International Real Estate News Summary…REITs, Property Funds, Deals and more…

International Real Estate News Summary…REITs, Property Funds, Deals and more…

Aberdeen Property Investors, part of Aberdeen Asset Management, is to launch a commercial property fund specialising in Russia and (later on) Eastern Europe. The fund will be managed by Baltic Property Trust

Nucleus Global’s Europe/Asia Bet, One Year On – The fund’s UK property funds were sold 12 months ago and the proceeds went to European and Asian trusts (particularly Indian and German investments). Since then the fund’s performance has been only modest. It’s investment in AIM-listed Trinity Capital, which invests in Indian infrastructure has not yet delivered a good return owing to hedge funds divesting.

CB Richard Ellis Launches a US Corporate Leasing Site – The website – www.greatleasedeals.com – offers data on subleased commercial property available at a discount. Pre-approved deal terms have been negotiated by CB Richard Ellis’s own brokers. CBRE’s office vacancy and industrial availability indices for Q1 2007 were relatively stable.

Jones Lang Lasalle Merges Indian Operations with Trammell Crow Meghraj to Form Jones Lang Lasalle Meghraj. The merged entity will be headed by Mr Anuj Puri, the former Managing Director of TCM, and the Jones Lang country chief, Vincent Lottefier, will become CEO. The company will employ 2,800 and maintain offices in 10 Indian cities.

Bavaria Hotels International Signs New Management Contract in Sharjah, UAE. The contract is for the management of an all-suite property owned by Doha Real Estate. As with other Bavaria Hotel’s contracts, Siemens’ comprehensive hospitality solution will be implemented.

International Investment Bank’s Abu Dhabi Property Fund. The Bahrain bank’s new fund will start with $65m for investments in projects relating to the Emirate’s Danet Abu Dhabi Master Development Project, begun by Al Qudra Real Estate.

JER Partners Raises 809m Euros for its Third European Property Fund, The US private equity group (JER partners) classes this as an opportunistic fund, one with more flexibility in the types of property investments it can make. The fund is already committed to buying London’s Great Eastern Hotel and property portfolios in Italy and Germany.

Lehman’s Jack Malvey Says the US Housing Downturn Could Last until 2011. However, Malvey, Lehman’s chief global fixed income strategist, said that he wasn’t expecting a general economic downturn in the US. Growth and inflation prospects in the rest of the economy mean that the Federal Reserve is unlikely to be able to provide relief to mortgagees in the shape of lower interest rates.

The Governor of the Irish Central Bank is Expecting a Soft Landing for Residential Property. The irish Independent quoted John Hurley as forecasting ‘low single digit growth’ for 2007 as a whole; there has been a slight decline in Irish residential property prices in the first five months of the year after five straight years of rising prices.

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