Market Data

International Beat

Canada’s Big Deal

German billionaire Klaus-Michael Kuehne has reportedly bought one of Vancouver’s prize office towers, the 36-story Royal Centre, for about CA$425 million, or CA$725 psf, from Brookfield Office Properties. The deal traded at a 3.7 cap rate, according to The Financial Post, but, according to Bloomberg News, that’s the price of admission to play in Canada’s tightly traded commercial real estate top tier, dominated by home-grown institutional investors. Given the weakened Canadian dollar, which dropped 13 percent last year against the strengthening U.S. dollar, Canadian trophy properties offer an alternate, cheaper safe haven for foreign investors that still has an upside. “Vancouver is right up there with London and Manhattan as the most desirable and safe market in the world,” said Paul Morassutti, CBRE Canada’s head of valuation and advisory services.

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Markets to Watch

Global investors are paying more attention to cross-border investment opportunities in a bid to counter risk through portfolio diversity. In Asia-Pacific, Australia and Japan are preferred investment choices, with Tokyo, Sydney, and Melbourne holding the most appeal for commercial real estate investments, according to Colliers International. In Australia, investors target CBD offices, new development, and industrial logistics, while in Asia, value-add opportunities are also among the top choices. And despite disruptive signals from China, Asia-Pacific investors remain confident and 50 percent expect to increase their portfolios in 2016.

 

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