logistics portfolio from AEW

Paris-based manager AXA IM-RA has completed the acquisition of a pan-European logistics portfolio of some 275,000 sqm from counterpart AEW on behalf of one (...)


AXA IMRA appoints Lavergne as Global AM head, Rauly at head of fund mgt

Paris-based AXA IMRA has appointed Laurent Lavergne as Global Head of Asset Management & Development, naming Timothé Rauly as sole Head of Fund Management. The changes result largely from the (...)


BlackRock makes first French investment with EFV - Tour Voltaire in La Défense

US wealth management giant BlackRock has made its first investment in France from its Europe Property Fund V raised in summer - the 36,000 (...)


Coliving at the forefront of Europe’s housing solutions

In its recently published European Coliving Index, JLL estimates that coliving has grown to 23,160 beds either built or in the development pipeline across (...)


AXA-IMRA acquires Oaktree's French student housing group Kley

Paris-based AXA-IMRA has, for an unknown sum, acquired the Kley Group, an operator of student housing across France. Vendor was its founder. California's Oaktree Capital Management. Oaktree said Kley is (...)


France's AXA IMRA completes €900m purchase of NorthStar Realty Europe

France's AXA IM - Real Assets has completed its €900m purchase of the entire share capital of NorthStar Realty Europe, which holds €1.1bn of (...)


France's Gecina, BNP Paribas RE drop bid to build Paris 2024 Olympic village

French REIT/SIIC Gecina and BNP Paribas Real Estate are dropping their joint bid to construct the future athletes' village for the Paris 2024 Olympics. The (...)


AXA IM-RA pays €77m to acquire 216-unit Barcelona housing project

Paris-based AXA Investment Managers-Real Assets has acquired a 216-unit residential project in Barcelona, Spain, paying €77m in a forward purchase deal. The site has been (...)


French 2Q retail investment falls 24%qq to €550m but household morale seen good

Investment in French retail property fell by 24% between the first and second quarters to €550m, taking total in 1H19 to €1.3bn but household (...)


AXA IM-RA purchases stakes in Paris retail-based assets for total €676m

Giant Paris-based asset manager AXA IM-RA has added stakes in two Paris retail-based assets, Italie Deux and Passage du Havre, for a total investment of €676m. The (...)


Paris-based AXA IM-RA makes 5th Amsterdam hotel acquisition

Paris-based AXA Investment Managers-Real Assets has made its fifth Amsterdam hotel acquisition, purchasing the DoubleTree by Hilton at the Dutch capital's central station. In a (...)


Germany's KanAm said acquiring state-let Barcelona offices for €100m

Germany's KanAm Grund group has paid around €100m to acquire eight office buildings in Spain's second city Barcelona, all leased to the Catalonian government, local media (...)


Korean Mirae, French Amundi confirm Paris La Défense Majunga buy

Korea's Mirae Asset Daewoo and France's Amundi Real Estate have confirmed their purchase of the 67,036 sqm Majunga tower in Paris La Défense, advised by Deloitte. Mirae Asset Daewoo (...)


AXA's $900m NYSE-listed Northstar takeover seeks euro office assets

Paris-based AXA Investment Managers is acquiring NYSE-listed European office investor NorthStar Realty Europe for around $900m, mainly for its assets on behalf of clients. In (...)


France selects Athletes' Village developers for 2024 Paris Olympics

France has selected the companies which will be assigned to develop the Athletes' Village for the 2024 Paris Olympics and Paralympics. The infrastructure is planned (...)


Korean investors comb Paris La Défense after Mirae snaps up URW's Majunga for €850m

South Korean investors are watching Paris La Défense closely after news Unibail-Rodamco-Westfield has sold the Majunga tower to Seoul-based Mirae Asset Daewoo for €850m. The deal raises (...)


AXA IM-RE ends 2018 with €82bn AUM, to continue global expansion

AXA Investment Managers - Real Assets made €15.2bn of transactions last year, ending with €82bn AUM, and will continue to expand globally, stressing alternatives, value-add (...)


France's CDC, backed by Germany's Vonovia, said winner of SNCF housing at €1.4bn

With a near €1.4bn bid, France's CDC Habitat, backed by two state pension funds and Germany's Vonovia, has won the 4,000-unit housing portfolio sold (...)


"Why Greystar is expanding into PRS, student homes in France"

Business Immo: Who is Greystar? Hideki Kurata: Greystar is an integrated American-based platform specialising in residential real estate in the broad sense, with particular expertise (...)


AXA completes Tour Paris-Lyon office-hotel redevelopment

AXA Investment Managers-Real Assets has completed transformation of a 19-storey office tower near the Gare de Lyon in Paris into the Tour Paris-Lyon hotel, (...)


French La Francaise adds German Veritas to aid €70bn AUM target

Paris-based investment manager La Francaise has acquired German property asset manager Veritas, which runs over €7bn AUM in two firms based in Frankfurt and (...)


Future of retail lies not in online or stores but in both - EPRA debate

The future of retail lies not in online or stores but in multi-channel, the EPRA conference heard last week. But internet shopping has further (...)


European 1H RE investment slows to €110bn; should pick up in 2H - RCA

European real estate investment slowed 19%yy in the first half to €109.8bn as high prices led institutions to scale back, says New York-based research (...)


AXA IM-RA takes full control of DATA4 data centre firm

Paris-based AXA IM-Real Assets has acquired the remaining interest in European data centre operator DATA4 from Colony Capital, taking its ownership from 37%. The deal price has (...)


Blackstone adds French logistics via Gramercy, one day after buying in Germany

Just one day after adding five logistics properties in Germany, US giant Blackstone is adding seven in France for €175m via Gramercy Europe, part of US REIT (...)


Aided by consolidation, global property fund AUM rises 22% to average €16.7bn

Primarily due to rapid growth of big managers, aided by a trend to consolidation, average assets managed by global property funds last year rose (...)

Health / Senior

AXA IMRA adds €250m portfolio of elderly care facilities in Paris

AXA Investment Managers - Real Assets, one of Europe's largest investing institutions, has acquire a €250m portfolio of elderly care residential facilities in Paris (...)


Japan capital entering euro real estate not for the cycle but the longer term

The entry of GPIF, Japan Post and other giant Tokyo institutions to European property is happening but may take longer if managers reject inital fee (...)


Rule of law, transparency, liquidity are key investment criteria - INREV panel

Rule of law, transparency and liquidity in global real estate markets are the key criteria for allocations, the INREV Annual Conference heard in a panel bringing (...)


Strongest year since crisis ahead for Europe; main risk is China - ULI Conference

The European economic cycle is not yet at its peak and this year should be the strongest since the crisis - but could extend (...)


Barcelo's Spanish hotel merger bid for NH synches with Chinese HNA troubles

The sharp rise in tourism to Spain that has brought at least two REITs and numerous funds surging into its hotel sector has sparked (...)


Poland's Griffin signs €1bn of 28 retail assets, earmarking 12 for Echo Polska

Poland's Griffin Real Estate, controlled by US funds Oaktree, PIMCO and South Africa's Redefine, has signed a deal reported earlier to acquire 28 domestic (...)


The global economic backdrop – too good to be true?

Financial markets and economies have hit a sweet spot, with strong growth continuing and no sign of stagflation in sight. While growth does remain (...)


Who is afraid of equity valuations?

The global financial crisis defied the vast majority of policymakers, but none more so than central banks. Based on economic history, and fearful of (...)


Controversy in Catalonia: What does it mean for investors?

On Sunday 1 October, Catalonia held a controversial referendum for independence. The vote was deemed unconstitutional by the Spanish Constitutional Court and the central (...)


Economic growth momentum stuck between political and policy uncertainty

In last month investment strategy, we highlighted how dwindling confidence in US policy-making, coupled with upbeat European growth momentum, had reshaped the market outlook. (...)


The digital economy's next stage of evolution

The digital economy is becoming ever-more ubiquitous. Yet, its implications for investors remain largely unaddressed, as the link between the micro developments found in (...)


How the digital economy is changing public policy

・Monetary policy is being challenged by the changing inflation landscape in the digital economy as well as by the emergence of alternative currencies that (...)


Clouds over US outlook, sunshine in Europe

・In the US, sentiment towards politics and policy has deteriorated as a result of escalating tensions with North Korea and poor cooperation between the (...)


China’s path to the end road : Is China destined to a financial crisis, lost decade or soft-landing?

Fears of a disruptive unwind of China’s structural imbalances have plagued the market in recent years. Given China’s global significance, such a shock could (...)


Switch renewable energy remains firmly on

Regardless of President Trump announcing that the “United States will cease all implementation of the non-binding Paris Accord”, agreed at COP21 (Conference of Parties) (...)


July Investment Strategy - Waiting for Jackson Hole

The most spectacular change since our last Monthly Strategy paper has been the strength of the euro against the dollar. The currency’s appreciation reflects (...)


June Investment Strategy - Political optimism, market ambivalence

Following the recent spate of political events, the economic outlook looks far brighter than it did six months ago, mostly thanks to the euro (...)


European Residential Market

European residential markets are subject to a high degree of diversity, resulting from differences in both institutional and regulatory factors. Local market knowledge and (...)


May Investment Strategy - The return of central banks

With the Austrian, Dutch and now French elections having been ‘successfully’ navigated, fears of a populist wave hampering both globalisation and global growth have (...)


Significant opportunities, down under

2016 saw Australia celebrate its 25th consecutive year of GDP growth. And, with average growth of 2.7% per annum forecast over the next three (...)


April Investment Strategy - Counting on economic cycle extenders

As political risks in France (hopefully) continue to recede (according to our 6-49 model, the risk of a disruptive result in the French elections (...)


Rising economy and policy uncertainty

Global political effervescence dominated markets over recent times and as a result it has managed on many occasions to diminish the impact of much (...)


US Real Estate remains a fertile hunting ground

The Goldilocks analogy is arguably fitting in describing a US economy entering its eighth consecutive year of growth. A protracted recovery following the global (...)


March Investment Strategy - Capitulating on politics?

Markets have started looking on the bright side of life again after the Dutch elections, if tighter spreads in some European markets are anything (...)


Data Centers: Essential infrastructure for digital lives

We are all generators of data. From the smart phones in our pockets to our watching of TV on connected devices, the amount of (...)


Mapping to market

Using correlations across asset classes, we have mapped a variety of market conditions. The current conditions point to a benign environment, which is consistent (...)


January Investment Strategy - 2016 lessons for 2017

2016 started with a market crash and then between Brexit and the US election, it looked like a political roller coaster was on its (...)


2017: Spotlight turns to the Euro area

is back and its return has revived investors’ expectations for growth. In turn, bond yields and commodity prices have risen. However, these movements are (...)


Infrastructure, where we start

Almost everyone relies on infrastructure in one way or another. Whether it is taking the train to work, having clean drinking water, turning on (...)


Asia Pacific - Australia, the first port call

A focus on the top 25 Global Cities, as defined in previous AXA IM – Real Assets research, includes many within the Asia Pacific (...)


Global Cities: The future of real estate investment

Over half of global office investment over the last five years occurred in just 25 cities. We are used to seeing remarkable statistics on (...)


September Investment Strategy : Can politics and central banks derail the ongoing recovery?

A surprisingly benign summer despite Brexit and ongoing modest recovery should not leave room for complacency. Central banks remain at the centre of market focus (...)


Brexit: Decision made - The implications for European Real Estate

The pollsters called it wrong, again. The UK has voted to leave the European Union (EU). While this was always a possibility, few markets (...)


August Investment Strategy : September and Eastern promises

An unexpected equity rally in July seems to have been driven by upside surprises in US economic data and investors re-risking post Brexit. Meanwhile, central (...)


Retailtainment: The winning combination of experience and leisure

The emergence of a new generation of better-informed and time-pressed shoppers has disrupted consumption patterns. The digital revolution and the prevalence of collaborative social (...)


Applying a 360-degree approach to property allocations

The unique characteristics of the real estate asset class, combined with visibility on the underlying cash-flow streams, enables real estate investors with a deep (...)


Blurred lines: The merging of logisitics and retail

Online sales across Europe have grown at a much faster pace than overall retail sales, increasing by 18.4% across Europe in 2015, compared to (...)


Investing in today's markets

Global real estate has had a great run.Performance has been strong; global property funds returned 12.5% year-over-year as at Q1 2016, versus low single-digit (...)

HR / Working space

The impact of flexible working on European office markets

Hot-desking, co-working, remote login, touchdown space… Flexible workspace is home to a large range of work concepts and an even greater choice of workplace-related (...)


Value-add opportunities throughout the cycle

Over the last five years or so, many Commercial Real Estate (CRE) investors have favoured income producing, stable assets in main locations. Targeting investments (...)


Hotels : Here to stay

The global hotel industry has benefitted from an unparalleled rise in international travel over several decades. Hotel investors have positioned themselves to capture this (...)


Outlook 2016 : Accepting risks in the right areas

It is natural to approach each New Year with optimism, but markets had faltered just one month into 2016. Global equities stood around 12% (...)


China 2016 outlook - Three Rs: Rebalancing, Risk and Reform

The dreadful opening week of the Chinese markets for 2016 has reignited concerns about the world's second largest economy. What's more is that these (...)


Strategic directions - Investment recommendations in an uncertain market

 Investment returns can often deviate from their long-term averages. Figure 1 shows that while average annual IPD UK capital returns were 4.2% between 1973 (...)


European Quarterly Overview - Q2 2014

The rise in EU28 GDP of 0.4% in the fourth quarter of 2013 followed 0.3% of the third quarter, although the preliminary estimate for (...)


Europe’s 2013 in numbers - Q1 2014

The middle of 2013 heralded a turning point in economic sentiment. The Bloomberg Consensus Forecasts saw upward revisions to both the 2013 and 2014 (...)


European Quarterly Overview - Q1 2014

EU28 GDP rose by 0.3% in the third quarter of the year, disappointing after the 0.4% of the second quarter, but it was at (...)


Restart recovery - Q4 2013

The rise in EU27 GDP of 0.4% in the second quarter of the year represented an economic turning point, after the previous six quarters (...)


European Quarterly Country Review : United Kingdom - Q3 2013

The UK economy produced 0.7% growth in Q2, largely driven by the service sector. Encouragingly, all four main industrial sectors contributed to growth and (...)


European Quarterly Country Review : Germany - Q3 2013

German GDP grew by 0.7% in Q2 2013 on the back of strong household consumption and government expenditure, although the main driver of increased (...)


European Quarterly Country Review : Denmark - Q3 2013

Denmark’s economy has been contracting, but there are signs that the consumer sector, in particular, has stabilised following improvements in the housing market Office sector (...)


European Quarterly Country Review : France - Q3 2013

France technically recovered from recession in the second quarter, but structural problems remain which will weigh ongrowth. We view the quarter’s growth as short (...)


European Quarterly Country Review : France - Q2 2013

As a result of the newly-introduced austerity programme and the low growth elsewhere in Europe, the French economy is experiencing a double-dip recession and (...)


European Quarterly Country Review : Germany - Q2 2013

GDP rose by a marginal 0.1% in Q1 2013. At a country level office vacancy rates declined in Germany on average despite weakening demand. Frankfurt experienced, (...)


European Quarterly Country Review : Poland - Q2 2013

GDP growth has almost stagnated, with no growth during Q4 2012 and a rise of just 0.1% in Q1 2013 Despite significant development completions expected (...)


European Quarterly Overview - Q2 2013

The 0.5% fall in European GDP in the fourth quarter of last year was both below consensus expectations and a disappointment to the markets, (...)


European Quarterly Country Review : United Kingdom - Q1 2013

Quarterly GDP growth remains volatile, but employment growth has remained positive, with the number of employed persons reaching an all-time high in October. The City, (...)


European Quarterly Country Review : Switzerland - Q1 2013

The strength of the Swiss franc has weakened the competititveness of Swiss exports, but domestic demand remained strong in 2012, and GDP is expected (...)


European Quarterly Country Review : Germany - Q1 2013

Germany avoided a double dip recession in 2012, but the final quarter disappointed with a GDP fall of 0.6%. Office take-up in Q4 represented the (...)


European Quarterly Country Review : France - Q1 2013

The French economy is deteriorating, exacerbated by reducing government expenditure and repressive austerity measures. Occupiers have scaled back relocation plans and are increasingly willing to (...)


2012 in numbers - Q1 2013

While 2012 started positively following the ECB’s first LTRO (December 2011) and in expectation of a second (which duly arrived at the end of (...)


European Quarterly Country Review : United Kingdom - Q4 2012

UK GDP is estimated to have grown by 1.0% in Q3 and, even allowing for 'exceptionals', together with upward revisions to Q2, this suggests (...)


European Quarterly Country Review - Q4 2012

GDP remained almost flat in Q3 with only 0.2% growth. Take-up in the Paris region office market year-to-date is 19% below the same period in (...)


Retail will never be the same again - Q4 2012

Online retail is no longer a marginal sales channel and its pace of growth will see online capture almost all retail sales growth in (...)


European Quarterly Overview - Q3 2012

Spain reached a record high (since 1990) of 13.1% office availability in Q2 2012 from the previous quarter’s 12.9%, and is now way above (...)


European Quarterly Country Review : United Kingdom - Q3 2012

UK GDP contracted by 0.7% in Q2, significantly worse than consensus estimates. Demand fundamentals are weakening in the London office market, and grade A (...)


European Quarterly Country Review : France - Q3 2012

French GDP has remained unchanged for the past three quarters and some indicators point to a deteriorating business environment. Prime office CBD rental values (...)


European Quarterly Overview - Q3 2012

Although the Greek ‘second’ election results averted a direct confrontation on the austerity measures with the other eurozone countries, the focus of the euro (...)


Property’s place in a mixed-asset portfolio 2012

Property’s total returns over the long-term have positioned between those of equities and bonds. Similarly, its risk (as measured by volatility) lies between the two (...)


Managing risk with European diversification 2012

Cross-border investing increases opportunities to diversify and, despite expectations of economic convergence, these are not being substantially eroded. European country-specific risk is now showing a (...)


European Quarterly Country Review : Hungary - Q2 2012

Economic growth during 2011 was positive, but stemmed largely from export-strength, supported by FX weakness and buoyant conditions in trading partner markets (e.g. Germany). Having (...)


European Quarterly Country Review : United Kingdom - Q1 2012

GDP growth fell by 0.2% in Q4 as manufacturing sector growth declined by nearly 1%. London City quarterly office lettings fell with increasing concerns over (...)


European Quarterly Overview - Q1 2012

Resolution of the euro crisis appears no closer and the bond market pressures continue to build. While a withdrawal of one or more countries (...)


2011 in numbers

Government bond yields polarised further during 2011 as investors sought to invest in 'safe-haven' markets such as Switzerland, Germany, Sweden and Norway. Annual GDP growth (...)


European Quarterly Overview - Q1 2012

Resolution of the euro crisis appears no closer and the bond market pressures continue to build. While a withdrawal of one or more countries (...)


European Quarterly Overview - Q4 2011

The eurozone crisis is evolving but necessarily towards a rapid or, indeed, satisfactory conclusion. Greece’s original ‘soft default’ proposal – the voluntary loss 21% (...)


European Quarterly Overview - Q3 2011

The stresses increased within the eurozone over the last few months and these are accelerating rather tahn abating. This is evident in the polarisation (...)


European Quarterly Country Review : France - Q3 2011

After an exceptionally good Q1, GDP growth surprised by dropping to 0% in Q2 2011. Office vacancy rate increased from 6.8% to 7.1% in Ile (...)


European Quarterly Country Review : United Kingdom - Q2 2011

While UK consumption deteriorated, business confidence continued to improve. Inflation remains high; interest rate rises will follow, but have, so far, been deferred. Net new demand (...)


Market impact of German Open-Ended Fund closures - Q2 2011

Currently over a third of the German Open-End Funds (by AuM) are closed for redemptions or are in liquidation. The total property market value of (...)


European Quarterly Country Review : Germany - Q1 2011

Economic growth slowed in the second half of 2010, but Germany had an exceptionally good 2010 with a 3.6% GDP increase. With continuing new supply (...)


Solvency II : From Challenge to Opportunity

The recent crisis highlighted more than ever the need for a deep overhaul of the supervisory framework within which the European Insurance industry operates. (...)