News & Analysis as of September 18, 2024

European Union › Real Estate Market

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of... more +

The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Das StaRUG und dessen Bedeutung für die Restrukturierung von Immobiliengesellschaften – Die wichtigsten Fragen und Antworten

McDermott Will & Emery on 6/18/2024

Insolvenzanträge von namhaften Projektentwicklern und Immobiliengesellschaften stellen die betroffenen Unternehmen und ihre Gläubiger vor große Herausforderungen und setzen die gesamte Immobilienbranche unter Druck....more

Market overview: The global IPO landscape

White & Case LLP on 4/18/2024

Global IPO markets endured a difficult 2023 in the face of rising interest rates and geopolitical uncertainty. But after a challenging 12 months, the outlook for IPO activity in 2024 is brightening This past year has been one...more

European Distressed Real Estate - How Will It Play Out This Time?

BCLP on 3/22/2024

BCLP’s Pan-European Real Estate team hosted a round-table event on 27 February 2024 with several Managing Directors at Alvarez & Marsal to discuss the European commercial real estate market, including the latest developments...more

Italian 2024 budget law - Allen & Overy

A&O Shearman on 1/18/2024

The Budget Law extends the applicability of the Italian participation exemption regime (Italian PEX) to companies and trade entities which are resident in an EU or EEA member State (that allows an adequate exchange of...more

Update on Tax, Investment Funds and Real Estate Law - The VAT Exemption for Alternative Investment Funds Is Coming Soon

McDermott Will & Emery on 12/20/2023

Management services for alternative investment funds (AIFs) will be free from value-added tax (VAT) starting in 2024. This is good news for Germany as a fund location because there will finally be alignment with the more...more

Real Estate 2024: Reasons to be Cheerful

BCLP on 12/11/2023

After a challenging landscape for the European real estate sector in 2023 and the echo chamber of pessimism, we think it is important to challenge this perspective with some reasons to be cheerful about 2024 and what it could...more

High yield issuance rallies in Western markets

White & Case LLP on 12/4/2023

High yield bond markets in the US and Western Europe posted double-digit increases in issuance during the first nine months of 2023 as borrowers continued to prefer fixed rate debt products in a high interest rate...more

Distressed sales likely to rise in Europe’s troubled real estate sector

White & Case LLP on 11/21/2023

The European real estate sector is enduring a period of turbulence not seen since the 2008 financial crisis. Industry players are dealing with a confluence of stubbornly high interest rates, falling valuations, rising energy...more

MoFoREAL: European Real Estate Newsletter (Q3 2023)

Morrison & Foerster LLP on 10/2/2023

Welcome to the latest edition of MoFoReal, our newsletter highlighting recent activities of and other developments in MoFo’s European Real Estate team. In this edition, we consider the Sustainability Disclosure Regulations...more

How to Prepare for a Real Estate Enforcement in Europe, Part 4 – Challenges

Cadwalader, Wickersham & Taft LLP on 8/2/2023

In this mini-series on European real estate enforcements and restructurings, we have covered how to prepare for an enforcement in Part 1, emphasised the importance of valuation evidence in Part 2 and highlighted key...more

To Retrofit or Not?

Dechert LLP on 7/20/2023

A hotly debated topic at this year’s MIPIM was strategies for the mitigation of carbon emissions within the real estate industry, including those emanating from the construction phase of new buildings or refurbishments, and...more

Overriding Interest Summer 2023

K&L Gates LLP on 7/17/2023

Welcome to the latest edition of Overriding Interest. Inside this issue: - New Joiners - Articles of Interest & Firm News - Events - Pro Bono Update - Case Reports ...more

ESG, Homeoffice und Immobilien – BaFin veröffentlicht 7. MaRisk-Novelle

McDermott Will & Emery on 7/6/2023

Die Bundesanstalt für Finanzdienstleistungsaufsicht („BaFin“) hat am 29. Juni 2023 die siebte Novelle der Mindestanforderungen an das Risikomanagement der Banken („MaRisk“) veröffentlicht. Die MaRisk kodifizieren die...more

English High Court sanctions German real estate group’s ‘wind-down’ restructuring plan

White & Case LLP on 6/5/2023

The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency...more

How to Prepare for a Real Estate Enforcement in Europe, Part 2 – The Importance of Valuation in Enforcements

Cadwalader, Wickersham & Taft LLP on 6/2/2023

Former British Prime Minister Tony Blair once famously declared that “our top priority was, is and always will be education, education, education.” To adopt this mantra in an enforcement context, for lenders the top priority...more

Global Office Asset Trends: A Look at 2023 and Beyond

K&L Gates LLP on 5/24/2023

Post-pandemic, with some level of remote work here to stay, the global real estate industry is tracking an unprecedented reassessment of the office asset class. To paraphrase Mark Twain, have the rumors of the “death of the...more

How to Prepare for a Real Estate Enforcement in Europe, Part 1

Cadwalader, Wickersham & Taft LLP on 5/3/2023

This is the first article in our mini-series on European real estate enforcements and restructurings. Given the continued financial stress being experienced across the global economy, we expect that lenders in the real estate...more

Global real estate and ESG: How the EU, UK and US are responding to the climate crisis

Hogan Lovells on 4/13/2023

With governments across the globe warning that action is urgently needed to diminish global warming and address the climate crisis, we look at the response of the EU, UK and US, with a focus on real estate. Climate damage is...more

Odpisy amortyzacyjne w spółkach nieruchomościowych

Hogan Lovells on 3/23/2023

Wraz z początkiem 2022 r. do ustawy o CIT wprowadzono przepisy ograniczające wysokość podatkowych odpisów amortyzacyjnych w spółkach nieruchomościowych. Zgodnie z art. 15 ust. 6 ustawy o CIT, odpisy amortyzacyjne dokonywane...more

Depreciation deductions in real estate companies

Hogan Lovells on 3/23/2023

At the beginning of 2022, provisions were introduced into the CIT Act limiting the amount of tax depreciation deductions in real estate companies. According to Article 15(6) of the CIT Act, depreciation deductions made by...more

Development and the challenge of rising inflation: a European comparison

Hogan Lovells on 3/23/2023

It’s almost impossible to escape stories of rocketing inflation and increasing costs globally. The development industry isn’t immune to these pressures but is there more to this trend than the increased cost of materials? ...more

SFDR update alert: AMF proposes revisions to SFDR

Dechert LLP on 2/22/2023

AMF: Articles 8 and 9 SFDR should set minimum environmental standards for financial products - On 10 February 2023 the French regulator (Autorité des Marchés Financiers (“AMF”)) published its proposals as to changes it...more

Mixed Signals: US M&A FY 2022

White & Case LLP on 1/30/2023

Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter...more

High yield squeezed in face of economic uncertainty

White & Case LLP on 12/14/2022

High yield bond issuance in the US and Europe feels the pinch in a challenging macro-economic environment, but green shoots emerge in Asia as real estate sector dislocation bottoms out and markets stabilize...more

Poland: Private Rented Sector - Mobility and Flexibility

Miller Canfield on 7/14/2021

A new, interesting trend of institutional rental (PRS) has appeared on the Polish real estate market, taken from the most developed markets in Europe, such as Germany, Switzerland and the Netherlands. In Poland, we are...more

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