bluuebunny/crossref_metadata_2025 huggingface dataset:
In silico Characterization of Banana Bunchy Top Virus (BBTV) and Its Genetic Variation Globally
Authors: Kalaria Rishee K. , Patel R. M.
Published: March 2024

Banana bunchy top disease is one of the most prevalent viral infections associated with banana farming. It is a rapidly spreading disease. Currently, there are very few fully sequenced isolate reports from India and around the world. When in silico analysis was conducted on various Banana Bunchy Top Virus (BBTV) various genome components at nucleotide level (DNA-R and DNA-U3), and amino acid level (DNA-C and DNA-U3) maximum genetic variability was observed in all reported strains of BBTV. When comparing DNA-R (Replicative protein) to DNA-S segment (Coat protein) most Indian isolates are in agreement with isolates from countries in East and Southeast Africa and belong to the PIO (Pacific-Indian Oceans) group of BBTV isolate classification. BBTV coat protein model demonstrated the highest degree of protein binding to NBS-LRR class resistance protein. Furthermore, the Ramachandran plot was used to validate the BBTV CP model, and Procheck and the PROSA web server were used to enhance the structure. The greatest binding affinity of the BBTV coat protein was seen with the NBS-LRR class resistance protein (receptor) when the BBTV coat protein model interacted with it.  Three mutagenic epitope (IADEFYVERL, SKRFLLVLDD and WEFFKQCAFSS) were predicted from BBTV coat protein region. Consequently, our work presents the Indian subcontinent as a possible hotspot for rapid demographic development from an extremely small viral population size, adding significantly to the knowledge already known on BBTV worldwide.
ANTES DO PASSADO E OS REFLEXOS DA HERANÇA DITATORIAL NO TEMPO PRESENTE
Authors: Silva Janaína Buchweitz e
Published: March 2024

Este artigo analisa a obra literária Antes do passado, o silêncio que vem do Araguaia, publicado em 2012 por Liniane Haag Brum, sobrinha de um desaparecido do regime ditatorial brasileiro que tematiza em suas páginas a herança de dor legada aos familiares de desaparecidos políticos. Analisando a desaparição forçada que caracterizou parte do movimento ditatorial no Brasil dos anos de chumbo, o texto de Liniane esmiuça as dificuldades em se vivenciar o luto no contexto da ausência do corpo físico, se desdobrando para as sequelas dessa violência no tempo presente. Desta forma, a literatura de Liniane Brum se constrói partindo da estrutura de pós-memória abordada por Hirsch (2021), que cunhou o termo para designar a memória das gerações descendentes àquelas que viveram os acontecimentos.
RECUPERAÇÃO DE BROMELINA DE RESÍDUOS DO ABACAXI POR MEIO DE PROCESSOS COM MEMBRANAS
Authors: Figueiredo Kátia Cecília de Souza , Almeida Igor Lopes de , Nogueira Beatriz Godoi de
Published: March 2024

A disposição adequada de resíduos agroindustriais é um dos principais problemas envolvendo o processamento de alimentos. A produção de abacaxi vem aumentando sistematicamente ao longo dos anos, o que torna crescente a preocupação com a destinação apropriada do resíduo gerado. A bromelina é um conjunto de enzimas conhecidas como proteases, que quebram ligações peptídicas. O objetivo deste estudo foi comparar as propriedades de transporte para a recuperação de bromelina de resíduos da casca, da coroa e do talo de abacaxi utilizando membranas poliméricas planas de diálise e de ultrafiltração, ambas de éster de celulose. A estratégia experimental consistiu na extração com água das substâncias solúveis dos resíduos. Após filtração e microfiltração para remoção de sólidos suspensos, avaliaram-se duas rotas alternativas: a separação por membrana de ultrafiltração (10 kDa) e de diálise (14 kDa). Os resultados foram comparados em relação às propriedades de transporte, bem como atividade enzimática. Observou-se uma elevada concentração de proteínas totais no extrato da casca, seguida pelo talo e pela coroa. Comparando-se os dados de permeação, ficou evidente que a ultrafiltração foi mais efetiva na separação das frações de proteína, tanto em relação ao fluxo permeado quanto na rejeição ou recuperação de bromelina, considerando o elevado fator de diluição das amostras de diálise.
NH3‐SCR of NO over a V‐based catalyst: Low‐T redox kinetics with NH3 inhibition
Authors: Nova Isabella , Ciardelli Cristian , Tronconi Enrico , Chatterjee Daniel , Bandl‐Konrad Brigitte
Published: July 2006

We present transient kinetic data that demonstrate an inhibiting effect of ammonia on the NH3‐selective catalytic reduction (SCR) of nitric oxide (NO) at low temperatures over a V2O5‐WO3/TiO2 commercial catalyst for vehicles. This effect has significant mechanistic as well as practical implications. It cannot be reproduced by conventional or modified Eley–Rideal approaches used in the past for SCR‐deNOx stationary applications, but is well described by a novel dual‐site redox rate expression assuming that ammonia may block the vanadium‐related catalyst sites for NO + NH3 activation. The same rate model also successfully represents the kinetic influence of the oxygen concentration. It is shown that account of ammonia inhibition at low temperatures is critical for simulating the highly transient operation of onboard SCR converters for diesel exhaust aftertreatment. © 2006 American Institute of Chemical Engineers AIChE J, 2006
Titelbild: Enzymatically Derived Sugar‐Containing Self‐Assembled Organogels with Nanostructured Morphologies (Angew. Chem. 29/2006)
Authors: John George , Zhu Guangyu , Li Jun , Dordick Jonathan S.
Published: July 2006

Enzymatisch synthetisierte symmetrische Trehalosediester ordnen sich in einer Vielzahl organischer Lösungsmittel bei niedrigen Gelbildner‐Konzentrationen zu faserförmigen Netzwerken an. Gele mit Acrylat‐Funktionen können durch Polymerisation weiter stabilisiert werden. In Gegenwart von Wasser und demselben Enzym zerfallen die Gele zu Trehalose. In der Zuschrift auf S. 4890 ff. nutzen J. S. Dordick et al. die Kombination von supramolekularer Chemie und der Selektivität der Biokatalyse als effiziente Strategie zur Entwicklung definierter funktioneller Materialien.
Cover Picture: Enzymatically Derived Sugar‐Containing Self‐Assembled Organogels with Nanostructured Morphologies (Angew. Chem. Int. Ed. 29/2006)
Authors: John George , Zhu Guangyu , Li Jun , Dordick Jonathan S.
Published: July 2006

Enzymatically synthesized symmetrical trehalose diesters self‐assemble into fibrous gel networks in a wide range of organic solvents and at very low gelator concentrations. Gels containing acrylate functionalities can be further stabilized through polymerization. In the presence of added water and the same enzyme, the gels degrade into trehalose, as shown in the cover picture. In their Communication on page 4772 ff., J. S. Dordick et al. describe how combining the principles of supramolecular chemistry and the selectivity of biocatalysis represents a powerful strategy to develop defined functional materials.
Microbial Transformation of Nandrolone Decanoate by Acremonium Strictum
Authors: Yazdi Mojtaba Tabatabaei , Zanjanian Seyedeh Maryam , Faramarzi Mohammad Ali , Amini Mohsen , Amani Amir , Abdi Khosrou
Published: July 2006

Estr‐4‐en‐3,17‐dione II, 17β‐hydroxyestr‐4‐en‐3‐one III, 15α‐hydroxyestr‐4‐en‐3,17‐dione IV, and 15α,17β‐dihydroxyestr‐4‐en‐3‐one V were produced by microbial transformation of nandrolone decanoate I in the culture of Acremonium strictum PTCC 5282. Bioconversion characteristics observed were ester hydrolysis, oxidation, and hydroxylation. Each microbial product was purified chromatographically and characterized on the basis of spectral data obtained from 1H‐NMR, 13C‐NMR, FT‐IR, MS, and physical constants such as melting point and optical rotation.
Novel Pirfenidone Analogues: Synthesis of Pyridin‐2‐ones for the Treatment of Pulmonary Fibrosis
Authors: Ammar Yousry A. , Ismail Magda M. F. , El‐Sehrawi Hend M. , Noaman Eman , Bayomi Ashraf H. , Shawer Taghreed Z.
Published: July 2006

A new series of polysubstituted 1‐aryl‐2‐oxo‐1,2‐dihydropyridine‐3‐carbonitriles and pyrazolo[3,4‐b]pyridine‐5‐carbonitriles and pyrido[2,3‐d]pyrimidine‐6‐carbonitriles have been synthesized and tested for their antifibrotic activity. Among the tested compounds, compoundsIIcandIVbexhibited higher antifibrotic activity than the standard pirfenidonePDwith a reduction of the hydroxyproline level to 50 and 140 μmol/lung, respectively. However, bicyclic pyridoneVIIIbdisplayed a high mortality rate. Detailed syntheses, spectroscopic and biological data are reported.
Facile Synthesis of Oligosaccharide Probes for the Analysis of Protein–Carbohydrate Interactions
Authors: Takatani Maki , Ito Yukishige
Published: July 2006

A strategy for facile oligosaccharide synthesis is described. It obviates chromatographic separation of intermediates and enables the isolation of desired oligomers with capture‐release purification and reverse‐phase silica‐gel cartridge separation. As an example, preparation of monoglucosylated mannotetraose (Glcα1→3Manα1→2Man1α→2Man1α→3Manβ) was conducted. After sequential glycosylation, capture‐release purification with Cys‐resin, global deprotection, and reverse‐phase silica‐gel cartridge separation, the target pentasaccharide was isolated, while isolation of shorter oligomers that lack nonreducing‐end residues (Manα1→2Man1α→2Man1α→3Manβ, Man1α→2Man1α→3Manβ, Man1α→3Manβ) was also achieved. These products were connected to a thiol‐containing linker and immobilized on Au‐coated chips. Their affinity to recombinant calreticulin was evaluated by quartz‐crystal microbalance.
Convergent/Divergent Synthesis and Photophysical Studies of Alternating Benzene–Furan Oligoaryls from Substituted Propargylic Dithioacetals
Authors: Chou Chih‐Ming , Chen Wei‐Qiang , Chen Jia‐Hong , Lin Cheng‐Lan , Tseng Jui‐Chang , Lee Chin‐Fa , Luh Tien‐Yau
Published: July 2006

A range of oligoaryls that contain alternating benzene–furan rings is synthesized by a rapid convergent/divergent method from the annulation of a propargylic dithioacetal and an aldehyde with a propargylic dithioacetal moiety as a substituent. These oligomers are fairly soluble in a range of organic solvents and can be easily purified by reprecipitation. The substituents on the furan rings can be varied according to the substituents in the starting propargylic dithioacetals. This route provides a useful procedure for the synthesis of alternating benzene–furan oligomers without repeated units. These furan‐containing oligoaryls are highly fluorescent in the visible region and are electrochemically active. The band gaps of these oligomers appear to be less sensitive towards changes in conjugation length than those of oligofurans.
Multiphase Organic Synthesis in Microchannel Reactors
Authors: Kobayashi Juta , Mori Yuichiro , Kobayashi Shū
Published: July 2006

“Miniaturization” is one of the most important aspects in today’s technology. Organic chemistry is no exception. The search for highly effective, controllable, environmentally friendly methods for preparing products is of prime importance. The development of multiphase organic reactions in microchannel reactors has gained significant importance in recent years to allow novel reactivity, and has led to many fruitful results that are not attainable in conventional reactors. This Focus Review aims to shed light on how effectively multiphase organic reactions can be conducted with microchannel reactors by providing examples of recent remarkable studies, which have been grouped on the basis of the phases involved.
Methylation of [Pt2(μ‐SR)(μ‐S)(PPh3)4]: En Route to Mixed‐Thiolato Bridged Complexes
Authors: Chong Siew Huay , Koh Lip Lin , Henderson William , Hor T. S. Andy
Published: July 2006

Sequential and independent alkylation of [Pt2(μ‐S)2(PPh3)4] by RX followed by methylation with Me2SO4 led to the first successful isolation of novel diplatinum complexes [Pt2(μ‐SR)(μ‐SCH3)(PPh3)4](PF6)2 (3) (R=CH2C6H5 (a), CH2CHCH2 (b), C5H10CO2CH2CH3 (c), C2H4CO2CH2CH3 (d), CH2CH2CN (e), C2H4CH(O)2C2H4 (f), and C2H4SC6H5 (g)) with asymmetric thiolato bridges. The synthetic methodology can tolerate a range of electronically and sterically contrasting thiolate substituents with different chemical functionalities. The X‐ray crystal structures of 3 a–c, g confirm the unusual heterodialkylation with two different thiolato bridging ligands in a syn–exo conformation. A secondary product [Pt2(μ‐SC2H4SC6H5)(μ‐SCH3)(PPh3)3](PF6)2 (4), which arises from intramolecular phosphine displacement by the thio pendant at the neighboring SC2H4SC6H5 bridge, has been trapped and characterized. This is an unusual diplatinum complex with three different bridging thio ligands and three different phosphines. The heteroalkylation is screened in situ by ESI‐MS, and the resultant spectral data provide a convenient guide for one‐pot syntheses of {M2(SR)(SR′)} from{M2S}. The isolation and X‐ray crystal structure of a homoalkylated analogue [Pt2(μ‐SCH3)2(PPh3)4](PF6)2 (6) is included for comparison.
New Synthetic Routes to C‐Amino Phosphorus Ylides and their Subsequent Fragmentation into Carbenes and Phosphines
Authors: Conejero Salvador , Song Maoying , Martin David , Canac Yves , Soleilhavoup Michele , Bertrand Guy
Published: July 2006

Phosphonio‐substituted aldiminium, iminium, and imidazolidinium salts are readily prepared by the addition of phosphines to the Alder dimer or by treatment of the corresponding chloroiminium salt with the phosphine/trimethylsilyl triflate adduct generated in situ. Reduction with either potassium metal or tetrakis(dimethylamino)ethylene leads to the corresponding C‐amino phosphorus ylides. When basic phosphine fragments are used, the ylides can be isolated; otherwise they fragment into the carbene and phosphine. This method is limited to the preparation of transient carbenes, owing to the unavailability of sterically hindered dications, and consequently of phosphorus ylides with bulky carbon substituents. This difficulty is overcome by the addition of 2,4‐di‐tert‐butyl‐ortho‐quinone to readily available C‐amino phosphaalkenes at low temperature. Provided the phosphorus atom bears either an amino or tert‐butyl group, [4+1] cycloaddition occurs, and the resulting ylides fragment into a dioxaphospholane and a spectroscopically observed carbene.
Highly Efficient Three‐Component Synthesis of β‐Lactams from N‐methylhydroxylamine, Aldehydes, and Phenylacetylene
Authors: Zhao Liang , Li Chao‐Jun
Published: July 2006

The three‐component reaction of N‐substituted hydroxylamines, aldehydes, and phenylacetylene catalyzed by CuCl/2,2′‐bipyridine in the presence of NaOAc under neat conditions afforded the corresponding β‐lactams in good to excellent yields. Aromatic, heteroaromatic, and aliphatic aldehydes are tolerated in this reaction. The electronic effects of the aldehydes were studied for the reaction with N‐methylhydroxylamine and N‐benzylhydroxylamine. For N‐methylhydroxylamine, electron‐rich aldehydes provided higher yields than electron‐deficient aldehydes, whereas for N‐benzylhydroxylamine, no significant electronic effect was observed for the aldehydes.
The 0th International Conference on Cutting‐Edge Organic Chemistry in Asia—Asian Core Program (ACP) and IUPAC East Asian Networking Project
Authors: Isobe Minoru , Chiu Pauline
Published: July 2006

The 0th International Conference on Cutting‐Edge Organic Chemistry in Asia—Asian Core Program (ACP) and IUPAC East Asian Networking Project
Cover Picture: Polymerization in Coordination Nanospaces (Chem. Asian J. 1‐2/2006)
Authors: Uemura Takashi , Horike Satoshi , Kitagawa Susumu
Published: July 2006

Inspired by Nature and the elegant polymerizations that occur in biological systems, chemists are facing up to the challenge of creating materials with well‐defined nanostructures. In their Focus Review on page 36 ff., S. Kitagawa and co‐workers describe how porous coordination polymers can be prepared with such regular channel structures, whose flexible pores and unique surface potentials allow precisely controlled polymerization and polymer arrangement. The cover picture represents polystyrene in the cavity of [Zn2(1,4‐dicarboxylate)2(triethylenediamine)]n. Polymerization of styrene in these nanochannels exhibits living radical nature and thus suggests the possibility of molecular‐weight control.
Enhancing the financeability of leasehold property
Authors: Hilton Jim
Published: July 2006

The aim of this paper is to provide a review of the risk to a mortgage lender in lending on the security of a tenant's leasehold interest in real property and to outline the many ways in which such a risk may be reduced. The paper provides practical suggestions of how this risk reduction may be accomplished to the benefit of the lender, the landlord and the tenant through a combination of careful document review and a well thought out tri‐party leasehold mortgage acknowledgment agreement. Copyright © 2004 Henry Stewart Publications
What finance is available to the smaller residential developer in the UK, and what is the broker's role in arranging such finance?
Authors: Dowdeswell Chris
Published: July 2006

This paper is intended to give the reader an overview of the current funding possibilities for small residential property developers in the UK. The main focus will be on developers of new homes but most of the principles apply to those involved in the conversion and refurbishment business who are likely to rely upon broadly similar funding arrangements. It is accepted that some smaller developers are able to finance their schemes out of their own cash flow without the need for borrowings; however, even if they are in this fortunate position, many of them opt to borrow so that all of their cash resources are not tied up in land and work in progress. Their own spare funds are then available to take advantage of opportunities to acquire land, and to secure options and conditional contracts etc. The vast majority of developers borrow to ensure that they have projects in the pipeline and at various stages of maturity. Copyright © 2004 Henry Stewart Publications
Structuring European real estate private equity funds
Authors: Larkin Daniel E. , Babin Mara L. , Rose Christopher A.
Published: July 2006

Private equity funds, already a well‐established market for real estate capital in the USA, are becoming a significant source of funding on the other side of the Atlantic. The unification of Europe, coupled with investors' greater familiarity with the private equity model, has resulted in an increase in the flow of private capital into European real estate – a trend that is likely to continue over the next several years. This paper seeks to acquaint developers, lenders and investors with the basic structure and characteristics of a real estate private equity fund, including the key issues and documents involved. Copyright © 2004 Henry Stewart Publications
Environmental insurance: a financing facilitator
Authors: Bell Michael J. , Pearlson Jonathan
Published: July 2006

Environmental insurance is being used with ever increasing frequency in real estate‐backed financial transactions. While the products have been available for some time, they are now reaching the point of being a commonly accepted risk management tool.[According to one carrier, in the United States alone, environmental insurance has become a $1.4bn market. See ‘Insuring Against Environmental Liability’, reprinted from Canadian Insurance, November 2002, at URL http://www.xlenvironmental.com/icf/insuring.htm.] Perhaps more importantly, some lenders and real estate owners are using the products in an increasingly creative manner in order to facilitate better deals. This paper will summarise briefly some of the insurance tools currently available, followed by a discussion of how the policies treat mold and terrorism risks. The balance of the paper will detail a number of innovative ways in which environmental insurance policies have been implemented to benefit borrowers and lenders, often providing one or both with a competitive advantage in the marketplace. Copyright © 2004 Henry Stewart Publications
The economic outlook for 2004: encouraging trends
Authors: O'Carroll Lucy
Published: July 2006

The global recovery has finally taken off, and a buoyant 2004 seems all but assured. This should create opportunities for the UK's trade‐exposed sectors, such as manufacturing. With corporate sentiment and balance sheets recovering, business investment is also likely to pick up during the next two years. As a result, GDP growth is forecast to rise to 3 per cent in 2004, its highest level for four years. The Bank of England will respond by raising interest rates, constraining inflationary pressures. But, at an expected peak of 4.75 per cent, borrowing costs should remain low by historic standards. In this environment, prospects for the property sector remain positive. Copyright © 2004 Henry Stewart Publications
E‐commerce and UK retail property: trends and issues
Authors: Damesick Peter
Published: July 2006

UK retailing is currently being reshaped by new competitive patterns and pressures, contributing to a weakening in retail property performance. The growth of online retailing has been perceived as a further threat to the sector, although the problems facing ‘pure play’ e‐tailers mean that Internet shopping is likely to be increasingly dominated by multi‐channel retailers. Web‐based retailing will add to competitive pressures on retailers and increase general price transparency. Internet sales penetration will vary between products and services and also geographically. Even with Internet sales growth being concentrated on established retailers, there will be impacts on retail floor space productivity, property requirements and store networks, with implications for retail property performance. Online shopping could reinforce the existing trend of polarisation of retail spending into the larger and more attractive centres within the retail hierarchy. Retailers and retail property investors need to find ways of upgrading the shopping experience to respond to the growth of online sales. Copyright © 2001 Henry Stewart Publications
Irish investment in UK commercial property
Authors: Hunt Marie , Jennings Gerry
Published: July 2006

This paper explores the trend of Irish investment in the UK commercial property market, which has been particularly prevalent in recent years. It discusses the quantum of Irish investment spend (private and institutional) in the UK commercial property market over recent years, outlining the reasons why Irish investors typically choose to invest in the UK property market as opposed to their domestic market. Sectors and locations which are particularly appealing to the Irish investors in the UK are explored and examples of some recent deals are outlined. The paper goes on to discuss the rationale for funding Irish investment purchases in the UK, outlining in particular the factors which an Irish lending institution will typically take into account when lending on UK commercial property purchases. Copyright © 2004 Henry Stewart Publications
Financial incentive to prepay in fixed‐rate mortgages
Authors: Ferrer Román , González Cristóbal , Jordá Maria Paz
Published: July 2006

The borrower's financial incentive to prepay is a crucial determinant in estimating prepayment in mortgage pools and, consequently, in valuing mortgage‐backed securities. In mortgage prepayment literature, this incentive to prepay has been proxied by both the ratio of the loan rate to the refinancing rate and by the arithmetic spread between the two rates; however, the former is considered to be a better proxy of the refinancing incentive than the latter by a section of the literature. In this paper, the authors check the accuracy of that statement and subsequently estimate two prepayment functions using, alternatively, the two proxies. The results indicate that the use of the ratio does not improve the estimates obtained using the arithmetic spread. Copyright © 2004 Henry Stewart Publications
Property investment and development finance in European jurisdictions part 4: Germany
Authors: Murray Neil
Published: July 2006

This paper looks at legal and practical issues which may arise for prospective lenders in relation to property investment and development loans concerning property in Germany. While the issues discussed are necessarily subjective, and appropriate legal advice should be taken in all cases, it is hoped that the paper will provide a good guidance in respect of transactions undertaken in Germany, relative to the typical expectations of a lender in respect of a UK deal. Copyright © 2004 Henry Stewart Publications
The major issues facing the successful introduction of the UK REIT
Authors: Petersen Andrew
Published: July 2006

Exciting times are afoot in real estate finance and investment within the UK. This year has already seen the Barker review of housing policy, the Draft Planning Policy Statement 6 reforms to the existing Planning Policy and Guidance Note 6 (PPG 6), new rules on the tax treatment of property derivatives and the continuing review by the Financial Services Authority, through Consultation Paper 185, of Collective Investment Schemes. Moreover, March 2004 saw HM Treasury (‘HMT’) announce a consultation exercise on how property investment funds (‘PIFs’, although in this paper they will be referred to as ‘UK REITs’)[The name may change to reflect the financial structure, and the UK Government (in an indication that it may not be happy with ‘PIFs’ as a name) has welcomed alternative suggestions. After all, it could not have been called a Property Investment Trust (after the Housing Investment Trusts of the 1990s), since one would imagine the take‐up of a product called a PIT to be relatively low.] in the UK should be structured to encourage more efficient investment in commercial and residential real estate.[Seehttp://www.hm‐treasury.gov.uk/budget/budget_04/associated_documents/bud_bud04_adproperty.cfm.] The consultation paper reveals that HMT is contemplating a tax‐neutral vehicle that will be well regulated (ie low risk), boost liquidity and thus appeal to the small retail investor in providing indirect access to both the residential and commercial property investment markets. The initiative for such a vehicle is driven by a desire, through a government‐led review of the taxation of real estate, to stem the flow of investment offshore. Through the introduction of UK REITs, HMT hopes to redirect the £25bn or so of UK real estate investment into a properly regulated onshore investment vehicle, thereby protecting UK tax revenues. This paper will, through examining the successes of the REIT market in the USA, consider the major issues raised and faced by HMT in introducing a vehicle which will succeed and ultimately benefit the UK economy. Copyright © 2004 Henry Stewart Publications
Structural protections in inter‐creditor agreements for mezzanine loans
Authors: Lance Andrew A.
Published: July 2006

This paper reviews a number of the important structural protections found in inter‐creditor agreements, discusses the negotiated modifications to those protections which are common today and assesses whether the modifications reflect market‐driven erosion of the structural protections. After reviewing the differences between market placements and asset types which can justify such modifications, and the legal rationale underlying many common variations, the author concludes that the variations typically found in inter‐creditor agreements are the product of legitimate negotiation and justifiable differentiation, rather than the erosion of structural protections as a by‐product of a highly competitive environment. Copyright © 2004 Henry Stewart Publications
Real estate bank lending in Germany — a status quo in early 2004
Authors: Garthe Elfi
Published: July 2006

Throughout 2003, market participants complained about an increasing ‘credit crunch’ in Germany and about an unprecedented reluctance of banks to grant loans, especially for real estate transactions. This paper looks at an explanation of this development and reflects the opinion of the author that Germany is far away from a credit crunch, ie banks not having the liquidity to grant loans. What has led to the present situation is a coincidence of three very significant changes in the market at the same time:

Major restructuring in the German banking market;

A recessional/stagnating economy; and

An atypical real estate cycle.

In order to fully understand the impact of these coinciding changes on present and future real estate lending, this paper will expand on and analyse the most important key elements of these changes to support the basis of an opinion on the future real estate financing environment. Copyright © 2004 Henry Stewart Publications
The UK transfer of a going concern regime: trade facilitation measure or bureaucratic jungle?
Authors: Connell Alan
Published: July 2006

A transfer of the assets of a property business as a going concern (TOGC) is outside the scope of VAT if certain conditions are met. Some of these require a buyer to do specific things by a certain time but others are dependent on a buyer's intentions or actions after the transfer. Sellers must deal with these contractually. The necessary procedures have been refined in response to Tribunal and Court decisions and they are affected by the VAT anti‐avoidance provisions. The ECJ decision in the case of Zita Modes SARL (Case C‐479/01) should lead to changes in the rules. Copyright © 2004 Henry Stewart Publications
Volatility differences between the public and private real estate markets
Authors: Conner Philip , Falzon Robert
Published: July 2006

Today, investors can use public or private vehicles to gain exposure to real estate. The public markets provide greater liquidity with higher volatility, while the private markets provide stability but with less liquidity. The differences in the volatility create opportunities to exploit periods of misalignment between the two markets. The strategies for arbitraging are many and diverse, but nearly all entail finding the optimal match between capital sources and property investments. Copyright © 2004 Henry Stewart Publications
Exploring the different approaches to taxing PPP and PFI vehicles
Authors: Bartlett Paul
Published: July 2006

The focus of public–private partnerships (PPPs) and private finance initiatives (PFIs) remains, as it has from their inception in 1992, firmly on the provision and maintenance of public sector property assets such as schools, hospitals, social housing and civil engineering projects including ‘Design, Build, Finance and Operate’ roads. Many of the techniques used in financing PPP and PFI transactions are common to real estate projects. It is likely therefore that the tax issues and consequent solutions developed for PPP and PFI transactions will have increasing relevance to the property investment industry, particularly as the principles of PFI become more common in the private sector. The purpose of this paper is to explore the different approaches to taxing PPP and PFI project vehicles and provide an update on the latest developments in their taxation. This is a topic which has been brought into focus by the high tax rate suffered by early PFI projects which are now reaching maturity and the consequent effect this has on shareholder returns. In response, the industry has, in partnership with the Inland Revenue, sought greater certainty over the tax treatment of PPP and PFI projects. Changes to key parts of PFI contracts and the way in which services are delivered can result in a much lower effective rate of tax for PPP and PFI projects. Copyright © 2004 Henry Stewart Publications
A report on title insurance in international real estate transactions
Authors: Calder J. Carmichael ‘Mike’ , Compton S. H. Spencer
Published: July 2006

Over the past two years, the use of international title insurance has increased markedly. Title insurance has ceased to be a uniquely American product and has become a component of real estate transactions in dozens of countries. International lenders are becoming more familiar with the protections and benefits of title insurance, and, consequently, it is playing an increasingly greater role in the evolution of standardised international transaction systems and processes. This paper discusses how and why title insurance works in international real estate transactions and how the market has responded. Copyright © 2004 Henry Stewart Publications
Selling land for development in the UK — the tax implications
Authors: Ewart David , Dunn Sarah
Published: July 2006

This paper considers the tax position of a landowner who plans to sell his land to a developer. It assumes that he wants to participate in the development gain, ideally by leaving part of the consideration unascertained until a future date. This can be achieved through a number of different structures, and commercial factors will normally dictate which one. However, the tax implications of sharing in the development gain can be substantial and should be borne in mind. The first part of this paper looks at the tax consequences of a sale by one landowner. The second part considers the further issue, which arises when several landowners pool their land before sale in order to share the profits in proportion to their original interests. Copyright © 2001 Henry Stewart Publications
The UK economy: is the outlook really that good?
Authors: O'Carroll Lucy
Published: July 2006

The UK economy has been in excellent shape in recent years. There are, however, risks to this positive outlook. The main risk, which has materialised since this article was written in December 2000, has been the sharper‐than‐expected US slowdown. We anticipate that the United States will recover relatively rapidly in the second half of 2001. The UK economy will see marginally slower growth, higher unemployment and lower inflation as result of the US slowdown. The Bank of England's Monetary Policy Committee has plenty of room to reduce interest rates further to stimulate demand, however, and there are no signs that consumer or business confidence in the UK has been adversely affected by events in the United States. The outlook for the UK economy remains positive, with the economy expected to expand at close‐to‐trend rates, sterling to weaken somewhat and inflation to remain below its 2.5 per cent target during the next few years. Copyright © 2001 Henry Stewart Publications
Research review
Authors: Adair Alastair
Published: July 2006

How should risk be treated in property pricing and valuation? Traditionally implicit methods have prevailed, for example, the use of the all risks yield or a cautious approach to specifying key variables in the valuation. Has the time now come to utilise more explicit approaches to identify and analyse risk? Copyright © 2001 Henry Stewart Publications
How to negotiate a smooth transfer between development lenders and investment lenders
Authors: Jeffers Mark
Published: July 2006

The paper focuses on the benefits to a borrower from differentiating between the commercial perceptions of different specialist property lenders. This is expanded into an overview of how CLP has systemised this ‘arbitrage’ potential into a product called ‘Hand in Glove’. The paper rounds off with a demonstration of how this much‐neglected facet of the market can harbour competitive advantages for the companies utilising it. Copyright © 2001 Henry Stewart Publications
Property tax in the UK: changes in law and practice during labour's first term 1997–2001
Authors: Rowe Rosalind
Published: July 2006

Rosalind Rowe provides an overview of the key changes in taxation law which have affected real estate during the Labour Government's first term. In the first section she looks at new tax law introduced by the Finance Act 2001. In the second she looks back at what has happened since 1997. Copyright © 2001 Henry Stewart Publications
Rent default: minimising the risk and making effective use of the remedies available
Authors: Thomas Peter N.
Published: July 2006

When tenants of commercial property default with their rental payments it is often a symptom of a poor landlord and tenant relationship. This can be due to a failure to communicate and seek solutions for financial distress in advance of the point of crisis. This paper examines the number of remedies available to the property owner and the careful thought that should be given to which is most appropriate before embarking on a course of action. The key issues tend to be cost and potential outcome. The Human Rights Act 1998 has introduced doubt over whether the two most popular remedies used to combat rent default are still legally enforceable.

When tenants of commercial property fail to make rental payments in accordance with the provisions of their leases, the astute landlord or managing agent should be well prepared for the eventuality and should have already explored the options available. Experience suggests that for a landlord and tenant relationship to be successful there needs to be a mutual respect and understanding of the parameters each party is operating within. For this to occur, an ongoing dialogue throughout the relationship is required. Copyright © 2001 Henry Stewart Publications
E‐business and its impact on commercial property valuation in private practice firms
Authors: Lawrence Mike
Published: July 2006

The use of the Internet has grown significantly in private practice surveying firms in recent years. Initially used as a research and communication device, the industry is finding new ways of using this technology. Property valuers have an important role to play in the development of the profession and in some cases it has been suggested that the Internet and new technology may render obsolete the traditional role of the valuer in private practice. This paper sets out to explore whether the suggestions carry any weight. Copyright © 2001 Henry Stewart Publications
Research review
Authors: Adair Alastair
Published: July 2006

This issue of Research Review focuses on four keynote addresses and plenary papers delivered at the World Valuation Congress (WVC) held in Singapore from 26th–29th April, 2001. The WVC was established in the early 1980s in order to provide a forum at an international level for the exchange of ideas on real estate pricing. The theme of the conference was ‘Real Property Valuation in a Dynamic Environment’ and the four papers selected for this review highlight the changing environment within which current appraisal practice is undertaken. Copyright © 2001 Henry Stewart Publications
Property joint ventures – the tax issues
Authors: Beer Charles
Published: July 2006

Abstract This paper examines the main tax issues which need to be considered when setting up a property joint venture, whether for development or investment purposes. The paper starts with the initial questions that must be asked of all parties to the joint venture before a suitable structure can be identified. It then briefly considers some of the key tax issues that arise in joint ventures before looking at the main joint venture vehicles available. Finally, a short case study is used to consider how some of these issues may be considered and resolved in practice. Copyright © 2001 Henry Stewart Publications
Recent government housing policy and the private rented residential sector: a review
Authors: Lambert Richard
Published: July 2006

This paper concentrates primarily on UK central government policy, which relates mainly to England and Wales. Brief summaries of activities in the devolved nations are also included. The government undertook a review of housing policy during 2000, as well as implementing other important policy initiatives, such as the Commonhold and Leasehold Reform Bill and the pilot Tenancy Deposit Schemes. The review was regarded as a profound disappointment by the private rented residential sector, and leaves the impression of a government that does not understand the sector, and does not have the time or the resources to acquire that understanding or think deeply about it. Consequently, it falls back on gut instincts, political preconceptions and token gestures. There are many important questions for the sector with which the government seems not to have engaged. Copyright © 2001 Henry Stewart Publications
The economic outlook after the terrorist attacks in the USA
Authors: O'Carroll Lucy , Dempster Natalie
Published: July 2006

Uncertainty and weakness were the prevailing themes for the global economy, even before the events of 11th September. The terrorist attacks on the USA have further clouded the global economic outlook. The authors remain hopeful that a UK recession can be avoided, however, the economic situation may change in response to the nature of the USA's military engagement. Copyright © 2001 Henry Stewart Publications
How property companies are increasingly using non‐vanilla hedging structures to reduce their interest rate exposure
Authors: Lambert Mark , Burnand Lisa
Published: July 2006

This paper looks at how the use of interest rate derivatives by property companies has evolved in recent years, beyond the most basic. It is now commonplace for many of these companies to employ quite sophisticated hedging strategies. The authors present two hedging structures that would be classified as ‘non basic’ or to use the correct jargon ‘non vanilla’ and suggest that there is more innovation to come. Copyright © 2002 Henry Stewart Publications
Why China has awakened: an institutional analysis of the office market in Beijing and Shanghai
Authors: Cao J. Albert , Edwards Victoria
Published: July 2006

The reform and open‐door policy has brought continuous rapid economic growth and transformed China from a closed command economy to an open economy dominated by markets. This paper analyses the office markets in Beijing and Shanghai in an institutional context. It scrutinises the factors that led to the boom and bust of the office markets in these two largest cities in China in the 1990s. It provides an analysis of the changes to the ruling party and the government that lead to increased competition and reduced government intervention, transforming state firms into real market players. With surging domestic/foreign demand and more rational supply, growth of rental and capital values has returned. The paper concludes that the office markets in Beijing and Shanghai are becoming huge competitive playgrounds for genuine property developers and investors and show great potential as the two cities upgrade themselves into international as well as domestic business centres. Copyright © 2002 Henry Stewart Publications
Will the growth of new investment vehicles and the restructuring of old ones require more and offer more to property bankers?
Authors: Church David
Published: July 2006

The question the author has been asked to address is ‘Will the growth of new investment vehicles and the restructuring of old ones require more and offer more to property bankers?’ The answer to this question is very straightforward: ‘Yes and maybe!’ Yes, of course it is going to require more thought and maybe it will offer more in terms of opportunities to add value and generate fees. Investment bankers love change and volatility. Altering capital structures is a key part of the day‐to‐day business. If these bankers do not create the trend, they are left behind it. Copyright © 2002 Henry Stewart Publications
Structured finance in the South African real estate market: who are the winners — borrowers or lenders?
Authors: Evans Kathy
Published: July 2006

Structured finance, in this paper, refers to structures developed by banks, to finance real estate developments or investments, which separate the debt and equity components of real estate. The debt component or loan amount is the present value of the lease cash flow. The equity component is the value of the real estate at the end of the lease period. These complex structures incorporate significant tax benefits.

This paper examines the current position of structured finance in the South African real estate market. The focus is on up‐market decentralised areas. The research aims to establish the benefits of structured finance for both lenders and borrowers. The research was initiated by a pilot study of a specific financing structure for a decentralised office development (Evans 2000). This pilot study raised the question of ‘who were the winners?’ in the deal.

The research has been conducted with the participation of selected banks and consultants who are the lenders and creators of the structures, as well as with the users who are the real estate investors or developers. A survey, in the form of structured, in‐depth interviews was conducted with eight banks, two structured finance consultancy firms, eight developers and two investors, all of whom are active participants in the structured finance market.

As the criteria surrounding each deal vary, a ‘deal specific’ finance structure is created for each development or investment. This has led to the information collected being portrayed qualitatively. However, because of the confidential nature of each structure, research focuses on general rather than specific structures.

This paper examines first the aims of structured finance and the method of achieving these aims; secondly, the criteria for banks entering into these structures; and thirdly, the structure and tax risks which are invariably passed on to the borrower. Results of interviews reveal that banks and borrowers benefit from these finance structures by maximized loan amounts and fixed interest rates. The potential tax obligations, however, may have a significant financial impact on borrowers. Copyright © 2002 Henry Stewart Publications
Forming a joint venture with an institutional partner: a residential property case study
Authors: Blelloch Ian
Published: July 2006

The housing market in the UK has become increasingly polarised between the extremes of affordable housing and outright home ownership. This piece summarises the work done to structure institutional investments exploiting the wide gap in the housing market between these two extremes. The examples used are based on structures typical of those employed to date. Copyright © 2002 Henry Stewart Publications
The outlook for the UK economy
Authors: O'Carroll Lucy
Published: July 2006

The outlook for the UK economy is more positive than six months ago. Conditions in the global economy have steadied and UK domestic demand is, if anything, stronger than expected. Business propositions should, however, be examined for vulnerability to various risks – not only the risk of more subdued growth, but also for any vulnerability to a sharp interest rate rise should a ‘boom‐bust’ cycle materialise. The risks to the outlook remain marginally weighted to the downside, but the UK remains well placed to recover from a relatively mild and short‐lived downturn in the second half of 2002. Copyright © 2002 Henry Stewart Publications
Research review
Authors: Adair Alastair
Published: July 2006

The aim of the Research review is to focus on current academic research which contributes to and enhances professional practice. The objective is to provide the busy practitioner with a synopsis of leading edge research in the area and hopefully to stimulate a desire for greater understanding and application of knowledge and techniques that will enhance professional practice. Copyright © 2002 Henry Stewart Publications
Sale‐leasebacks move to the forefront: what is motivating buyers and sellers and what are their preferred methods?
Authors: Barris Roger
Published: July 2006

Suddenly everyone is doing it: selling their real estate. After decades — if not centuries — of happy owner‐occupation, a large number of European corporates and governments have now decided that being a tenant is much more interesting than being an owner. The trend started off as a trickle in the mid‐1990s, but over the last couple of years it has become a torrent. The purpose of this paper is to examine this process, from the perspectives of both the sellers and the buyers. First, there will be a documentation of some of the key transactions that have been done in recent years. This will be followed by a discussion of the motivations of the sellers, both in the private and public sectors, as well as the motivations of the buyers. Finally, there will be an analysis of the key issues that arise in these transactions and how they affect the pricing, financing and structuring of the transactions. Copyright © 2002 Henry Stewart Publications.