Guggenheim to start in Europe with real estate debt investments

first_imgGuggenheim is likely to target investments in the UK and Spain, although Goldstein also has responsibility for the French and Swedish markets.Goldstein said Spain offered the “best opportunities at the moment”, and that Guggenheim would therefore focus on this market, as well as the UK, in the first few months.In the UK, it will focus on office and industrial properties, both in central London and the regions.“Residential is flavour of the month in London,” Goldstein said. “But it is clearly frothy at the top.”Guggenheim, which attempted to acquire Deutsche Bank’s real estate investment management arm in 2012, established its real estate operation in 2001, and has been expanding its activities and building up a real estate portfolio in both debt and equity.In March 2013, the firm appointed Henry Silverman to the new position of global head of real estate and infrastructure.Goldstein said Guggenheim would be making a careful entry into the European real estate market, remarking that it was “important not to run before you can walk”.He said one of his strengths was his ability “to forge partnerships and long-term relationships”. Guggenheim Partners is expected to make its first European real estate investment via the debt markets and will maintain a particular focus on the UK and Spain, according to its new head of real estate.Jonathan Goldstein, who joined the US company this year to lead its new European real estate business, told IP Real Estate he was already working on concluding two debt investments.Goldstein, who spent the past five years as deputy chief executive at Heron International, said: “We have a couple of situations that are well advanced, and that is because they were in progress already.”He added: “We clearly have capacity on the debt side and clients who are yield-hungry on the equity side. It will be a slightly slower burn.”last_img read more

IOPS finds pension charges falling in Central Europe

first_imgThe International Organisation of Pension Supervisors (IOPS) has updated its survey of charges on members of defined contribution (DC) pension schemes from selected countries around the world.Croatia, the Czech Republic, Hungary and Macedonia stand out as European countries where the charge ratio on individual retirement accounts has fallen sharply since IOPS’ pioneer study on DC fees in 2008.Estimating charges for a forty-year period, IOPS finds they have almost halved in Croatian and Macedonian funds over the last six years due to legislative changes and markets maturing.The fall is even more dramatic in Poland, although the system here is in a period of flux since the State transferred more than half of private pension assets to the first-pillar earlier this year. Likewise, in Hungary asset management fees are reported as falling from 0.8% to 0.2% in 2011, but this followed the effective winding-up of second-pillar schemes the year before. Both cases are warnings that a global study of DC pension schemes does not lend itself readily to cross-country comparisons.In the new report, IOPS authors, Liviu Ionescu and Edgar Robles claim that Central and Eastern European countries have quite a complex fee structure that makes it difficult for members to fully compare costs between pension funds.“In these jurisdictions the sole legal requirement for pension funds to publish all the fees that they can charge to members does not meet the intended purpose,” they write.“Consumers would benefit from a move towards greater clarity of pension charges, in addition to the cap on fees that is quite common in these jurisdictions.”,WebsitesWe are not responsible for the content of external sitesLink to Working Paper No.20: Update on IOPS Work on Fees and Chargeslast_img read more

Invesco to acquire OppenheimerFunds in $5.7bn deal

first_img“The combination with OppenheimerFunds and the strategic partnership with MassMutual will meaningfully enhance our ability to meet client needs, accelerate growth and strengthen our business over the long term,” said Martin Flanagan, president and CEO of Invesco.  US asset management giant Invesco is to acquire OppenheimerFunds from insurance giant MassMutual in a deal worth a reported $5.7bn (€5bn).The deal, which is subject to regulatory approval, will boost Invesco’s global assets under management above $1.2trn and make it the 13th largest asset manager in the world.As part of the acquisition agreement, MassMutual will take a 15.5% equity stake in Invesco. According to a press release issued by Invesco, MassMutual has nominated former OppenheimerFunds CEO William Glavin Jr as its representative on Invesco’s board.Invesco highlighted OppenheimerFunds’ global and emerging markets equity capabilities as primary reasons for the deal.  Source: InvescoInvesco’s office in Boston, MassachusettsHe said that the transaction would enhance Invesco’s position in the US and globally, and increase its attractiveness to “top clients” and “the best talent in the industry”.MassMutual president and CEO Roger Crandall added that the arrangement “positions us well to continue to benefit from a strong, diversified global asset management business, which will further strengthen our financial position and support our ability to invest in the long term”.Invesco estimated that the deal would boost its earnings per share by roughly 18% for the first nine months of 2019, and by roughly 27% for 2020.The Financial Times calculated that the deal was worth roughly $5.7bn, based on the price of the Invesco shares that were due to be bought by MassMutual and a planned $4bn worth of preference shares paying 5.9% interest for 21 years.last_img read more

Gold Coast homeowners behind a surge in renovations across Queensland

first_imgKyle and Kimberley Bate, with son Lennox, have put their newly renovated property at 48 Broad St, Labrador on the market. Photo by Richard GoslingWHETHER it’s to sell or improve value, Gold Coast homeowners are behind a surge in renovations across the state.Spending on renovations in the city hit almost $155 million in the year to June, according to the Australian Bureau of Statistics. Kyle and Kimberley Bate, with son Lennox, bought a rundown house at Labrador in 2013 with plans to renovate and extend. They’ve turned it into a seriously cool house, which they’ve recently listed on the market. Photo by Richard GoslingSurfers Paradise recorded the highest value at $14,773,600 followed by Southport ($11,614,600) and Nerang ($10,322,300).Master Builders Queensland deputy chief executive Paul Bidwell expected the figures to steadily rise, with remodelling activity in the state “very strong’’.As well as the ABS figures, Mr Bidwell said Queensland Building and Construction Commission data also showed it was already on the up.“Those numbers have been really steadily increasing,’’ he said. Kyle and Kimberley Bate have put their renovated home at 48 Broad St, Labrador on the market. Photo by Richard GoslingKyle and Kimberley Bate bought a rundown Labrador home in 2011 with the intention of renovating.“It was pretty well unliveable,” said Mr Bate, who runs ECP Constructions.Mr Bate called on the help of a friends’ mother Sandra Smedley, who runs her own building and design company, to draw up a design while he and another carpenter undertook the work. Gold Coast mansion fetches $5 million in secret sale Thinking of renovating? Homeowners are encouraged to make sure those carrying out the work were licenced.Mr Bidwell encouraged homeowners keen to renovate to make sure those carrying out the work were licenced and get a few quotes to determine whether cost expectations were realistic.“In a very busy market, if you don’t shop around, you are doing yourself a disservice,’’ he said.According to Archicentre figures, renovations with no structural upgrades cost between $700 and $2800 per square metre. Lambert Willcox Estate Agents director Mitchell Lambert, who is marketing the Labrador property, said he had noticed more homeowners taking on DIY renovations.“You get the tax benefits if you’re in the trade or you’re handy,” he said. “Not only is it an exciting project, you can treat it as a job if you’re good enough at it.”He said Australia had developed a good renovating culture off the back of reality TV shows like The Block.“It’s a really good way to build equity,” he said.“It’s come down to a question now of ‘when will it become unfeasible to renovate compared to building a new one?’” He said it was a tough job but it was worth it.“Connecting the old and the new, it just worked,” he said. The couple have reluctantly listed it on the market so they can renovate another property closer to the beach, where they plan to stay with their young son, Lennox.“Looking around, I keep having tiny little regrets that we’re selling,” he said.“We love it but just wanted to get closer to the beach.“We’re about to do the same thing, we just bought one in Mermaid Beach.” It seems we like renovating more after watching reality TV shows like The Block. Pictured is Scott Cam for the 2018 season of The Block. Picture: Channel 9 48 Broad St, Labrador.More from news02:37International architect Desmond Brooks selling luxury beach villa15 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago Koko set to rise in Broadbeach 48 Broad St, Labrador- after an epic renovation. Make a splash at 48 Broad St, Labrador. 48 Broad St, Labrador is on the market.last_img read more

Buyer snaps up Gold Coast apartment in multimillion-dollar deal

first_img Wake up to this view every day! Entertaining will be a breeze here.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago MORE NEWS: Gold Coast Castle fit for a king set to go under the hammer 14/5 Broadbeach Blvd, Broadbeach has changed hands for $3.25 million.A Gold Coast downsizer has paid $3.25 million for a luxury beachfront apartment in Broadbeach.Tolemy Stevens and Mitch Lambert of Harcourts Coastal found a buyer for the full-floor residence in Vogue on Broadbeach. “The buyer was a local Gold Coaster who had downsized from a large home and wanted to move to the beachfront,” Mr Stevens said.“They wanted to be in an exclusive residential-only building that was quiet and private but still have the space to feel like a house. Vogue on Broadbeach is one of the best options on the Gold Coast for that.”The 322sq m three-bedroom apartment occupies the 11th floor. It has an office and butler’s pantry as well as an open plan living and dining area that opens to a north facing balcony. There are only 15 apartments in the tower, each with its own private lift lobby and two car parks. The view from the kitchen. Inside the luxury apartment at Broadbeach.center_img MORE NEWS: Why there are fewer Gold Coast properties on the market Mr Stevens said there was not enough stock to meet demand.“Since September and October last year we just cannot get enough property to satisfy the appetite we’re receiving,” he said.“We have more qualified and active buyers to work with yet not enough to sell them. When comparing Sydney and Melbourne, the Gold Coast overall is still representing outstanding value./5 Broadbeach Blvd, Broadbeach.“I think it’s a testament as to how well the Gold Coast real estate market is currently performing.”.It comes as new data from realestate.com.au revealed demand for property was up across the city. Cameron Kusher, Director of Economic Research at REA Group: National said the driving factor behind the significant increases was linked to a lack of properties for sale.last_img read more

Rents slashed on luxury Gold Coast holiday homes

first_imgAward-winning Gold Coast entrepreneur Kane Sajdak and his family will be self-isolating in style, having secured a luxury holiday home in Broadbeach Waters after selling his own home.“We had originally planned to buy but with everything going on we’ve decided to wait and rent for a while instead,” he said. This luxury holiday home in Broadbeach Waters usually rents for $7000 and has been leased for six months at $1000 per week.One seven-bedroom waterfront property in Broadbeach Waters which rents for $7000 in the high season is being leased to a local family for $1000 per week.A Brazilian family has paid six months’ rent upfront at $650 per week for a five-bedroom waterfront property in Broadbeach Waters that achieves $8000 per week in peak season. Gold Coast log house the ultimate self-isolation escape Gold Coast business owner Kane Sajdak will bunker down with his family in a Broadbeach Waters holiday home. Picture Glenn Hampson“We’ve got four kids so there isn’t that much to choose from for larger families on the rental market.“Working from home with the family there too, we really need some space and if we do go into lockdown we may as well be somewhere nice.”More from news02:37Gold Coast real estate: Custodian CEO John Fitzgerald urges Australians to buy more property now16 Sep 202002:37How COVID has changed spring buyer wishlists5 Sep 2020 Offers around $2200 per week will be considered for this Broadbeach Waters mansion which rents for $12,000 in peak season.Elite Holiday Homes, a leading provider of luxury holiday homes on the Gold Coast with 40 properties on their books, is slashing rents to help owners attract long-term tenants.Owner Shelley Jeffery said with interstate and overseas travel restricted, bookings had literally dried up forcing many holiday home owners to consider their options. “We have multiple properties that we are just putting offers to the owners on and trying to accommodate guests who are looking for something,” Ms Jeffery said.“It’s all about working together to see what we can offer to guests, what the owner can work with and then making it happen.”center_img This Broadbeach Waters home which rents for $8000 in peak season has been let for $650 per week for six months.Ms Jeffery said they had also begun taking bookings from local families suffering cabin fever and wanting a change of scenery to their own home. MORE NEWS: Property manager play referee in tough rental talks Offers around $1800 per week will be considered for this stunning Broadbeach Waters home which normally rents for $11000 in peak season.Smaller holiday home owners have also had their bookings wiped out after Airbnb announced a global policy allowing guests to cancel reservations for a full refund.Blake Farquhar, who leads the Property Management division at Kollosche, said his office had been inundated with calls from holiday home owners keen to secure long-tern tenants.“Literally every holiday home owner on the Gold Coast has lost that revenue for the foreseeable future,” he said.“We’ve taken one call after another from owners asking to list their properties for lease right away.”Mr Farquhar said demand was matching supply to date, particularly from interstate or overseas visitors looking to bunker down on the Gold Coast.“This week we leased a sub-penthouse in Surfers Paradise for $4000 a week, with six months rent upfront,” he said.“We’ve leased another three for between $700 and $950 a week, some of them paying rent in advance as well to offer security to the landlords.”And while holiday home owners may be hit hard in the short-term, Ms Jeffery predicted a bookings boom once travel restrictions were lifted.“People everywhere are going to need a holiday once all this is over,” she said. This luxury holiday home in Broadbeach Waters has been leased with a $6000 per week discount during the coronavirus pandemic.Luxury holiday homes are being leased at drastically discounted prices as owners attempt to recoup lost income in the wake of coronavirus cancellations.Property managers have been swamped with calls from desperate holiday home owners who have lost up to 100 per cent of their bookings leading up to the busy Easter period.last_img read more

Global interest in seaside glamping resort site

first_img“We’ve had more than 50 enquiries in the past 48 hours,” said agent Nick Witheriff of LJ Hooker Kingscliff, who is marketing the site in an expressions of interest campaign.“We’re getting a huge amount of interest, both interstate and internationally. I’ve had calls from the UK, New Zealand, as well as from Sydney, Melbourne, Brisbane and locally.“It’s a hugely popular site that’s only changed hands once in 40 years.” Cabarita Beach was named Australia’s best beach for 2020 by Tourism Australia.A prime parcel of land on the NSW Tweed Coast, currently home to Australia’s premier outdoor resort, is attracting a frenzy of interest from potential buyers worldwide.Enquiries have been coming in hot since the site encompassing The Hideaway at Cabarita Beach, named Australia’s best glamping site, hit the market on Saturday. There is a shortage of land stock along the Tweed Coast. The Hideaway site at 2-6 Tweed Coast Road, Cabarita Beach is for sale. That demand is being driven by limited stock in Cabarita Beach as well as new infrastructure in the region, including the Tweed Valley Hospital which will see an influx of medical professionals once construction is complete.“To be in Cabarita Beach is quite exclusive because there really are only a couple of streets on the eastern side of Tweed Coast Road,” Mr Witheriff said.“We currently don’t have enough dwellings to accommodate the influx of doctors and specialists who will need to live within a two kilometre radius of that hospital.”Mr Witheriff said there are six blocks of undeveloped land left on the beachfront between Cabarita and Kingscliff, five of which have development approvals in place.The only remaining beachfront block, a 1.024ha parcel at 99 Cylinders Drive, Kingscliff, is on the market with an asking price of $1.595 million. Inside a glamping tent at The Hideaway. Formerly home to the Cabarita Beach Caravan Park, the 2.803ha site was purchased by a syndicate of investors in 2018 before reopening as an outdoor hotel at the start of last year.Located between the Gold Coast and Byron Bay, the idyllic seaside resort has received rave reviews worldwide for its spacious bell tents with all the modern trimmings and luxe bohemian decor.The existing infrastructure and amenities are included in the sale, with the resort able to resume trading once COVID-19 restrictions are lifted. But it’s the land, rather than the glamping experience, that buyers are lining up for.The site, at 2-6 Tweed Coast Road, is the only development land left to the eastern side of Tweed Coast Road and is R3-zoned for a potential unit/townhouse development or land subdivision.Cashed-up private investors are also eyeing off the parcel with a view to land-banking it for capital growth or future development.Mr Witheriff said buyers had been knocking on the door well before the land hit the market, with two offers of around $6 million already on the table.More from news02:37International architect Desmond Brooks selling luxury beach villa8 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago“People are queuing up to develop that site because we’ve got so much demand down here for off-the-plan apartments and townhouses,” Mr Witheriff said. The site is the only development land left on the eastern side of Tweed Coast Road. The Hideaway at Cabarita Beach is regarded as Australia’s best glamping site. The last block of available undeveloped land on the Tweed Coast at 99 Cylinders Drive, Kingscliff.last_img read more

After coronavirus, Australia is not going back to what it was

first_img Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenHow much do I need to retire?00:58 Could Netflix, UberEats habits thwart your rent reduction? Home where Sabo Skirt was born set for new beginnings MORE: All eyes on rare mansion listed for a cool $45 million “Prior to the coronavirus, in every census for the past four censuses, the proportion of the workforce who said they worked from home hasn’t changed. From 1996 to 2016 it was 4 per cent or 5 per cent and that was at a period when the internet became commonly available and we shifted from dial-up modems to 4G. So despite all of the sophistications of the internet, still no more than 5 per cent of Australians worked from home as a matter of course.” However, he said coronavirus had changed the game entirely. Next time around he said:“It won’t be 5 per cent (post coronavirus),” he said, “it will be 10 per cent, which is a significant number.”More from newsCOVID-19 renovation boom: How much Aussies are spending to give their houses a facelift during the pandemic3 days agoWhizzkid buys almost one property a month during COVID-197 days ago Heavy traffic along Brisbane road due to the Boxing Day Sales at Harbour Town. Picture: Jerad Williams.Mr Salt said the increase of people working from home would in turn take the pressure off commuting and increase the demand for housing in outer suburbs. The planning of new homes and communities could also change. “If you’re living on the Gold Coast and are part of the 25,000 people a day that travel up to Brisbane, that might be only 20,000 (post-coronavirus). If you do that on the train that also suddenly become easier because there’s fewer people commuting.”Mr Salt said the “self containment of work, life, recreation all within a local area” would rise across suburbs.He said the demand for home offices would skyrocket, meaning the average three-bedroom home in Mudgeeraba or Caboolture would have to lift it’s game, with proper dedicated working spaces and tech equipment to work more effectively. “Studies just can’t consist of a desk and a lamp anymore,” he said. FOLLOW SOPHIE FOSTER ON FACEBOOKcenter_img The post-coronavirus period is expected to see the number of Aussies that continue working from home double the proportions of the last census.The rise of people working from home is set change the way we live in a post-COVID-19 world, with fewer people commuting, more people choosing to live in the suburbs, and urban planning changing to suit our new lifestyles.The demographer Bernard Salt predicts the number of Aussies continuing to work from home after the pandemic will spike, which will have a broader impact on housing and infrastructure.He told The Courier-Mail that Australians “don’t want to snap back to the way things were”. Demographer Bernard Salt of the Demographics Group. Picture: Brendan RadkeMr Salt said there was “no doubt that the coronavirus will change Australia and Australians on a range of fronts but especially in the way we work”.“A third to half of the workforce is working from home during the lockdown, which has shown that people and companies can still be productive, and that working from home isn’t an excuse for a bit of bludge; you can actually deliver the goods.”He said it had also sharpened people’s technology skills, with retailers being cleaned out of home office technology products, such as webcams, after people sought to kit out their home offices. “We think we can create a better Australia going forward. Everyone is really on board with this. Things weren’t quite right before. It’s a chance to hit the reset button, Control alt delete, and when you do that, you wouldn’t program in a two-hour commute.”last_img read more

Gold Coast mansion one of the hottest properties in the country

first_imgVideo Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:18Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:18 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenDream homes that’ve sold during COVID-1901:19A SPRAWLING Gold Coast mansion is one of the hottest properties in the country and it’s not hard to see why.The five-bedroom residence at Sanctuary Cove was the most viewed residential listing in Queensland on property portal realestate.com.au last week and was the fifth-viewed property across the country. Keen for a hit on the tennis court? Inside the luxury residence.More from news02:37International architect Desmond Brooks selling luxury beach villa7 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago Jaw-dropping from every angle.The home at 6280 Sylvan Lane racked up thousands clicks with house hunter eyeing off the “prime real estate in the heart of Sanctuary Cove”.“Truly an entertainer’s dream; this remarkable residence offers an abundance of spacious open planned living options with a wide range of entertaining options on offer,” the listing states.“The result is a practical and modern design – and a breathtaking home that really has so much to offer.” 6280 Sylvan Lane, Sanctuary Cove was the most viewed residential listing in Queensland on property portal realestate.com.aucenter_img Among its standout features is a media room, home office/library, outdoor kitchen and Teppanyaki grill, resort-resort style swimming pool and tennis court.Matt Gates of Ray White Prestige is marketing the property at “$3 million buyers”.It last changed hands in 2013 according to property records. The living areas overlook the pool and tennis court.last_img read more

Fugro Picks ZTT for Kangaroo Island Subsea Cable Project

first_imgZTT Group has been awarded a contract by Fugro to supply one 15.3-kilometer 33kV XLPE insulated submarine composite cable to Kangaroo island.It will be the third submarine composite cable by SA Power Networks (SAPN) to connect southern Fleurieu Peninsula, south of Adelaide and the island.The new 33kV cable will be able to transmit 20 kVA to replace old 33kV one with transmission capacity of 10 kVA.ZTT will produce and deliver the cable in one continuous single length, without any factory joint. It should provide reliable power supply to residents and tourists of the island in future 30 to 40 years.Following the successful delivery of a submarine cable to Australia offshore renewable industry couple years ago, this is another breakthrough for ZTT in Australia market.The cable delivery is expected to be in Q1 2018 and installation by middle 2018.last_img read more