The property market in much of Europe currently is experiencing favorable conditions, with the U.K. probably close to the peak of its cycle, and France and Sweden continuing to show signs of improvement. However, trends toward greater consolidation in Continental Europe could have negative consequences from a credit quality perspective, as companies leverage up in the process. In Europe, each country can boast a genuinely unique property industry. Although Europe's economies are increasingly marching in step with each other following European Monetary Union, buying and selling properties still occurs within widely different legal and fiscal frameworks. As a result, the European property sector is very fragmented; competitive but also consolidating at a faster pace than ever before. As with property...
Companies mentioned in this report are:
- MEPC Ltd.
- Vasakronan AB
- Capital Shopping Centres PLC
- Societe Fonciere Lyonnaise S.A.
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