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Le marché de l'investissement à Londres (02/01/14) C&W

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Le marché de l'investissement à Londres (02/01/14) C&W

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Publié le 03 janvier 2014
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1 January 2014
PRESS RELEASE  Michael Reilly +44 (0)20 7152 5691/ +44 (0)7793 808 691 michael.reilly@eur.cushwake.comwww.twitter.com/cushwakeuk
COMMERCIAL PROPERTY INVESTMENT IN LONDON HITS SIX-YEAR HIGH Overseas capital continues to pour into London commercial real estate as volumes hit nearly £20bn
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Investment volumes for 2013 reach £19.9 billion, an increase of 47% on 2012 Highest level of Central London investment since 2007 West End witnesses the highest annual turnover figure on record In the City & Docklands, overseas investors remain the most active accounting for 80% of transactions in Q4
Cushman & Wakefield, the worlds largest privately-owned real estate services firm, has revealed there were £19.9 billion worth of Central London commercial property transactions in 2013 – the highest figure since 2007. This is a 47% increase on 2012s total of £13.5 billion.
In theCity & Docklands, total investment in Q4 2013 reached £5.6 billion; this takes total investment for the area in 2013 to £11.9 billion.
From a purchaser perspective in Q4, overseas investors in the City & Docklands remain the most active accounting for 80% of market share (£4.5 billion) across 12 transactions. However, this statistic is heavily weighted by the recent purchase of More London by Kuwaiti overseas sovereign fund St Martins (Kuwait Investment Authority) for £1.7 billion and the acquisition of a 50% stake in Broadgate by GIC, Singapores sovereign wealth fund, also for £1.7 billion. These two transactions are the UKs largest ever commercial property deals.
The UK investor market in the City & Docklands was very active in Q4, with 26 purchaser transactions totalling £1.1 billion; this is 19% of Q4 market volume with an average deal size of £42 million.
Total investor volume is hugely reliant of a small number of very large deals such as More London, Broadgate and the St Botolph Building (£464 million). The top five deals for Q4 2013 account for around 77% of total City & Docklands investment, see table below:
Top10dealsbyp ice(£m) iCity&Dockla dsQ42013 Deal Price Yield Price Vendor Purchaser (£m) (%) psf (£) 1 Broadgate Estate, EC2£1,700- -Blackstone GIC 2 More London, SE1£1,700 4.50% £810 London Martins St Bridge Holdings 3 St Botolph Building, Minerva Deka£464 5.08% £822 Houndsditch, EC3(Delancy and Ares JV) 4 Bankside 1,2,3, Southwark St, Asset£315 5.18% Land £694 M&G Securities SE1Management (Prudential 5 Centrium, 61 Aldwych, WC2£170 5.33% £956 GLL China Overseas Land 6 Nexus Place, 25 Farringdon St, Speyer Cornerstone£128 4.92% £801 Tishman EC4 7 Aldgate House, 33 Aldgate High£100 5.94% Street £498 Orchard Hermes St, EC3Asset Management
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8 Millennium Bridge House, High£87.6 7.71% Timber St, EC4 9 Finsbury Dials, 20 Finsbury£85.0 7.31% Street, EC2 10 1 America Square, EC3£85.0 9.29%
£430
£602
£375
Carlyle Shiva Hotels
IBRC Northgate
Catalyst Blackstone
Overseas-based vendors continue to be the most active accounting for 72% of transactions, with the largest proportion (66% of total volume) being overseas property companies. UK-based vendors, mainly property companies as well (17%), account for 27% of total volume sold. It is important to highlight the apparent number of very large transactions which have mainly contributed to the total volume – this indicates a strengthening commercial property market from large international institutions.
Turnover for the first quarter of 2014 is likely to be strong in the City & Docklands market with the level of acquisitions currently under offer amounting to approximately another £1.3 billion across approximately 30 transactions.
Bill Tyser, head of City investment at Cushman & Wakefield, said:The outlook remains for a healthy but opportunity constrained market going forward. Whilst some concerns persist over the possibility that further yield compression is limited in light of possible bond yield increases which might result in yield expansion on the horizon, the market is now entering the era of a return to property fundamentals in light of economic recovery – principally that of property rental growth, with a controlled supply pipeline and increasing occupier sentiment, decision making and demand. The outlook for 2014 is positive with continued international capital inflow coupled with a strengthening UK institutional investor demand.
In theWest Endmarket, Q4 2013 has seen £2.3 billion of turnover in 39 transactions with an averagedeal size of £58.3 million. This takes the annual figure for West End investment to £8 billion across 187 transactions Aroundthe highest annual turnover on record. 75% of the volume transaction in 2013 was purchased by international investors, up from 52% in 2012this underlines Londons truly global appeal.
To10dealsyprice(£m) inWest E dQ42013 Deal Price Yield Vendor Purchaser Price psf (£) m 1 Devonshire House,Over £400 Over - American £2,145 Spanish Private Piccadilly, W1Consortium 2 Macdonald House,£306 - £2,490 Canadian Lodha Group W1Government 3 Hanover Square Great £1,027£202 - Monetary Portland HK Estate, W1Estate Authority 4 Waterside, Private D2 Korean£199 5.35% £884 Paddington, W2Federation 5 431/451 Oxford£127 2.79% £2,493 Pearl & Coutts Tribeca Street, W1 6 11-15 Grosvenor£114 - £1,125 Grosvenor Estate Wainbridge Crescent, SW1 7 Quadrant 3, Regent£97.5 4.50% Crown Estate NBIM £361 The Street, W1 8 Clive House, Petty Real £941£90 4.22% MEC IS France, SW1 9 Ryder Court, SW1 £1,224 LIM Henderson£82 4.27%
10 50 Pall Mall, SW1£62
3.86%
£1,866
L&G Private European
 Looking forward to early 2014, investment turnover in the West End is likely to start strongly with Holborn Links understood to have exchanged at £215 million.
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3 Mike Tremayne, head of West End investment at Cushman & Wakefield, said: The outlook for 2014 is very positive. With a continuing mismatch between high levels of investor demand and inefficient supply, we see no sign of this competitive market abating.
For more information, please contact:
-ENDS-
Michael Reilly Cushman & Wakefield Tel: + 44 (0)20 7152 5691 / +44 (0)7793 808 691
About Cushman & Wakefield Cushman & Wakefield is the worlds largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the worlds major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917, it has 253 offices in 60 countries and nearly 15,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $3.7 billion in assets under management globally. A recognised leader in local and global real estate research, the firm publishes its market information and studies online athmus.cwwwoc/mle.dekifnaaw knowledge.
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