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Krihaat Glass Hill,
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Australian Property Investment Abroad Surges 83% to $22 Billion |
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HOME >> NEWS >> Australian Property Investment Abroad Surges 83% to $22 Billion |
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 Australian companies boosted foreign property acquisitions by 83 percent last year, led by the $3.7 billion acquisition of U.S. shopping malls that Centro Properties Group is now struggling to refinance.
Investors from Australia bought $22 billion of real estate abroad in 2007, up from $12 billion the previous year, London- based property advisor DTZ said today in a report.
The spending boom is set to stall this year after the collapse of the U.S. subprime market saddled banks worldwide with at least $232 billion of losses, squeezing the availability of credit. Australian property trusts have tumbled since October on investors' concerns about their ability to meet debt payments. Centro shares have dropped more than 90 percent since the company said in December it was struggling to refinance its borrowings.
``We don't expect to see this level of overseas purchasing activity by Australian investors again in 2008, given the backdrop of ongoing global financial market conditions,'' DTZ said in the report.
More than 60 percent of the money went to the U.S., including Centro's acquisition of New Plan Excel Realty Trust and the Macquarie Group Ltd.-led purchase of Spirit Financial Corp. for $3.5 billion, DTZ said. Investment in the Asia-Pacific region almost tripled to $5 billion and spending on European property dropped to 13 percent of the total.
Source: http://www.bloomberg.com/ |
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