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EPRA Monthly Brief
January 2021
At the start of the year, our flagship Insight events once again attracted over 650 professionals from the listed real estate sector in London, Brussels, Paris and for the first time Germany, to discuss the market outlook for 2021 with industry leaders. You will find the links to access the recorded webinars in the ‘additional reading’ section.

Speaking of events, this week we held the second edition of our Research Webinar Series dedicated to the performance of the residential sector. I invite you to read more about it in the core of the brief. The discussion around this sector will continue next week, in a special webinar with FTSE Russell and Morgan Stanley, which will analyse some of the main trends observed in residential listed real estate in Europe. EPRA will also debate the European Green Deal and its implication for real estate during a webinar organised by the CAIA Association. And I am pleased to say that at the end of February we will be launching the virtual facet of our Real Estate Digest, starting with a Nordic update.

I hope to see many of you at our upcoming events and as always would like to welcome our new members: Aberdeen Standard European Logistics Income, Bloomberg, Global Net Lease, Hufvudstaden, Neinor Homes, New Economic School, Peach Property Group, Platzer and University of Urbino.
 
Dominique Moerenhout, EPRA CEO
EPRA news

EPRA Research Webinar Series

EPRA held its second event part of the Research Webinar Series, a 30-minute experts’ update on various listed real estate relevant topics, launched end of 2020. The webinar, dedicated to the performance of the European residential market, discussed how residential has become the largest sector in the FTSE EPRA Nareit Global Real Estate Index Series over the past fifteen years. You can still watch the webinar here and find the supporting market research report here. The next webinar, dedicated to the office sector, is planned for late March. Make sure to subscribe to our mailing list never to miss another EPRA event.

Industry call to carve-out REITs from the GloBE Proposal

EPRA, together with 10 other real estate associations, calls on the OECD for a stand-alone carve-out for REITs from the Global Anti-Base Erosion (GloBE) Proposal. The OECD GloBE proposal under Pillar Two seeks to address remaining base erosion and profit shifting (BEPS) challenges by ensuring that the profits of internationally operating companies are subject to a minimum rate of tax. The proposal, published in October 2020, has introduced promising changes recognising the specific needs to address tax neutral regimes. However, the proposed solution is not fully reflecting the distinct position of REITs and REIT regimes. A joint industry letter led by EPRA and sent to the OECD details why the sector calls for REIT regimes to be a stand-alone category of excluded entities. You can also read EPRA’s full submission here.

Impact of Covid-19 on European listed real estate market in Q4 2020

The EPRA Total Markets Table for Q4 2020 is now out, showing Germany remains the largest European listed real estate market at USD 145 billion, with the UK returning to second place with USD 94 billion. The estimated value of the Commercial Real Estate of all the 79 countries covered in the Total Markets Table report was over USD 32.4 trillion. At the end of 2020, all European markets displayed recoveries in the last quarter of the year with positive market cap growths. Focusing on annual changes, Norway (29.4%) and Germany (24.0%) were top performers recording the highest annual market cap growths. Other Nordic countries (Sweden, Finland and Denmark) as well as Belgium also look resilient among their European peers and returned to pre-Covid19 market cap levels, as of the end of 2020. You can access the full EPRA TMT report here.

Draft Delegated Regulation on the EU Taxonomy: Missed opportunities for real estate?

Late November 2020, the EU Commission published its draft Delegated Regulation on the EU Taxonomy to help reorient investments towards more sustainable economic businesses. It does so by defining which economic activities and conditions will be considered sustainable. Out of the three major economic activities for buildings, two are exclusively focused on construction or acquisition of new buildings. EPRA believes that ‘acquisition of existing buildings to renovate’ should also be considered a sustainable economic activity. We raised this issue directly with the European Commission Vice-President Frans Timmermans, as well as Commissioners Mairead McGuinness and Kadri Simson in this letter. You can also read the full response to the consultation here.
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