Editor's choice: top real estate headlines worldwide

A selection of the leading property headlines from around Europe at a glance:

DTZ’s owner posts 15% drop in net profit - PROPERTY WEEK
DTZ’s Australian owner UGL reported net profit fell 15% to A$134.3 mln (EUR 114.3 mln) in the year to 30 June. The figure includes A$34 mln in costs related to the A$119 mln acquisition of DTZ in December 2011 and restructuring costs. The company's shares fell more than 10% on Monday following the earnings presentation.

UGL Services, the arm which includes DTZ, accounted for a third, or A$1.6 bn, of the company’s revenue and lifted earnings by 25% to A$95.4 mln. On 1 July UGL’s four divisions - property services, infrastructure, rail and resources - became three: engineering, operations and maintenance, and property.

German rental resi remains popular safe haven in crisis - FD
Real estate values and rents remain under pressure across Europe, but the German rental residential market remains a safe haven with prices and rental levels continuing to rise. Advisers CBRE and Savills see German rental residential property generating EUR 10 bn in transaction volumes over the full year, which would be more than the total for the four-year period between 2008-2011.

However, German brokerage firms warn that demand for German rental housing is much greater than supply and that the market has already been scraped clean, which is further inflating prices. Investors must not forget the risks surrounding all the hype around residential property, one adviser warned.

Westfield, Retail Trust in Talks With AMP on Shopping Mall Swap - BLOOMBERG
Australian listed mall developer Westfield Group and Westfield Retail Trust are in talks with AMP to divide up some A$6 bn (EUR 5.1 bn) of jointly-held assets. The assets include at least six of Australia’s largest shopping centres, the Australian newspaper said last week, citing unidentified sources. AMP is believed to be in negotiations on acquiring the stakes it does not already own in the Macquarie Centre in Sydney, Pacific Fair on the Gold Coast and Booragoon in Perth. Westfield and the retail trust it manages will reportedly take over full ownership of Warringah Mall in Sydney, Knox City in Melbourne and Mount Gravatt in Brisbane, the newspaper said.