пятница, 4 ноября 2011 г.

All in one hand

В этом году видел крупного слияния на рынке компания по управлению активами. В начале 2011 года, CA Immo Международный купил австрийский инвестиционный фонд Europolis за $ 363 миллионов. Слияния, естественно, влияет на работу CA Immo на своих рынках в регионе Центральной и Восточной Европы, включая Венгрию.

Приобретение поднял собственности активов CA Immo Группа из примерно € 3600 млн по состоянию на 31 декабря 2010 года по оценкам € 5100 млн на 1 января 2011 года. In regional terms, the proportion of the Eastern and South Eastern European segment in the portfolio as a whole was expected to expand from around 19% at present to more than 40%, according to the group's website.

In Hungary, CA Immo's assets doubled after the merger to €400 million, Ede Gulyás, managing director of CA Immo Real Estate Management Hungary Kft told the Budapest Business Journal.

As a result of the merger, the portfolio of CA Immo has expanded to include industrial properties, and the number of office buildings managed in Hungary has increased.

"As these properties are high quality buildings with a reliable tenant mix, I believe that our position on the market is sustainable," Gulyás said.

Cheaper but better

There are certain challenges asset management companies have to face, such as letting, keeping tenants, keeping property value and reducing costs, market players agreed.

"Several companies make a mistake when they reduce their cost but at the same time, the quality of services is also deteriorating," Csaba Zeley, development executive of ConvergenCE Hungary Kft told the BBJ. "But I think that the current crisis provides a good opportunity to find a way of reducing costs but improving quality at the same time."

The asset management business of ConvergenCE has been quite stable in spite of the hardening economic circumstances.

In addition to classic asset management, the company now offers property management as well.

"We have been dealing with the asset management of the Eiffel Square Office Building, and as we couldn't find a property management firm that could have offered the quality of services we needed, we decided to add property management to our line of businesses," Zeley said.

Complexity rules

According to him, the Eiffel Square project is a very successful one due to its location and quality, but not all of the properties in the company's portfolio are similarly crisis-resistant. But the company tried to act in time in order to avoid the negative impacts of the crisis.

"In the case of riskier properties, we had started negotiations with our biggest tenants already in 2008. We offered notable discounts in exchange for longer lease periods. This strategy worked," Zeley said.

The value of the managed asset of ConvergenCE is €106 million, and 65% of the managed properties are office buildings, the rest being retail and industrial. This proportion is not expected to change in the near future, Zeley noted.

Good years ahead

Asset management companies are expecting their market to be rather lively in the medium-term.

"Third quarter data from the office market shows that there has not been any new developments, so in my opinion, the emphasis will shift to asset management services," Zeley said.

Others, however, say that the rental market will also see some life, but only in the short-term.

"In the short-term, I expect some enlivening on the rental market, but I hope that realistic conditions will be created for financial, supply-demand and sustainability issues in the medium-term. These, in my opinion, will create a more reliable and transparent market," Gulyás from CA Immo said.

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