Investment in European property rises in Q3

LONDON Wed Oct 12, 2011 12:54pm BST

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LONDON Oct 12 (Reuters) - Investment in European commercial property edged up 7 percent in the third quarter to 26.3 billion euros ($35.9 billion), from 24.5 billion a year ago, with price stability in the UK, Germany and France making them key targets, data showed on Wednesday.

"The last quarter has reinforced some of the earlier trends seen in Europe over the last year or so, such as that prime real estate is holding up fairly well, even in the current uncertain climate," said CBRE's head of EMEA capital markets, Jonathan Hull.

The CBRE data showed third-quarter property investment in the UK was 7.5 billion euros, down 22 percent from a year earlier. In Germany it rose 56 percent to 5.7 billion euros, while in France it was up 43 percent to 3.6 billion.

In central and eastern Europe (CEE), property investment rose 70 percent to 2.7 billion euros, making it the fastest-growing European property investment market, with activity focused on Poland, the Czech Republic and Hungary.

"With 81 billion euros of investment activity reported in the market in the first three quarters of the year, we expect European investment turnover to exceed that in 2010, when 110 billion euros was transacted for the full year," Hull said. ($1 = 0.733 Euros) (Reporting by Andrew Macdonald; Editing by David Holmes)

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