bluuebunny/crossref_metadata_2025_split huggingface dataset:
How to negotiate a smooth transfer between development lenders and investment lenders
Authors: Jeffers Mark 
Published: July 2006

AbstractThe 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

AbstractRosalind 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

AbstractWhen 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

AbstractThe 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

AbstractThis 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

AbstractAbstract 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

AbstractThis 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

AbstractUncertainty 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

AbstractThis 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

AbstractThe 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

AbstractThe 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

AbstractStructured 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

AbstractThe 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

AbstractThe 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
Sale‐leasebacks move to the forefront: what is motivating buyers and sellers and what are their preferred methods?
Authors: Barris Roger 
Published: July 2006

AbstractSuddenly 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.
Emerging distress in the US real estate market? Dangers in the current market and tools to mitigate risk
Authors: Lattin A. Floyd , Ackah Amachie K. 
Published: July 2006

AbstractDespite the recent downturn in the US economy, real estate has remained an extremely attractive investment class. Although the market has softened, property investors have, to date, been largely insulated from distress. Commercial real estate provides investors with cash flow; a hedge against price instability; low correlation to other asset classes; and low volatility of returns. While of these characteristics provide investors potential refuge, they need to be managed, particularly in difficult economic times. Credit risk, leverage risk, geographic market risk, and exit risk are all important elements. Although the US real estate industry, for once, has not been a cause of the recession, understanding and managing these risks is important for the commercial property market to escape the effects of the current downturn. These facts have placed stress on the property market and forced new roles on all participants in the capital structure of real estate investments. This paper will outline various dangers in the current real estate market as well as highlight tools that the industry can use that may mitigate these risks. The paper will also attempt to quantify today's property market dynamics in an effort to plot the current phase of the cycle. Copyright © 2002 Henry Stewart Publications.
The state of the North Asian real estate market: the rise in non‐performing loans, new investment vehicles and exit strategies and the need for government reforms
Authors: Feder Philip N. , Kim Lisa L. 
Published: July 2006

AbstractThe slowdown in global economies, exacerbated by the 11 September attacks, together with the hesitancy, inconsistency and intransigence of both governments and lenders in dealing with non‐performing loans (NPLs) has deepened the problems for Asia's already troubled economies. As the number of Asian NPLs has skyrocketed to an estimated US $2trn (an increase of 33 per cent in the last two years), the authors examine the reasons for the increase, discuss new exit strategies being tested in these markets and offer a prognosis for foreign investors in North Asian real estate. Copyright © 2002 Henry Stewart Publications.
Research review
Authors: Adair Alastair , Lim Lay Cheng 
Published: July 2006

AbstractThe aim of the Research Reviews is to focus on current academic research that 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.
Monitoring of construction projects for third‐party funders and investors
Authors: Porter Stephen 
Published: July 2006

AbstractThis paper examines the practical role of professional advisers to funders and investors on real estate projects. It emphasises the advantages of an early appointment and will differentiate between the services and skills required during the due diligence and monitoring phases. It also explains the different types of service needed depending on the level of project and funding risk and concludes by highlighting and explaining the use of risk assessment and management during the project evaluation and implementation. Copyright © 2002 Henry Stewart Publications
Strategy for leasehold dispositions in high‐tech markets
Authors: Gilbert Kenneth J. 
Published: July 2006

AbstractEffective leasehold disposition strategies must recognise how the structure of real estate markets has changed fundamentally since the major downturn in the mid‐1980s. Today, ownership is concentrated in the hands of fewer institutional investors. This ‘oligopoly’ structure enables landlords to hold a floor under lease rates in a declining market. While this floor would appear also to serve the interests of corporate tenants marketing excess lease space, this new market structure masks a serious problem: in most high‐tech sub‐markets, the majority of the vacant space is held by a few high‐tech tenants. These technology companies constitute an oligopoly structure similar to that of the owners, but with a major difference: their pricing ‘floor’ is exceedingly fragile since those leaseholds are a ‘wasting asset’. Ultimately, they must aggressively market space by cutting prices if they are to recover any value before their lease terms run out. As the pricing floor cracks, a downward pricing spiral will have negative consequences for companies that are late to recognise the situation. Corporations that align their leasehold disposition strategies with the new market structure and act decisively are most likely to maximise the value of their dispositions. Copyright © 2002 Henry Stewart Publications
The impact of news concerning development project launches and their take‐up rates on the stock prices of publicly listed property development companies
Authors: Ibrahim Muhammad Faishal , Ong Seow Eng , Loh Amanah Husain 
Published: July 2006

AbstractA successful launch for a property development project has direct implications on the profitability of the development company. This paper examines the impact of news on the take‐up rates in property development launches on the stock prices of publicly listed property development companies. The implications of a study on stock price reaction to news on property development launches are clear. The property company could view good market response as an opportune time for raising financing in terms of equity as well as bonds or for refinancing. More fundamentally, a favourable market response can be viewed as a market endorsement of the financing structure for property development companies where project financing is widely used. When good take‐up rates are announced in the press, one expects the stock price of the development company to react positively. Empirical evidence from Singapore suggests that the cumulative average abnormal returns (CAARs) are flat on days subsequent to the announcement dates, but there exist significant movements some weeks after the condominium actual launch dates. When the launch date is used as the event date, the CAARs over the period following the launch date are positive for projects that sell well and negative for projects that do not. In addition, the cumulative returns correlate positively to the percentage of units sold over the launch period. Copyright © 2002 Henry Stewart Publications
The outlook for the UK economy
Authors: O'Carroll Lucy 
Published: July 2006

AbstractThe UK economy is likely to put in a solid performance during the next two years. Economic activity is expected to grow at a below‐trend rate of around 1.7 per cent this year, with the impact of sharp equity market falls, a weak global economy and manufacturing sector fragility largely offset by a lower interest rate profile. Conditions remain in place for recovery to around‐trend growth in 2003–04, as the world economy picks up speed. That said, the probability on the central forecast has been reduced, reflecting increased downside risks. If the downside were to materialise, margin pressures would tend to intensify in thin trading markets. Business propositions should therefore be examined for vulnerability to potentially weak pricing leverage, as well as to the risk of more subdued demand growth for an extended period. Copyright © 2002 Henry Stewart Publications
Research review
Authors: Adair Alastair 
Published: July 2006

AbstractThe aim of the Research reviews 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. The reader is encouraged to examine in depth each of the reviewed papers. This issue of the Research Review comprises of one UK research report and three US academic articles encompassing the following topics:

UK commercial property lending
Real estate risk
Synthetic debt

The UK research report focuses on the current state of commercial property lending whereas the three American papers present diverging perspectives on the measurement of real estate risk together with the emerging area of synthetic leases and synthetic debt. Copyright © 2002 Henry Stewart Publications
Investment fund vehicles for pan‐European real estate: a technical and commercial review
Authors: Brown David 
Published: July 2006

AbstractThe aim of this paper is to provide a technical and commercial review of pan‐European real estate investment fund vehicles, including a summary of their evolution to date, who their promoters and managers are, where the capital comes from and what type of real estate are they investing in. It goes on to provide detailed guidance on commercial aspects relevant in deciding on which type of investment vehicle to choose, the key attributes of the various vehicles and the specific regulatory and tax issues for major investor groups. The paper concludes by offering a view on progress towards future vehicles such as the ‘EuroREIT’. Copyright © 2003 Henry Stewart Publications
Co‐investing in mortgage loans: a portfolio strategy
Authors: Williams Jeffrey J. 
Published: July 2006

AbstractThe latter half of the 1990s witnessed a significant increase in co‐lending among US life insurance companies and other portfolio lenders. This paper will examine why co‐lending is attractive to portfolio lenders, detail the factors that have contributed to the growth in co‐lending, and will provide advice on selecting an appropriate co‐lender with which to invest and best practice guidelines on how to structure the deal. Copyright © 2003 Henry Stewart Publications