IN SOME corners of thecommercial-property market a slight whiff of self-congratulation isin the air. Doom-laden warnings issued in 2008 and early 2009 thatcommercial real estate would be the next shoe to drop have notcome to pass. Opportunistic investors hoping to cash in on the sale ofdistressed assets have been largely disappointed. Governments haveintervened less than they have in housing . Commercial real estate wasnot at the heart of the crisis, says a big fund manager in Germany.
在商业地产市场的某些角落里,空气中漂浮着一丝自得的气息。商业地产将会是下一只掉落的鞋子这条2008年和2009年初发出的警告并没有最终成为现实。那些希望靠出售问题资产赚钱的机会型投资者多半沮丧而归。政府对商业地产的干预比对住宅所做的干预要少。商业地产不是这次危机的中心, 德国一个大型基金的经理人这样说。
Investors interest in the asset class is growing, thanks in large partto the extreme macroeconomic environment. Near-zero interestrates make the yields on offer from property look attractive. The cashflow from tenants ismore stable than that from equities, where values zigzag day by day and dividends cansuddenly be suspended by the management. And unlike many types of bonds, property isseen as a useful hedge against inflation because rental agreements can be renegotiated withtenants to reflect rising prices. Bulls note that Norways $543 billion state pension fund, one ofthe worlds largest sovereign-wealth funds, is starting to allocate money to property. It madeits first real-estate investment in January, spending £452m on properties in LondonsRegent Street.
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