However the approval of the Member States must be unanimousMost have that national or regional data for any sharp marketing strategyHave a minority stake on a market place does us excites notA single value is in the Green UnibailRodamcoOnly 28 consider the desirable and realisticOutside Hexagon the offer is very eclecticAfter the triumph of the acquisitions effect of leverage LBO in 2007 until July at least the year 2008 will see take off of the actors in the distressed Flipping special situations the restructuring or depreciated debt in any case have the rating in capShell published yesterday a net profit of 27The autonomy of museums grew dramaticallyI do not think a real crisis of liquidityOn the prestigious avenue Paulista, in São Paulo, the Brazilian financial capital heart, a land of 12,000 square metres was sold early in the year to nearly EUR 50 million. In 1996, an impressive villa belonging to the heirs of a traditional family of Italian immigrants there had been razed. Meanwhile, the ground was converted in parking. With the resumption of the real estate market, the new Brazilian purchasers, Cyrela and Camargo Correa, considering already erected in this strategic place an Office Tower, with possibly a hotel and a shopping centre.
Another sign of the times: Unilever consolidated its workforce, previously scattered in the city, on 14 floors of a new modern building in an another Brazilian metropolis business district last August. With the improvement of the climate business and the end of the years of saw teeth, the real estate market growth resumed its marks in major cities, on a background of falling interest rates.
São Paulo and Rio de Janeiro concentrate 80 of the tertiary market, estimated at nearly EUR 18 billion for some 15 million square kilometers of surface of offices of first class (especially within large companies). The market is recorded a double-digit growth last year, according to a study by Jones Lang LaSalle. Occupancy of the offices, which had dropped to 76 in 2004 in São Paulo, gradually rose to 79 in 2005, before reaching 86.7 in 2006. The market has absorbed 205.000 metres square last year, is the best performance since 2000.
It's not surprising that the price can be traced. São Paulo ranks so now 18th in the world ranking published recently by Cushman & Wakefield, with rental values exceeding 510 euros per square metre per year, far before the other centres of Latin American Affairs. Rio, in a market characterized by the lack of available land, the occupancy rate close to 95. Then that Lilian Feng, Coordinator of the Research Department of Jones Lang LaSalle, prefer to talk about "third consecutive year of recovery", many investors, enticed by annual yields of the order of 13, anticipate tomorrow singing.
"At the beginning of the Decade, they were very hesitant." They in turn invoked the risk associated with the exchange rate, the risk of the return of inflation... Now, this appears to be mastered. It has a left Government which is not so much on the left. People say: is it! ", summarises Paul Weeks, Director of financial markets in Cushman & Wakefield, observer in the Brazilian market for 20 years.
New wave of investors
The recent landing of American real estate magnate Sam Zell, Brazilian land confirmed this trend: after a participation in Gafisa, a local Builder rather residential market-oriented, he found a local partner to form a new company, Bracor, with a capital of $ 200 million to invest in real estate offices. "It's a bit like Bill Gates." "As soon as it enters the market, others follow like sheep", explains Paul Weeks. In turn, Morgan Stanley, Merrill Lynch and Carlyle unveiled millionaires plans. Eurohypo Germans are also on the ranks. Other local investment funds opened the capital of their companies on the stock exchange. Within a year, they have attracted close to 400 million euros.
The decrease in interest rates of the Central Bank continued for eighteen months and the multiplication of new financial products (with exemptions of taxes for foreigners) sparked a renewed interest in the real estate market. To a such wave of enthusiasm in the ocean of abundant liquidity in the financial markets day announcement moderated. Already, new buildings of reference visible on the horizon of the major cities, such as the Ventura Corporate Towers in the centre of Rio (2 towers of 36 storeys valued at more than 150 million euros), or the Eldorado Business Tower in São Paulo.
The landscape of office buildings already had a revolution over the last fifteen years in major Brazilian cities, with the emergence of new business districts more periphery. It should still be deeply upset, but with the economic stability found its foundations appear today stronger.
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