LONDON LOSES PROPERTY INVESTMENT CROWN
By Daniel Thomas 2009-09-28
London has been knocked from the top of a list of best European cities for commercial property occupiers and investors for the first time since 2005, according to a leading global property fund manager.
Munich has been identified as the European city most attractive for investment on a medium-term outlook, followed by Paris, according to LaSalle Investment Management's eleventh European Regional Economic Growth Index.
London's slippage in the rankings reflects the city's exposure to the financial downturn compared with other rival business hubs.
Dublin fell from fifth place to 73rd place.
The research appears to conflict with the attitude among many investors, given the large amount of capital looking to invest in London property from a variety of sources such as sovereign wealth funds, private investors, property companies and domestic pension funds.
LaSalle is one of the largest property investors in the world with about $37.5bn of funds under management. Robin Goodchild, LaSalle's head of European research and strategy, stressed that London was still an attractive investment location, but that real estate investment could be stronger in the other top cities over the medium term.
The study is based on a range of indicators, ranging from relative wealth, growth levels and business across 98 European cities.
LaSalle found that Munich should withstand the current economic turmoil better than any other European location, owing to its wealth and a highly diversified local business structure, consisting of global players and domestic industries. Paris has benefited from its greater exposure to different sources of employment outside financial services.
Charles Maudsley, LaSalle Investment Management's co-head of Europe, said: “Notwithstanding its decline in the rankings, London remains a very attractive place for property investment because yields have expanded well beyond fair value even allowing for the weak demand outlook.”
拉塞尔投资管理公司(LaSalle Investment Management)第11期欧洲地区经济增长指数显示，中期内最具投资吸引力的欧洲城市是慕尼黑，其次是巴黎。