April Fool - The Simpsons

don´t be fooled..... / laßt euch nicht reinlegen...... :-)



make sure you also read this brilliant piece from keith about

the resignation of david lereah

http://tinyurl.com/2m9zc5

BOJ Is Watching Land Prices for Excess, Fukui Says

i haver never understand the japanese sense of humor.......

der japanische humor wird mir wohl immer ein geheimnis bleiben ......

i stay with homer..... / da bleibe ich doch lieber bei homer....

March 27 (Bloomberg) -- Bank of Japan Governor Toshihiko Fukui said he's closely monitoring land prices after a report showed real estate in some parts of Tokyo surged as much as 46 percent last year.

``We aren't yet in a situation in which land-price gains warrant concern of excessiveness, but we'd like to keep a close watch on them,'' Fukui said in parliament today. ``Rising land prices won't automatically prompt a rate increase.''

Concern that borrowing costs at 0.5 percent will fuel land- price gains could prompt the Bank of Japan to raise interest rates in the first half of this year. The central bank wants to avoid a repeat of an asset-price bubble, the collapse of which in the early 1990s led to more than a decade of stagnation in the world's second-largest economy.

``Land prices are rising, and that's spreading to other big cities'' .... ``This may increase chances of a rate increase before the July upper house election.''

Commercial land prices in Japan's three biggest cities rose 8.9 percent in 2006, the government said on March 22, as investors were lured by large-scale developments including Mitsui Fudosan Co.'s Tokyo Midtown project, which opens this week.

``We've got a clear impression that the recovery of land prices is becoming evident mainly in large cities,'' Fukui said, adding that gains in Tokyo, Osaka and Nagoya were ``prominent.''

Omotesando Hills
Commercial land in and around the three cities rose for a second straight year, after gaining 1 percent in 2005, the government said last week. Residential land prices increased for the first time in 16 years, up 2.8 percent.

The steepest gains were recorded in areas near Omotesando Hills, a retail and residential development in central Tokyo that opened on Feb. 11 last year. Commercial and residential land prices both rose as much as 46 percent near the project.

Japan's two largest developers will open developments in central Tokyo in coming weeks. Mitsui Fudosan's Tokyo Midtown project includes the city's tallest building. Mitsubishi Estate Co. is scheduled to open a new 42-story skyscraper in front of Tokyo Station in April.

``The recovery in land prices generally reflects the improving outlook for the economy and higher expectations for profits that can be made by utilizing land,'' Fukui said.

Land prices nationwide rose for the first time in 16 years in 2006 as gains in Tokyo, Osaka and Nagoya compensated for drops elsewhere in the country, last week's report showed. Japan's commercial and residential land values are still half the levels reached in 1988.

Some Areas `Overheating'
Finance Minister Koji Omi said last week that the gains don't signal another bubble is emerging. Economic and Fiscal Policy Minister Hiroko Ota said some areas are ``overheating'' and the government will ``watch developments closely.''

more on japan from tim http://tinyurl.com/29rcnr

german commercial real estate 2006 / or how the rolling bubble effects germany

this is a very good study from jones lang lasalle http://tinyurl.com/2ppb8t ( need to register ) that shows that the bubble is rolling to germany. foreign money dominates almost 75% of the transactions in the commercial real estate. this will be a 2 or 3 part story that will be continued the next days.

hier kommt mal ne richtig gute studie von jones lang lasalle http://tinyurl.com/2ppb8t (registrierung erforderlich) die schön zeigt das die auswirkungen der bubble langsam auch deutschland treffen. satte 75% der transaktionen im gewerblichen bereich sind 2006 von ausländern getätigt worden. teile 2 und/oder 3 kommen die nächsten tage.



are we really that bad.......? :-)



Der Investmentmarkt Deutschland 2006
The German Investment Market in 2006


• Mit einem Transaktionsvolumen von EUR 49,5 Mrd. wurde 2006 mehr als doppelt so viel in deutsche Gewerbeimmobilien investiert als im Vorjahr (EUR 20,5 Mrd.). Der Anteil internationaler Investoren ist im Vergleich zu 2005 von 62% auf 75% gestiegen. Nichtbörsennotierte Immobilienunternehmen und Fonds dominierten den Markt mit 48% des investierten Kapitals (EUR 24 Mrd.).

• The transaction volume of EUR 49.5 bn in 2006 represents twice the investment in commercial real estate which was achieved in 2005 (EUR 20.5 bn). The percentage of foreign investors increased from 62% in 2005 to 75% in 2006. Unlisted property companies and funds accounted for 48% of the investment volume (EUR 24bn).

• Das reale Wirtschaftswachstum 2006 in Deutschland von 2,5% wurde von einer signifikanten Reduzierung der Arbeitslosenquote begleitet. Sofern es sich bei Neueinstellungen um Bürojobs handelt, hat dies unmittelbare positive Auswirkungen auf die Nachfrage- und Angebotssituation der Vermietungsmärkte in den fünf Immobilienhochburgen.

• The 2006 GDP growth in Germany of 2.5% was accompanied by the significant reduction in unemployment. As far as new hires will work in office jobs, this should have an immediate positive effect on the supply and demand side of the office rental markets in the major German cities.



• Neben dem Comeback von Büroimmobilien, die mit EUR 18,3 Mrd. ca. 37% des Investitionsvolumens ausmachen, war 2006 das Jahr der Einzelhandelsimmobilie, die mit 38% das Gros des Investitionsvolumens darstellt (EUR 18,6 Mrd.). Das Volumen hat sich bei den Einzelhandelsimmobilien im Vergleich zum Vorjahr fast verdreifacht.

• Office real estate enjoyed a comeback in 2006 with 37% of the market share (EUR 18.3 bn). However, the true winner in 2006 is the retail sector with 38% of invested capital (EUR 18.6 bn). Compared with 2005, the market share of retail properties almost tripled.

• Innerhalb der Einzelhandelssparte waren für Investoren Warenhäuser in 1A Lage von besonderem Interesse, gefolgt von Einkaufszentren, Supermärkten und Fachmärkten. Die Käufer setzten sich aus nicht-börsennotierten Immobilienunternehmen, Opportunity Fonds und REITs zusammen, deren Kapital größtenteils aus Großbritannien, Deutschland und Australien sowie aus verschiedenen internationalen Quellen stammt.

• Retail properties of particular interest were department stores in prime locations, followed by shopping centres, supermarkets, and retail warehouses. Retail investors are characterized by unlisted property companies, opportunity funds, and REITs, whose capital largely originated
from the UK, Germany, Australia, and global capital sources

• Corporates tätigten 21 % aller Verkäufe, wobei die KarstadtQuelle AG als Verkäufer des größten Portfolios auftrat. Die offenen deutschen Publikumsfonds haben ihre Verkaufsaktivitäten ausgeweitet, um den Anteil ihres deutschen Immobilienbestandes zu reduzieren. Insgesamt verkauften die offenen Fonds Immobilien im Wert von insgesamt EUR 9,6 Mrd. Hervorzuheben sind dabei die beiden Büro-Portfolioverkäufe der DBRE (EUR 2,1 Mrd.) und DEKA (EUR 1,1 Mrd.). Daneben traten die Banken, Versicherungen, Pensionskassen und Entwickler als nennenswerte Verkäufer in Erscheinung

• The vendor group was dominated by corporations (21%),with KarstadtQuelle AG representing the most prominent portfolio vendor. German open-ended funds expanded their disinvestments in order to reduce their German portfolio share. In total, open-ended funds sold real estate worth EUR 9.6 bn.The most notable transactions were the office portfolios sold by DBRE (EUR 2.1 bn) and DEKA (EUR 1.1 bn). Further notable vendor groups are banks, insurance companies, pension funds, and developers

• Die Käufer setzen sich zu 75% aus internationalen Investoren zusammen, die zum größten Teil global orientiert sind. Daneben traten besonders Investoren aus Großbritannien, Australien und den USA hervor. Deutsche Käufer zeichneten für 18% des Transaktionsvolumens verantwortlich.

• The purchasers are characterized by international investors (75%), which mostly have a global investment focus.In addition, investors from the UK, Australia, and the USA were dominant players on the German investment market. German investors had a market share of 18% of total invested capital.

• Besonders hervorzuheben ist das hohe Transaktionsvolumen der Portfolio-Verkäufe, die 58% aller Investitionen ausmachten. Große Portfolio-Transaktionen, die den Markt geprägt haben, waren der Verkauf des Karstadt-Portfolios (EUR 4,5 Mrd.), des Mars-Portfolios (EUR 2,1 Mrd.) und des Herkules-Portfolios (EUR 1,1 Mrd.).

• The share of total investment volume attributable to portfolio transactions was rather high with 58%. Large portfolio transaction which shaped the market were the sale of the Karstadt Portfolio (EUR 4.5 bn), theMars Portfolio(EUR 2.1 bn), and the Herkules Portfolio (EUR 1.1 bn).

• Aufgrund der hohen Nachfrage und dem Anziehen der Kaufpreise sind Renditen für alle Nutzungsarten auf ein Niveau deutlich unterhalb der letzten Jahre gesunken.Der Tiefpunkt wird im laufenden Jahr erreicht werden. Gleichzeitig tragen steigende Kapitalmarktzinsen dazu bei, dass sich das positive „Yield-Gap“, die Schere zwischen niedrigen Zinsen und hohen Immobilienrenditen, weiter schmälert. Wertsteigerungen werden in Zukunft vermehrt von steigenden Mieteinnahmen abhängig sein.Der Spitzenmietpreisindex für alle fünf Hochburgen ist bereits 2006 um 5% gestiegen.

• As a result of the high demand and the increase in sale prices, yields in all asset classes have dropped to a level way below the last few years. The current year will mark the low point in yields. At the same time, increasing interest rates are contributing to the narrowing of the yield gap,which marks the difference between low interest rates and high real estate yields. In the future, added value will depend more on increasing rental income. The prime rental index for all major German cities has already increased in 2006 by 5%.

• Der Ausblick auf das Investmentvolumen 2007 wird ähnlich wie 2006 aussehen. Das Interesse der ausländischen Investoren am deutschen Immobilienmarkt ist nach wievor hoch und übertrifft das Angebot um ein vielfaches. So zum Beispiel hat Morgan Stanley im Januar 2007 das Hamburger Becken Portfolio für EUR 670 Mio. erworben.

• Looking ahead, the investment volume in 2007 is expected to be similar to the previous year. Foreign investors will continue to show great interest in the German real estate market and demand will greatly exceed supply.To set the stage, Morgan Stanley acquired the Hamburg Becken Portfolio for EUR 67 m in January 2007.

to be continued

homer simpson "we´re in the money"

a repost but timeless