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European Real Estate Quarterly - Q1 2015

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Perhaps the most important development in Europe since the last Quarterly, has been implementation of QE by the ECB as long expected by this publication. The announced QE program was at the upper end of expectations and began in early March, with purchases of up to EUR60 billion per month until September 2016 (and quite possibly later). The purchases will cover Eurozone government and agency bonds, but also include the existing covered bond and ABS1 purchase programs. At the time of writing Greek and Cypriot government bonds were not eligible.

The QE program will be conducted alongside the European Commission coordinating a public-private infrastructure investment fund that is expected to reach EUR300 billion. This fiscal initiative will complement not only the latest monetary policy efforts of the ECB, but also the ongoing (albeit slow) structural reforms that are occurring in a number of Eurozone countries.

Source : AEW Europe

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