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JAN/FEB 2010

COLLIERS INVESTMENT WORLD A Colliers International Newsletter

Why invest in… Shanghai


Yearly Decline Masks Recent By Lina Wong, Managing Director, Colliers East and West China

Positive Changes
According to Real Capital in 2009. The expected
Analytics, global sales increase in transactions
of significant properties in Q4 is more modest
approximated 338 than the growth for
billion in 2009 barring either Q2 or Q3, but it is
any unexpected major While these headline more broad-based across
transactions that occurred figures show a market in countries and continents
at yearend. This level of decline, quarterly numbers than earlier gains that
volume represents a 38% illustrate a market that were driven primarily by
decline from 2008 and is is improving. Volume China. With property
just over a quarter of the hit its low in Q1 and has investment in most major
peak volume recorded in consistently improved countries now on the The investment market markets. This statement
2007. Barely a handful of each quarter since. Half of upswing, the forecast turned notably more may be interpreted
countries saw transactions all countries experienced for 2010 is cautiously active at the end of 2009 as having a short-
increase in 2009. a more active second half optimistic. as investment sentiment term negative impact
improved on the back on the investment
of ample liquidity, with market, although we

Another first class instruction domestic investors the


major buyers. While
consider it helpful for
the development of

for Colliers London we expect this trend to


continue in 2010, foreign
investors will take an
a stable commercial
market, preventing the
overheating of property
Colliers London is located in London’s increasingly proactive values, as seen in the
delighted to bring to Mayfair. stance in acquisition, residential sector last year.
the market 40,201 sq ft
Fronting two of the backed by their increased Barring adverse
(3,734.7sqm) of mixed
area’s most prestigious confidence in the China tightening by the
used commercial property,
streets, Dover and Berkley market due to its prompt government, capital
including offices, retail,
Street, the freehold economic recovery values are expected
nightclub and restaurant,
site offers significant coupled with their to hold firm in 2010,
future development improved balance sheets. underpinned by the
opportunities, including Apart from foreign funds, optimistic economic
part residential and/or several policy initiatives outlook and improved
part owner occupier. The will also widen the investment sentiment.
total current income of sources of capital in the By contrast, rentals
£1,840,641 per annum, 515 Berkley Street investment market. It of most commercial
with over 50% of the is likely that the pilot properties will stay
income being until 2019 For more information, scheme on REITs will be flat or continue their
and a low capital value of please visit the website: launched in 2010. The downward spiral in the
only £802 per sq ft. www.colliersdocuments. establishment of real year, further compressing
Offers invited in excess of co.uk/doverandberkeley estate RMB funds will investment yields. That
£32,270,000 reflecting a or contact Dominic Amey also take shape during said, as investors tend to
5.4% Net Initial Yield after on +44 207 344 6604 the year. Although the be less risk-averse, their
535 Dover Street standard purchaser’s costs dominic.amey@colliersgv. revised Insurance Law lower yield expectations
of 5.7625%. co.uk of October 2009 allows will help close the gap.
insurance companies to Notwithstanding the yield
invest in the property compression, we believe

Collaboration at its best market, it is worth


noting that, on
that the expectation of
a positive rent reversion
January 21, 2010, the and the appreciation of
4 Colliers in Germany with the Bank and as 4The London Chairman of the China the RMB, as well as future
has collaborated with a result the Boston investment team is Insurance Regulatory capital gains, will be the
Colliers Boston in regards team may assist the working with a major Commission stated that key drivers underscoring
to a major German bank lender in disposing of a client of the Hong Kong insurance funds would investors’ interest in
with assets in Boston. key asset and establish office who is looking to not be allowed to invest acquisitions.
The existing relationships Colliers as a global acquire investments in directly in development
built in Germany have investment resource for Central London, up to projects or the residential
helped to facilitate an in the bank. £200 million. and commercial property
Florida Investment is on the move again Contact the
GIST team
BY JOHN STONE
ASIA PACIFIC
Colliers in Florida Norwegian Investment Australia
is celebrating two firm purchased John Marasco
impressive closings for Waterscape Resort in Managing Director
the Florida Market, One Fort Walton Beach, – Investment Sales
DDI +613 9612 8830
is the purchase of a $69 Florida. Colliers john.marasco@colliers.com
million mortgage for represented the seller of
$25.4 million on a multi the Fort Myers scheme Hong Kong
family scheme in Fort and the buyers of the Antonio Wu
Regional Director
Myers. The other is a Waterscape resort. – Asia Investment Sales
seller agent assignment Colliers Arnold and DDI +852 2822 0733
in the amount of Colliers Abood Wood-
5Oasis Comdominiums antonio.wu@colliers.com
$23.5 million, where a Fay have also been Japan
retained to sell a $142 buyer is also a foreign Brett Jensen
million non-performing capital source. Account Manager – West Japan
note collateralised by For more information DDI +816 6232 0790
the remaining units of bjensen@colliershalifax.com
on any of the above
the Oasis Condominiums instructions or EUROPE
in Ft Myers Florida. transactions please Germany
Though it is un-priced contact John W. Stone, Thomas Dänzel
the team already has CCIM +1 727 442 2635 Chairman
– EMEA Investment Team
5Fort Myers Scheme three offers above $50M, or email john.stone@ DDI +49 89 624294-27
the most prominent colliers.com t.daenzel@colliers-schauer.de

Netherlands

Colliers Poland concludes two major transactions Jos Schüssel


Chairman
– EMEA Investment Team
DDI +31 20 675 7500
€70.8 million office €236 million shopping centre portfolio jschussel@colliers.nl
complex in Warsaw
United Kingdom
Colliers Poland, acting such as Bank DnB Nord, André James
on behalf of Skanska Generali, AC Nielsen. Head of Investment
Marketplace
Property Poland, the It is also just the second
DDI +44 20 7344 6707
Polish real estate building in Poland to andre.james@collierscre.co.uk
development business obtain EU Green Building
of Skanska AB has sold status. The property’s THE AMERICAS
Canada
Marynarska Point, a energy requirements are
Milton Lamb
two-building, 27,000 sqm, 31 percent lower than the Chair – National
Class A office complex stipulated Polish standard. Investment Team
in Warsaw, Poland to the “The sale of Marynarska
DDI +1 416 607 4347
milton.lamb@colliers.com
Luxembourg based closed-
Point is a milestone
end real estate fund
investment transaction in
5Karolinka Shopping Centre, Opole North America
Investec GLL Lisa Campoli
Poland as it represents the
Global Special Executive Vice President
Opportunities Fund first major transaction to MPGA Europe Fund III Gornicza, as well as a sale – Boston

FCP. The purchase price originate and close since acquired a € 236 million option on a third shopping DDI +1 617 330 8081
lisa.campoli@colliersmg.com
of approximately €70.8 the collapse of Lehman real estate portfolio centre in northern Poland.
million (US$102 million) Brothers,” said Neil developed and managed The acquisitions have James Murphy
reflects a capital value of Gregory-Eaves, Director by Mayland Real Estate. been made by MGPA Executive Managing Director
Europe Fund III, a fund – New York
€2,600 per sqm. of Central & Eastern Colliers International DDI +1 212 716 3730
Europe (CEE) at Colliers advised by MGPA, an
represented the vendor as jmurphy@fswre.com
International, who independently managed
exclusive agent in the sale. private equity real estate Latin America
represented Skanska.
The portfolio of shopping investment advisory Ricardo Betancourt
“Several major assets in company.
President – International
centers in Poland include DDI +55 11 3323 0005
Poland are currently in
Karolinka in Opole and Both transactions closed rbetancourt@colliers.com.br
due diligence and we
Pogoria in Dabrowa in December 2009.
expect transaction activity MIDDLE EAST
UAE, Qatar, Saudi Arabia,
The transaction took eight to accelerate in the
Bahrain, Kuwait & Oman
months to complete and coming months and this
Colliers was the exclusive market will most certainly Client engagement John Davis
Chief Executive Officer
agent in the sale. German out-pace the rest of CEE In an effort to build the end of February at DDI +971 4 423 4910
jdavis@colliers-me.com
bank Helaba provided for the near term,” Neil our international an international rugby
the purchaser with Gregory-Eaves added. client engagement match at Twickenham General enquiries:
senior financing for the “Poland’s macroeconomic offer, Milton Lamb (England v Ireland) +44 207 344 6647
acquisition. dynamics are healthy and from Canada’s National bringing with him guests
Marynarska Point is the national economy Investment Team is from Cadillac Fairview,
100% leased to clients continues to expand.” joining the UK team at OMERS and Kan Am.