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High Rise and Fall: The Making of the European Real Estate Industry

High Rise and Fall: The Making of the European Real Estate Industry

Paperback

Investing & FinanceReal Estate

ISBN10: 1138612421
ISBN13: 9781138612426
Publisher: Routledge
Published: Sep 20 2018
Pages: 190
Weight: 0.61
Height: 0.41 Width: 6.14 Depth: 9.21
Language: English

High Rise and Fall tells the story of how the European commercial property industry transformed from a local, small-scale business to an international, financially sophisticated, multi-billion-euro industry that was ultimately devastated by the 2008 crash.

Drawing on her experience as both former Editor of EuroProperty and Director at the European Association for Investors in Non-Listed Real Estate Vehicles (INREV), Andrea Carpenter explains how the mid-1990s saw the arrival of a new style of property investing in the European markets. Seeking high returns, impervious to risk and with a seeming indifference to the buildings at the heart of the deals, US players such as Morgan Stanley, Goldman Sachs and Lehman Brothers conquered the European property markets with an audacity that both repulsed and intoxicated the locals. Fuelled by improving economic conditions in the early 2000s, European investors were keen to emulate all or parts of the US investors' philosophy. Armed with a wall of capital, the industry expanded into the far reaches of Europe in search of returns, and piled on new risks that it did not completely understand.

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