Even if they argue not exactly the same figures, the major real estate firms are unanimous: this year will see a new record of France investments with an amount of at least 20 billion. To June 30 this year, in fact, is already almost reached the level registered on 2004, in 2005 around 17 billion. Jones Lang LaSalle is about 10.3 billion, Cushman & Wakefield 12 billion, while Atisreal goes up to 13 billion. CB Richard Ellis table on 25 billion euros this year. Foreigners continue to strengthen this boom. Yet, traditionally majority in purchases of real estate since 1995, they are overwhelmed by the French. Of course, in the first half, their share is is high between 55 (Jones Lang LaSalle) and 57 (Cushman & Wakefield) in Ile-de-France, but CBRE Richard Ellis considers more than 45 at the end of August and at the national level.
"The offices in the Ile-de-France market became the first European the favourable tax conditions that have represented the decline of human mutation and the creation of the SIIC listed real estate investment companies," explains Benoît of the Passage, President and CEO of Jones Lang LaSalle France and southern Europe: "with 20 billion euros, the level of transactions has become normal, equivalent to that of London." It is a very predictable market through control of the supply system of the amenities, high transparency, greater than that of his English rival, a potential for modernization of already constructed buildings which attract capital, finally, rise expected rental.
The Americans, most dynamic
"2006 is marked by very large operations with 62 of transactions in amounts exceeding EUR 100 million." "No sale by tender proved unsuccessful, what is new", said Olivier Gérard, responsible of the Department France of Cushman & Wakefield investments. "Many investors who purchased less than five years ago were resold to quickly achieve gains and thus take advantage of yield particularly low," said Etienne Prongué, responsible for relations with Anglo-Saxon and Middle Eastern investors Atisreal.
By nationalities, US investment proved among foreigners, the most important with 17.5 of the amounts invested in September 1, 2006, according to CB Richard Ellis. "They are the ones who fired the market upward with a unit transactions of more than 100 million, in large part through pension funds managed by banks such as Morgan Stanley", said Olivier Gérard. The latter in particular occurred to defence by buying the Pascal Tower and building the Colosseum (25.000 m2 at a price of EUR 185 million).
One of the largest U.S. stakeholders in France is GE Real Estate, entity of the General Electric group, which is located at the head of a real estate heritage of EUR 5 billion ten years after his arrival in France. "Each year, we establish a program of acquisitions across the continent, explains Olivier Piani, President for Europe." In 2006, it was set at 5 billion, of which 1 billion in France, either the double in 2005. "This significant staffing has, in large part, was used to acquire portfolios including one in July, of the logistician Mory 20 warehouses located on the national territory to a value slightly less than 200 million euros and, a month earlier, 30 offices and local activities of a surface of 222.000 m2 purchased Bleecker for an amount of EUR 325 million. "We do not merely to buy assets for renovations, adds François Trausch, President of GE Real Estate France.". We are investing much more than before in Vefa sale in the future state of completion, therefore taking rental risks, as we have done in May to Ivry for a building of 12,000 m2. In this case, we're betting that companies are there establishing where rents are lower than those found across the Seine, is 300 euros per square metre.
The movement should not be slow in the coming months. "On outsourcing, there is still much to do, the construction of surrounding office buildings will continue, while the consolidation of the land will intensify and unit sales to develop" prognostic François Trausch, who are currently interested in a portfolio in the province of an amount less than EUR 100 million. This did not prevent with opportunities, divest, but in lower proportions: between 300 and 500 million euros in 2006.
Westbrook is part of the American investors in advanced on the French market. Arm of us pension fund, the operator, after having invested in the housing with the purchase the land Gecina to a portfolio with a value of EUR 1.2 billion in 2002, focuses on tertiary real estate which today represents in heritage 100,000 m2, exclusively in the Paris region. "We prefer of existing assets, Announces Kenneth Gilison, the pattern of its Paris Office that covers the France, the Italy and the Spain.". But, if necessary, we also appeal to developers. "Thus, after winning at the end of 2005 the call for tenders launched by the State on the Palacio 8,000 m2 situated place de la Madeleine in Paris, of which half is occupied by the administration of taxes Ile-de-France, he acquired nearly 100,000 m2 of land charges in Massy (Essonne), where it is construct offices in white with the proponent Pirus, 10,000 m2 to
Even if they argue not exactly the same figures, the major real estate firms are unanimous: this year will see a new record of France investments with an amount of at least 20 billion. To June 30 this year, in fact, is already almost reached the level registered on 2004, in 2005 around 17 billion. Jones Lang LaSalle is about 10.3 billion, Cushman & Wakefield 12 billion, while Atisreal goes up to 13 billion. CB Richard Ellis table on 25 billion euros this year. Foreigners continue to strengthen this boom. Yet, traditionally majority in purchases of real estate since 1995, they are overwhelmed by the French. Of course, in the first half, their share is is high between 55 (Jones Lang LaSalle) and 57 (Cushman & Wakefield) in Ile-de-France, but CBRE Richard Ellis considers more than 45 at the end of August and at the national level.
"The offices in the Ile-de-France market became the first European the favourable tax conditions that have represented the decline of human mutation and the creation of the SIIC listed real estate investment companies," explains Benoît of the Passage, President and CEO of Jones Lang LaSalle France and southern Europe: "with 20 billion euros, the level of transactions has become normal, equivalent to that of London." It is a very predictable market through control of the supply system of the amenities, high transparency, greater than that of his English rival, a potential for modernization of already constructed buildings which attract capital, finally, rise expected rental.
The Americans, most dynamic
"2006 is marked by very large operations with 62 of transactions in amounts exceeding EUR 100 million." "No sale by tender proved unsuccessful, what is new", said Olivier Gérard, responsible of the Department France of Cushman & Wakefield investments. "Many investors who purchased less than five years ago were resold to quickly achieve gains and thus take advantage of yield particularly low," said Etienne Prongué, responsible for relations with Anglo-Saxon and Middle Eastern investors Atisreal.
By nationalities, US investment proved among foreigners, the most important with 17.5 of the amounts invested in September 1, 2006, according to CB Richard Ellis. "They are the ones who fired the market upward with a unit transactions of more than 100 million, in large part through pension funds managed by banks such as Morgan Stanley", said Olivier Gérard. The latter in particular occurred to defence by buying the Pascal Tower and building the Colosseum (25.000 m2 at a price of EUR 185 million).
One of the largest U.S. stakeholders in France is GE Real Estate, entity of the General Electric group, which is located at the head of a real estate heritage of EUR 5 billion ten years after his arrival in France. "Each year, we establish a program of acquisitions across the continent, explains Olivier Piani, President for Europe." In 2006, it was set at 5 billion, of which 1 billion in France, either the double in 2005. "This significant staffing has, in large part, was used to acquire portfolios including one in July, of the logistician Mory 20 warehouses located on the national territory to a value slightly less than 200 million euros and, a month earlier, 30 offices and local activities of a surface of 222.000 m2 purchased Bleecker for an amount of EUR 325 million. "We do not merely to buy assets for renovations, adds François Trausch, President of GE Real Estate France.". We are investing much more than before in Vefa sale in the future state of completion, therefore taking rental risks, as we have done in May to Ivry for a building of 12,000 m2. In this case, we're betting that companies are there establishing where rents are lower than those found across the Seine, is 300 euros per square metre.
The movement should not be slow in the coming months. "On outsourcing, there is still much to do, the construction of surrounding office buildings will continue, while the consolidation of the land will intensify and unit sales to develop" prognostic François Trausch, who are currently interested in a portfolio in the province of an amount less than EUR 100 million. This did not prevent with opportunities, divest, but in lower proportions: between 300 and 500 million euros in 2006.
Westbrook is part of the American investors in advanced on the French market. Arm of us pension fund, the operator, after having invested in the housing with the purchase the land Gecina to a portfolio with a value of EUR 1.2 billion in 2002, focuses on tertiary real estate which today represents in heritage 100,000 m2, exclusively in the Paris region. "We prefer of existing assets, Announces Kenneth Gilison, the pattern of its Paris Office that covers the France, the Italy and the Spain.". But, if necessary, we also appeal to developers. "Thus, after winning at the end of 2005 the call for tenders launched by the State on the Palacio 8,000 m2 situated place de la Madeleine in Paris, of which half is occupied by the administration of taxes Ile-de-France, he acquired nearly 100,000 m2 of land charges in Massy (Essonne), where it is construct offices in white with the proponent Pirus, 10,000 m2 to
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