Dueling Economists
Mar/Apr 2008
A summary of a session from the 2008 AFIRE Winter Conference. Economists from Morgan Stanley and NAREIT, with a third serving as moderator, sat together at the AFIRE Winter Meeting in New York City to discuss the economic situation and the current credit crisis.>>MORE
US Real Estate Tops Foreign Investors’ List
Interest in Asia Grows
Jan/Feb 2008
While international property investors continue their global diversification with a strong eye toward Asia, the US property market remains at the top of their confidence level according to the results of the 16th Annual AFIRE Foreign Investment Survey. The Annual Foreign Investment Survey tracks the buying preferences of the members of the Association of Foreign Investors in Real Estate (AFIRE) who collectively own approximately $700 billion of real estate globally and $230 billion in the US>>MORE
Keynote Economic Address
by John Plender, Senior Editorial Writer and Columnist, Financial Times
Nov/Dec 2007
The title of this conference and the subject of my address is: The End of the Beginning? What a wonderful time to be posing the question in the light of the turmoil in the credit markets. But let me warn you at the outset that it is exceptionally difficult to provide an answer because a lot of endings and beginnings are going on simultaneously all across the capital markets. >>MORE
Australian REITs Continue on Strong Growth Path
by Richard Cruickshank, Managing Director, PIR Independent Research Group
Sept/Oct 2007
Australia is the most securitised real estate market on the globe, with approximately 70% of its investment grade commercial real estate assets being owned by listed and unlisted REITs. Australia first introduced REITs in the early 1970s and further expanded the offerings to property securities and mortgage funds in the mid 1980s. >>MORE
Shanghai, Mumbai and Dubai
by Richard Cruickshank, Managing Director, PIR Independent Research Group
July/Aug 2007
A panel with first-hand experience discussed opportunities and complications of investing in today’s emerging markets at a recent joint conference hosted by AFIRE and the Union of Arab Banks in Dubai. Their topic was lyrically titled “Shanghai, Mumbai and Dubai.” >>MORE
Germany Enters the REIT Universe with a Big Bang
May/June 2007
This year, German real property players’ New Year celebrations were postponed until March 30, the day the long awaited German real estate investment trusts (G-REITs) finally crossed the finishing line. G-REITs are largely in line with international REIT standards with two main exceptions. The bad news first: holding residential property built before January 1, 2007 is disallowed. But luckily the good news prevails: Germany’s capital gains tax of currently 40 percent is cut in half for real property sales to G-REITs - making these very attractive buyers. >>MORE
Foreign Real Estate Investment in the U.S. and Europe: Some Considerations and Structures for Middle Eastern Investors, by Amin Husain, Nabil Issa and Fadi Mudarres
Mar/Apr 2007
Today, real estate investments in Sao Paulo, Mumbai, Prague, Beijing and Moscow are considered prudent alternatives to investments in London, New York, Paris and Tokyo. AFIRE’s January/February 2007 newsletter notes that international real estate investors continue to expand their allocation of investment funds around the world. Real estate markets in India, China and Russia have matured into hospitable investment climates by providing legal transparency and consistent, quality real estate information. However, although these markets are making a strong run, the U.S. and (to a lesser degree) Europe remain favored destinations for real estate capital investment because they provide a stable, secure investment environment and, arguably, the best opportunity for capital appreciation.. >>MORE
International Investors Broaden Investment Strategies
Jan/Feb 2007
International investors continue to broaden their allocation of investment funds around the world and have adopted innovative strategies to more easily acquire real estate within the most competitive markets. >>MORE
US Market Review, by Janice Stanton, Senior Managing Director, Cushman & Wakefield Investors
Nov/Dec 2006
View a transcript from the 2006 AFIRE Annual Membership Meeting.>>HERE
2006 Outreach in Ireland: Structures and Strategies Panel
May/June 2006
AFIRE hosted its 2006 Outreach
Conference recently in Dublin, with the
theme “Coming to America.” One of the
sessions examined investment, legal and tax
strategies and structures.>>MORE
An Intimate Conversation with Alan Greenspan
March/April 2006
AFIRE members have an unusual opportunity to interact with former Fed Chairman Alan Greenspan. At the 2006 Annual Meeting, on September 25, Dr. Greenspan and the audience will engage in an impromptu exchange of questions and answers. After the session he will join us for lunch. >> MORE
2005 AFIRE Survey Results Released
January/February 2006
Even though the appetite for US real estate remains extremely high and consistent, foreign investors in cross-border real estate will spread their capital more globally in 2006 than in previous years, according to the results of the annual foreign investor’s survey released recently by the Association of Foreign Investors in Real Estate (AFIRE). The survey respondents said their 2006 acquisition plans call for approximately $45 billion to be spent globally with 47 percent allocated to the US. >> MORE
Investing in Canadian Real Estate
and Lending on the Security of
Canadian Real Estate
November/December 2005
This summary highlights some of the
issues that non-Canadians encounter
when investing in or lending on the
security of Canadian real estate. Like
any summary, it does not replace legal
advice tailored to the specific
circumstances of your business.>>MORE
Updates to the Patriot Act
November/December 2005
Title III of the Uniting And Strengthening
America By Providing Tools Required To
Intercept And Obstruct Terrorism Act of
2001 (Patriot Act) amended the former
Bank Secrecy Act and created new
minimum due diligence obligations for
certain defined financial institutions.>>MORE
The Status of European REITS
September/October 2005
In order to set the scope of the REIT
landscape, the EPRA Tax Transparency
Committee (TTC) published its first
EPRA Global REIT survey in 2003. The
first survey covered Europe and the
United States. Driven by strong demand
for a broader publication, the TTC
published the updated version of the
EPRA Global REIT survey in September
2004. The updated survey covers all of the
major existing REIT regimes around the
world1. Drawing from the detailed analysis
contained within the survey, Table 1
highlights the main features of existing
REIT structures in Europe. The EPRA
Global REIT survey compares these
structures within a regional setting for
Europe, Asia/Pacific and North America.>>MORE
Is Property Set to
Benefit from the Pension
Fund Crisis?
May/June 2005
The European pension fund market is in crisis. The state run pension fund systems
throughout Europe are struggling to cope, and demographic projections for the next
45 years means the situation will only deteriorate. More and more individuals are
turning towards privately run pension fund schemes to support them in their old age,
as the state system buckles under the weight of pensioners. The question arises: are
companies and individuals doing enough to ensure a comfortable retirement? Pension
funds are focusing on their long term liabilities in their investment style, and seeking
asset classes to match. Real estate has proved to be a high yield asset class, coupled
with offering investors an attractive risk/return profile, compared with the broader
equities market. These characteristics fit well with the current liability-driven
investment approach of pension funds. But how do pension funds invest? >>MORE
The Patriot Act and its Impact on Foreign Investments in the United States
March/April 2005
In response to the terrorist attacks of September 11, 2001, the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, commonly known as the Patriot Act, was enacted into law on October 26, 2001. Title III of the Patriot Act, aimed in part at combating the financing of terrorism, imposes certain obligations on financial institutions which, in turn, tend to have an impact on foreign investors making investments in the United States. This article provides an overview of certain provisions of the Patriot Act that are relevant to foreign investors making investments in the United States and describes certain practical approaches that US financial institutions have generally accepted to satisfy the Patriot Act's requirements. >>MORE
Barriers to Foreign Investment in US Reits Removed
November/December 2004
On October 22, 2004, President Bush signed into law the American Jobs Creation Act of 2004 (the Jobs Act) that, among other significant items, enacts several important changes affecting US real estate investment trusts (REITs). Perhaps most relevant to AFIRE members is that foreign portfolio investors in listed US REITs will now receive the same beneficial US tax treatment that applies to investment in other US corporations. >>MORE
US Tax Legislation Update: Earnings Stripping
September/October 2004
Proposed tax legislation that would have expanded significantly the scope of the so-called “earnings stripping” rules has been dropped from a key tax bill pending in the US Congress, making passage of such a measure unlikely this year. The proposal had triggered considerable attention, and consternation, on the part of non-US investors in US assets, including US real estate. >>MORE
German Funds Could Face Substantial Tax Accounting Burden
July/August 2004
The US House of Representatives and the US Senate have each passed bills that will make the election to adjust the basis of partnership property under Internal Revenue Code Section 754 (the "Section 754 Election") mandatory in certain situations. The passage by Congress of either of these bills couldresult in a significantly increased administrative hurdle for many larger partnerships, especially large syndicated German closed-end real estate partnerships.
For more on this, go to the Members Only section/Publications
A Tale of Two Markets
May/June 2004
Former
Secretary of State Madeleine Albright to Speak at the 2004
Annual Meeting
March/April 2004
Real
Estate Joint Ventures with Islamic Investors: Understanding
the Keys to a Successful Relationship
September/October 2003
Looking Up From Down Under:
A Report from the AFIRE/PCA Summit
May/June 2003
Special
Rules for Foreign Investors
March/April 2003
The
German Banking Industry -Structure, Ownership and Challenges
January/February 2003
German
Law Restructures Open-ended Funds
September/October 2002
AFIRE
Annual Meeting Triumphs
November/December 2001
America's
Heartland: Opportunities in the Midwest
September/October 2001
A
US Pension Fund Assesses the Real Estate Markets
July/August 2001
Partnership
Opportunities with US Investors
May/June 2001
United
States Versus European Real Estate: A New Paradigm
May/June 2001
2001
Winter Conference Country Presentation: Germany
March/April 2001
New
Alliances in the New Economy
March/April 2001
The
Foreign Investment in Real Property Tax Act (FIRPTA) Made
Simple
September/October 1996
