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【出版时间及名称】：2009年12月英国地产行业研究报告
【作者】：法国兴业银行
【文件格式】：PDF
【页数】：36
【目录或简介】：
Contents
4 Sector anatomy – presentation of the sector
4 Key macro drivers
5 Sector anatomy – performance and valuation
5 Focus on two main changes foreseen in the industry
6 Sector – leading indicators
7 Favourable momentum until Q1, then mind the gap
8 Asset value growth to end in front of rising cost of funding
8 Fading growth rate should cap share prices
9 Occupier demand is rising, so then rents
10 Current valuation discounts 8% asset price growth
11 Interest rate rise, the mid range of the curve most at risk
12 Credit and Equity markets back to normal
12 Market should worry about central bank tightening
12 CMBS default not that much of a risk?
13 Virtuous reinvestment cycle
14 Next virtuous reinvestment cycle
14 £3bn of available facilities for acquisitions
15 High leverage and short-term maturity push for new equity
17 CMBS failures, not that of a risk
17 Legal hassles ahead
18 Limited impact on the market
19 The CMBS in default
20 Valuation
21 Valuation methodology
21 Long term capitalisation rate of 5.5%
22 Cost of equity spot at 10.0%
24 Target prices up 7% on average
25 Still uncertain macro environment
25 The UK bond market is the most at risk of asset purchase end
25 Is the UK the sick man of Europe?
25 Who will absorb the 30% drop in demand for Treasuries
27 CMBS structures at a glance
27 Normal situation
28 Servicer and special servicer
28 Management and voting rights
28 Possible actions
29 Mortgage loan in defaults
29 Management and voting rights when a loan is in default
29 Possible actions
31 Performance
31 Global EPRA indices’ performances
32 Major stock performance in Europe
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