Chinese Property Shares Lead Market Rebound as Optimism Rises
Chinese property shares surged, leading gains in the broader market, as sentiment got a boost after a major developer reached a solution with bondholders for its liquidity issues.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Chinese property shares surged, leading gains in the broader market, as sentiment got a boost after a major developer reached a solution with bondholders for its liquidity issues.
New Zealanders who own properties in areas prone to flooding or earthquakes may find they can’t afford insurance or may not be offered cover for specific risks, according to the Reserve Bank.
Message to bond underwriters: Some big customers are sizing up your ESG credentials.
Joe Biden’s allies are racing to blunt the presidential campaign of Robert F. Kennedy Jr., casting his third-party effort as a stalking-horse bid designed to boost Donald Trump’s chances — even as his wide-ranging policy positions make him a threat to both.
Chengdu, a major city in the southwest China, removed home-buying curbs, joining dozens of peers in the country in an attempt to revive real estate demand and boost economic growth.
May 19, 2021
Bloomberg News
,(Bloomberg) -- Dream Industrial Real Estate Investment Trust has won an auction to buy the assets in a European warehouse fund for 880 million euros ($1.1 billion), according to people with knowledge of the matter.
The Canadian REIT’s offer was selected by seller Clarion Partners Europe ahead of rival bids ranging from 850 million euros to 900 million euros, said the people, who asked not to be identified because the process is private. The company’s ability to execute the deal quickly was a factor in beating out higher offers, the people said. The deal has not yet completed and there’s still a chance that it could collapse, they added.
A spokesman for Clarion Partners, which is owned by Franklin Resources Inc., declined to comment. A representative for Dream Industrial did not immediately respond to a request for comment outside of normal office hours.
Europe’s warehouse market is red hot as retailers rush for space to service the boom in ecommerce that’s accelerated during lockdowns designed to stop the spread of the deadly coronavirus. Across Europe, companies rented a record 345 million square feet of warehouse space last year, 14% higher than 2019, data compiled by broker Cushman & Wakefield Plc show.
Read more: London Tops Hong Kong For World’s Priciest Warehouse Space
That’s causing bidding wars for properties as investors bet rents will continue to rise. Clarion’s portfolio had been expected to sell for more than 800 million euros when it was first put on sale in January, according to a report by Property EU.
The deal includes 31 properties in six countries including France, Germany, the Netherlands and Spain, the people said. Vacancy rates across European warehouses reached a record low 5.3% at the end of 2020, according to research published by Savills Plc.
That will support average rental growth for the best big warehouses in Europe of 1.9% per year through 2024, according to a report published by broker CBRE Group Inc.
©2021 Bloomberg L.P.