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REITs
Ring the Globe
 As more nations enact REIT legislation, a
transparent global market for commercial
real estate investment is emerging.
For many years, only a small group of countries outside the United
States provided
REITs or REIT-like investment vehicles. Canada, Australia, the
Netherlands and
Belgium were among the earliest adopters of American-style REIT
legislation,
but recently a host of new members have joined the club, including Japan
(2001),
Korea (2001), Singapore (2002), Hong Kong (2003), and France (2003), as
well
as Turkey, Malaysia and Costa Rica.
Now come two of the biggest pieces needed to complete a global REIT
market: Germany
and Britain. The U.K. is scheduled to implement REIT legislation on
January 1,
2007. "We expect most major U.K. listed property companies to convert to
REIT status when that happens," predicts Chris Morris, a law partner at
Freshfields Bruckhaus Deringer in London. Germany, with the largest real
estate
stock in Europe, will probably follow by the end of 2007. Read
full story here
The New
Math of Green Buildings
 Sustainable development grows
affordable
It used to be that if you wanted wholesome organic food, you had to go
to the
health food store or a special restaurant and pay a premium. Now,
Wal-Mart stocks
organic produce and fast-food restaurants are adding salads and fruit
cups to
their menus that are much healthier, but not much more expensive than
the burgers
and fries.
The same thing is happening in commercial real estate: Demand for
environmentally-friendly,
healthier buildings is growing, making green building commonplace and
much more
affordable, says Murray Newton, an executive vice president with Koll
Development
Co. (KDC) which has built a series of "Intellicenter" green office
buildings on spec in three markets. Read
full story here
Ken
Himmel, Father of Mixed Use
 Ken Himmel, president of Related Urban
Properties, is known as the pioneer of
mixed-use development.
Starting in the 1970s, with Water Tower Place in Chicago,
he and his partners have shown that the combination of office, retail,
residential
and hospitality can create an exciting urban experience -- under the
right
circumstances.
His latest completed project is New York's Time Warner Center.
Next up is City North, a street-oriented urban development in
sprawling Phoenix.
Mixed-use has become nearly ubiquitous. But it's not as easy as it
looks.
Himmel sat down with Global Real Estate Monitor to talk about how
mixed-use
has evolved -- and why a cookie-cutter approach will not work.
Read
full story here
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is protected by United States copyright and other intellectual property
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Investment Notes |
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 Globalization is creating
greater transparency in real estate investment markets
around the world. In July, Jones Lang LaSalle released its annual survey
of commercial
real estate regimes around the world. The study, which was first
conducted in
1999, measures national markets on a variety of crieria including
introduction
of new investment performance benchmarks... Read
full story here
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Foreign Exchange |
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 "Governments at various
levels should realize the potential problems relating
to excessive overseas investment in real-estate development." That
statement
from the Chinese government, as it imposed new conditions on real estate
investment,
may sound a lot like putting out the unwelcome mat. But by the time the
measures
were announced on July 24, Western investors had long anticipated the
move. Read
full story here
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Did You Know...? |
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 Mergers and privatizations
continued at a rapid clip in the REIT industry in
the first seven months of 2006, as REIT operators stock up on assets and
private
investors continue to take over publicly-traded REITs. Major
private-investors--especially
private-equity firms -- are still looking for ways to deploy capital in
commercial
real estate. Read
full story here
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