Latest news with #TomSims
Yahoo
6 days ago
- Business
- Yahoo
European real estate stuck in 'zombieland' as recovery proves elusive
By Iain Withers, Tom Sims and John O'Donnell LONDON/FRANKFURT (Reuters) -Europe's commercial real estate market is defying expectations of a recovery as investor caution pins property sales to near-decade lows. Some investors and banks, recognising that the outlook remains weak, are even beginning to step in to offload or restructure distressed assets, one executive said, though they added that an "extend and pretend" approach to bad debts is still commonplace. It is a marked change in mood from the beginning of 2025 when there were hopes for an end to a three-year pandemic-induced downturn, but unpredictable U.S. trade policy, the promise of stronger returns in other private markets and a refusal by sellers to recognise lower prices have hit activity. Year-on-year commercial property sales in Europe were flat in the first quarter of 2025 at 47.8 billion euros ($55.6 billion), less than half the level of three years earlier, according to the latest revised MSCI data. Early indicators suggest a poor second quarter - cross-border investment into property in Europe, the Middle East and Africa fell about a fifth from a year earlier to 17.2 billion euros, the worst April-June period in a decade, property agency Knight Frank said, citing preliminary MSCI data. Sluggish sales have affected most sectors including hard-hit offices and even data centres, a previous bright spot, although the under-supplied rental housing market continues to attract interest. "We have 'zombieland' ... no recovery, stranded assets, no liquidity coming back," said Sebastiano Ferrante, head of European real estate at U.S. fund giant PGIM. While logistics and hotels also presented buying opportunities, out-of-town offices and old shopping malls are among assets struggling to find buyers, Ferrante added. Canada's Brookfield asked bondholders to approve the restructuring of a loan secured against its London CityPoint office tower in April, according to a regulatory filing, after shelving a sale when bids fell short of its expectations. In Germany, one of the country's most prominent property casualties - the Trianon skyscraper in Frankfurt - has been put up for sale by its administrator, Reuters reported last week, in a rare test of the fragile German market. There is also fierce competition for funds from other private markets such as credit. Private credit funds in Europe raised $39.9 billion in the first half of 2025, nearly double the $20.6 billion for real estate funds, according to Preqin data. However, both were on track to top their 2024 totals, with property already ahead of last year's poor tally. Survey data nonetheless points to ongoing caution. Investor sentiment towards European real estate fell to its lowest in over a year in June, according to trade body INREV, mirroring the U.S. market, where sentiment has also soured this year. "In some parts of the market the recovery is well under way... However there are out of favour assets and sectors where there is almost no liquidity and more pain to come," said Cecile Retaureau, head of private markets at the investment arm of insurer Phoenix. Germany, Europe's largest economy, has been particularly hard hit by the property slump, with sales down another 2% in the first half of this year, according to data from CBRE. "Transaction volumes will not jump. It will not kickstart in a very dynamic way," said Konstantin Kortmann, CEO of property agency JLL in Germany, who expects a gradual recovery. While still-high interest rates mean property investors have to be selective to make money, the prospect of international cash shifting to Europe from the volatile U.S. market could help, the property executives said. At least two of PGIM's German clients have cancelled planned property investments in the United States, reprioritising Europe and Asia, Ferrante said. ($1 = 0.8602 euros) Sign in to access your portfolio
The Star
02-07-2025
- Business
- The Star
DWS venture gets German finance regulator's approval for euro stablecoin
FRANKFURT (Reuters) -AllUnity, a joint venture that includes Deutsche Bank's asset manager DWS, said on Wednesday it had received a license by the German regulator BaFin to issue a euro stablecoin. The plans for the stablecoin have been in the works for more than a year. Stablecoins are digital tokens designed to keep a constant value and are backed by traditional currencies such as the U.S. dollar or euro. (Reporting by Tom Sims, Editing by Miranda Murray)
Yahoo
02-06-2025
- Business
- Yahoo
German watchdog finds no abuse in companies' pre-results calls with analysts
By Tom Sims FRANKFURT (Reuters) -An investigation by Germany's financial watchdog has found no reason to change companies' practice of communicating with analysts before publishing results, following media concerns about the potential disclosure of insider information. Regulators have taken a closer look at so-called pre-close calls after media reports highlighted an apparent connection between high volatility in share prices and the communication with analysts. Germany's BaFin watchdog disclosed at a conference on Monday the findings of a study it began last year. Details will likely be published this week. "We do not currently see any systematic problems with the execution of pre-close calls," Christoph Schell, a BaFin official who studies market surveillance and abuse, said at the conference. Strong price reactions are isolated cases, and there is no need to tighten rules around the calls, he added. Last year, the European Union's securities watchdog warned that companies should not share market-sensitive information with external analysts ahead of their financial statements. The practice of pre-close calls is widespread - not just in Germany. It is typically communication before the publication of financial statements, between a company and analysts who generate research, forecasts and recommendations on the company's shares and bonds. Supporters say the calls contribute to the orderly functioning of markets. Schell said that BaFin found in its study that 63% of companies listed on Germany's DAX index of blue-chips and the MDAX of smaller companies hold pre-close calls. More than 90% of those companies conduct individual chats with analysts, he said. BaFin found that 70% of the market trading around calls it investigated showed no significant market reaction, while only 10% did. "We have investigated these cases and have so far found no evidence of any unauthorized disclosure of insider information," Schell said. He added that companies should nevertheless be as transparent as possible, by announcing the calls on their websites and holding them in a group format rather than individually.
Yahoo
09-05-2025
- Sport
- Yahoo
Kangaroos gun Wardlaw returns, Cats get Miers back
Geelong welcome back Gryan Miers from concussion in round nine as George Wardlaw returns for North Melbourne against a Brisbane Lions outfit bolstered by the return of two premiership forwards. The ladder-leading Lions have regained Logan Morris (calf) and Kai Lohmann (shoulder) for Sunday's trip to Hobart, where they face a Kangaroos side desperate to snap a six-match losing run. Wardlaw's inclusion after a week off with a corked thigh is a boost for Alastair Clarkson's side, who have also called up defenders Aidan Corr and Toby Pink. Jackson Archer (hamstring) is unavailable while Kallan Dawson and Will Phillips have been dropped. Sam Day (hamstring) is out for Brisbane, who have left out Conor McKenna and Will McLachlan, while premiership tall Darcy Fort is back to help No.1 ruckman Oscar McInerney. Geelong forward Miers is back to take on GWS at GMHBA Stadium on Sunday after he was concussed by a high blow from Hawthorn's Connor Nash on Easter Monday, which earnt Nash a four-match ban. The Cats have also recalled Ted Clohesy and Jed Bews, who is back from a finger injury, while Lawson Humphries (concussion), Rhys Stanley (hamstring) and Oli Wiltshire (omitted) are out. The Giants have handed a debut to draftee Cody Angove and recalled Jake Riccardi, with Toby Bedford (eye) and Darcy Jones (knee) unavailable. Also on Sunday, Richmond will give key forward Tom Sims his debut against winless West Coast. Kane McAuliffe returns for the Tigers, with Maurice Rioli and James Trezise dropped. The Eagles have lost Jeremy McGovern (concussion) and Bo Allan (suspended), and dropped tall forward Jack Williams, for their first trip to the MCG this season. Sandy Brock and Tom Gross will play at the home of football for the first time, while Bailey Williams has also been recalled.
Yahoo
05-05-2025
- Business
- Yahoo
Commerzbank staff to protest possible UniCredit takeover at annual meeting
By Tom Sims FRANKFURT (Reuters) -Commerzbank employee representatives are calling on staff to protest against a possible takeover by the Italian bank UniCredit, signalling that resistance to any deal remains fierce. The event is scheduled two hours before the German lender's annual general meeting on May 15. "We want to make it clear once again how important Commerzbank's independence is and that we know how to defend it," said a letter from employee representatives announcing the protest. "Be there too, it's up to all of us!" said the letter, seen by Reuters. Handelsblatt first reported the protest plans. Last year, UniCredit disclosed it had amassed a sizeable stake in Commerzbank, eliciting concerns from employees, as well as Commerzbank management and top German government officials. Commerzbank and UniCredit declined to comment on the protest. Andrea Orcel, UniCredit CEO, shocked Germany's corporate and political establishment last year when the Italian bank snapped up a hefty stake in Commerzbank and began pushing for a tie-up in a bold attempt at a pan-European bank merger. UniCredit's pursuit of Commerzbank has become a test of Germany's resolve to fend off foreign suitors and prevent its financial centre in Frankfurt from losing one of its few remaining big commercial banks. Orcel has said he would wait until a new government was in place in Berlin after a recent election before acting further. He has also recently said he may need to wait until 2027 to make a decision on whether to pursue a deal. Sign in to access your portfolio
