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Joseph Houlihan, EPF: “Economic growth, key element to make real estate attractive for investors”

Joseph Houlihan, chairman of the Managing Committee of the European Property Federation and the CEO and director of Cohen & Steers UK, one of the first investment companies to specialize in listed real estate, told The Diplomat – Bucharest that Romania's real estate market has a lot of development potential, while one of the key elements that can make the sector become attractive for investors is a steady economic growth

2015-08-04 23:53:29 - From the Print Edition

"This is my first time in Romania and, from what I have noticed, there is opportunity on the market - at least in Bucharest - but it is for those that are willing to get in first," said Houlihan. "Without economic growth, the real estate sector cannot develop further. Without a steady economic growth, tenants of office buildings will see their businesses suffer and they will be forced to either downsize it or even close it. This will affect, by default, the owners of the buildings."
Cohen & Steers is one of the largest managers of real estate investment trust (REIT) securities worldwide, with assets under management of 50.1 billion USD as of June 30. The European arm of the company, run by Houlihan, counts for between 18-20 per cent of the global business, while core European markets include UK, Germany, France and the Nordics. Asked about the status of the real estate securities market in Central Eastern Europe, the CEO confesses that the region still lacks activity in this regard and Romania is no exception. "In terms of real estate securities in Eastern Europe, there is not nearly anything yet," said Houlihan. "There are not really any companies that match our target. In Romania, I think there are none or, if they are, they are too small. We prefer a pure real estate company that has to be of a certain size for us to be able to commit money into it, and we don′t see it yet. However, we are investing around the world in emerging markets and we have invested before the financial crisis in companies in Poland, for instance. So, we are constantly looking."
Joseph Houlihan came to Bucharest to attend in early June the 74th meeting of the Managing Committee of the European Property Federation (EPF), whose members own and manage property assets worth 1.5 trillion Euro. The purpose of the meeting was to stress the priority to expand the federation in Central and Eastern Europe under the leadership of Liviu Tudor, the founder and president of the Romanian Association of Building Owners (RABO) and a member of the Board of EPF since 2011 when RABO was founded.



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