Euro zone strugglers falter in property sell-off
Article from Reuters:

LONDON, April 20 | Fri Apr 20, 2012 5:30am EDT

LONDON, April 20 (Reuters) – Debt-laden euro zone countries hoping to sell state-owned property must cut prices and establish more transparent sales programmes to boost the slow trickle of transactions to date, research showed.

While European governments more than doubled real estate sales to 2.3 billion euros ($ 3 billion) last year to cut debt in the wake of the financial crisis, they were dominated by more robust economies like Germany and the UK, a report by property consultancy CBRE said.

Greece, Portugal, Spain, Italy and Ireland, the five nations most debilitated by the sovereign debt crisis, together accounted for less than one percent of the total, CBRE director of research Richard Holberton said.

“In some cases there may be a need to drop prices” he told Reuters. “In others there is still a basic need for a comprehensive audit to understand what they’ve got and how to get rid of it.”

The urgency to raise funds was underli…………………continues on Reuters
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Vornado’s Size Prevented Real Estate Purchases, Roth Says
Article from Bloomberg:

Vornado Realty Trust (VNO) Chairman Steven Roth said the size of his company made him reluctant to to take advantage of plummeting commercial real estate prices following the U.S. financial crisis.

“We were a little too large,” Roth, whose New York-based company owns more than 100 million square feet (9.3 million square meters) of office buildings and other real estate, told business students at a Georgetown University forum today. “It never threatened the company, not for one second, but it made us reluctant to really jump into the game” when “they were giving stuff away in 2009 and 2008,” he said.

Roth’s remarks, during a panel discussion at the Washington university’s McDonough School of Business, were his first since saying that Vornado intends to sell assets and to hold quarterly conference calls with investors for the first time to help raise the company’s stock price. Those plans were disclosed on April 13 in Roth’s annual letter to shareholders.

Vornado was “constrained by our balance sheet, which wasn’t vulnerable, but not ready to rock,” Roth said at today’s event, co-s…………………continues on Bloomberg
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Real Estate Investment News Website Launches New Design, Features
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