Issue 2-2021

Strategies for the stress test

The coronavirus pandemic is testing the stability of open-ended real estate funds again. But while most asset classes have experienced a severe slump and then a strong recovery over recent months, open-ended real estate funds have delivered relatively stable performance. Average volatility has been under one percent. So on the one hand they passed the stress test, but open-ended real estate funds have not completely escaped the impact of the pandemic.

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Opinions

ESG push on institutional investment

EU directives aimed at promoting sustainability are influencing asset allocation by pension funds. Residential property could be a beneficiary. By Steve Hays

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Trends

A strong island location

Although the full impact of Brexit may not yet have completely played out in UK real estate markets, prime London offices look to remain a safe bet. By Isobel Lee

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On Focus

Offices still attracting capital

Fewer lettings, higher vacancies, growing challenges: the European office property market is feeling the impact of the Covid-19 pandemic. Yet there are still attractive investment opportunities. Despite all the prophecies of doom, the office market is very much alive. By Christian Hunziker

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On Focus

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Investment climate: Beginning of a new property cycle

Optimism has returned to the major European real estate markets. That is the key finding of the most recent real estate investment climate survey conducted by Union Investment in Germany, France and the UK. There are many indications that the property markets are at the beginning of a new cycle, despite the pandemic not yet being fully behind us.

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Studies