Property Funds World newsletter - " Capital gains: Savills tips London, Paris and Berlin for rapid coronavirus real estate recovery"

Capital gains: Savills tips London, Paris and Berlin for rapid coronavirus real estate recovery

It’s all about major European cities this week as we report on deals, developments and more from across the continent.
First into the spotlight are the big three – London, Paris and Berlin – with a report from Savills suggesting that the UK, French and German capitals are Europe’s most Covid-19 resilient cities and are expected to recover fastest from the coronavirus pandemic, fuelled by significant levels of real estate investment. Stockholm and Frankfurt complete Savills’ top five with the smaller markets of Oslo and Gothenburg also tipped to prove more resilient thanks to ‘less expected volatility’.
The London residential market meanwhile, is set for a boost thanks to UK Chancellor Rishi Sunak’s newly announced Stamp Duty ‘holiday’ on the first GBP500,000 of all property sales in England and Northern Ireland up until March 2021. But while London-based Chartered Surveyor and Estate Agent Dexters has welcomed the move, the firm believes the Stamp Duty ‘cash cow’ remains a flawed policy. “The whole idea of Stamp Duty has suffered from ‘mission creep’, having evolved from a relatively harmless token amount to a huge percentage that is stifling and unhealthy for the market,” says Dexters founder Jeff Doble.
Moving from the UK to Italy, we also have news of the first close of a new EUR1 billion ESG City Impact Fund from Italian real estate investment, development and management company COIMA. The fund, which has secured ‘cornerstone commitments’ totalling EUR400 million, has a pipeline of regeneration projects in major Italian cities including Milan and Rome, and will look to accelerate the country’s recovery from the effects of Covid-19 by delivering long-term ‘green’ developments.
US alternative investment firm Angelo Gordon also has further ambitions in the European real estate market, having raised over USD1.5 billion for AG Europe Realty Fund III. The new fund, which attracted strong backing from existing Angelo Gordon investors and a number of new global institutional investors, will target assets, across all property types, located in the UK and major markets in Western Europe and the Nordics.
And finally, we wind up back in London – via Berlin, Hanover and Dublin – with news of the first UK acquisition by Sun Venture. The Singaporean property developer and investor, has exchanged contracts to purchase One New Oxford Street in London's West End.
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