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November 28, 2023

The World’s Biggest Sovereign Wealth Fund Warns Of The Real Estate Cost Of Not Cutting Carbon

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With interest rates rising and building values dropping, real estate owners might be tempted to scrimp on investing to make their buildings more sustainable. But according to the world’s largest sovereign wealth fund, they’d be wrong. 

“Right now, with the cost of capital going up, it’s difficult to get the commitments to make investments in buildings,” Norges Bank Investment Management Senior Manager and Global Sustainability Lead Nina Galbiati said last week at Bisnow’s UK ESG Real Estate Agenda.

“But as a long-term investor, you have to think about the cost of doing nothing, and you have to consider the risk of obsolescence by not making investments long-term.”

The World’s Biggest Sovereign Wealth Fund Warns Of The Real Estate Cost Of Not Cutting Carbon

Galbiati talked through how Norges' fund, one of the world’s largest real estate investors with a portfolio totalling around $60B (£47B), is innovating in its drive to both decarbonise and make a return for the people of Norway.The event at Clearbell’s Kodak building, the former film company headquarters that Clearbell has…

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£25B Of Investor Capital Circles SFR As Housebuilders Look To Offload Units

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As the UK residential sector expands, the stars are aligning for a Cinderella living category that has already enjoyed record investment in 2023.

This year has marked what adviser Savills called a “step change” in the pace of single-family rental housing investment in the UK, with circa £1B deployed in the year to September and more deals being signed after a slowdown in housing sales prompted residential developers to revisit volume sales.

And the potential buyers don’t get much bigger, with the likes of Carlyle and Blackstone entering the UK’s SFR market in 2023, growing a relatively nascent asset class into a circa £3B-a-year sector. That could yet prove the tip of the iceberg, with investors potentially sitting on as much as £25B of dry powder to spend on single-family rental homes, according to Savills.

So just how far could the market grow next year as investors vie to take up excess building stock, and will housebuilders weave SFR into their long-term strategies or use investors as a short-term fix?

“The SFR market has been going from strength to strength,” Colliers Head of Northern Residential Capital Markets Mike Gorman said. “Those that are long-established in the market have been very active, while we’ve seen new money from the U.S., Asia Pacific and various national funds.” There have been plenty of…

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What The Autumn Statement Means For Commercial Real Estate

PRESENTED BY:   RSM UK
 
What The Autumn Statement Means For Commercial Real Estate  

The chancellor of the exchequer's autumn statement was delivered against a weighty context. Little more than a year ago, then-Chancellor Kwasi Kwarteng delivered a 'mini budget' that sent markets into turmoil. Inflation, though still high, has now reduced, but the landscape still features high interest rates…

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Bank of Ireland is selling the debt secured against a famous City of London office building at a discount to its face value. The lender has appointed Eastdil Secured to market a £104M loan secured against the 151K SF postmodernist One Poultry office building, …

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Chinese Shadow Bank Reveals $30B Liquidity Shortfall As Government Tries To Prop Up Real Estate Sector

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A Chinese nonbank lender has revealed it is “severely insolvent” and faces a $30B liquidity shortfall because “internal management ran wild,” leading the government to mull steadying the ailing property sector to stop it from infecting the country’s financial system. Asset and wealth management company Zhongzhi Enterprise Group said late…

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