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Wednesday, October 21, 2009

European commercial property deals rise

LONDON: Investment in European commercial properties rose 34 per cent in the third quarter as more deals were completed in the UK and Germany, CB Richard Ellis Group Inc. said.

Investors bought ?17.3 billion euros (?1 = RM5.03) of shops, offices and warehouses in the third quarter, 44 per cent less than in the year-earlier period, according to a report released yesterday by the Los Angeles-based adviser.

European commercial property sales have fallen for more than two years after credit dried up and companies slashed spending on
offices. About ?295 billion of commercial real estate changed hands in 2006, with more than e80 billion spent in the fourth quarter alone, according to data compiled by Cushman and Wakefield.

“Many investors believe the European market is approaching the bottom of the cycle,” said Michael Haddock, head of capital markets research for the Europe, the Middle East and Africa at CB Richard Ellis.

By Bloomberg

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