PropertyEU's second annual review of the top listed investors in European real estate shows the top 80 firms recorded a total of EUR 44 bn in devaluations of their investment portfolios last year.
PropertyEU's second annual review of the top listed investors in European real estate shows the top 80 firms recorded a total of EUR 44 bn in devaluations of their investment portfolios last year.
This is equivalent to 12% of the 2007 investment portfolio total of EUR 377 bn. Development activities - not the focus of this research- were also pruned, with the severest cutbacks in the massive pipelines in Central and Eastern Europe - as banks closed the funding tap. The companies in the review held total assets of EUR 345 bn in 2008, down 8.5% on the total portfolio volume at the end of the previous year.
The research illustrates how the listed real estate sector in Europe suffered massive retrenchment in 2008 as the global financial crisis began to feed into the real economy and real estate transactions slowed significantly due to the lack of credit.
The research is published in the June edition of PropertyEU Magazine. Click on the link below to subscribe to PropertyEU's full package of products.
