Gilles Clavie will succeed John Ozinga as CEO of AccorInvest
AccorInvest s board of directors has appointed Gilles Clavie as Chief Executive Officer, effective July 1st, 2020. This deci- sion concludes a process initiated jointly between the board and his predecessor John Ozinga a few months ago. Since 2014, Gilles Clavie has been the President of the Management Board & CEO of Orbis, a Polish group acquired by AccorInvest at the end of 2019. His experience with the hospitality industry began 19 years ago in the Accor Group.
Invesco Real Estate (IRE) has announced the third closing of its European Value Add II (EVAF II) fund. To date, the company has raised 550m of the 750m targeted from 18 European, UK and US investors. Invesco plans to leverage the fund to invest up to 1.9bn in its pan-European value-added strategy. With a portfolio to date of four investments in the logistics and residential sectors in Central Europe, Italy and Spain, the fund plans to invest the remaining 82% of its commitments over the next three years, focusing on the most liquid European markets. The final closing of EVAF II will take place this summer.
Global hotels sales down 50% in 2020 RCA
Housing prices still rising in Île-de-France
Invesco Real Estate s raises 550m for EVAF II pan-European fund
Globally, hotels have been the asset class most impacted by the Covid- 19 crisis with sales down by 50% in the first five months of 2020 in compari- son with 2019, Real Capital Analytics latest data show. Only 113 hotels sold worldwide since the start of April com- pared to more than 850 in the second quarter of 2019. In Europe, the trend is similar with just 36 hotels traded since
April 1 and only six hotels transacted so far in June, which puts this month on track to be the slowest on record in the continent. And with the long-term impact of the virus on both tourism and business sectors difficult to fore- cast, the firm thinks most income-driv- en investors, averse to uncertainty by nature, will remain reluctant to invest in hotel for the foreseeable future.
Even as sales of existing homes fell by 75% compared to the previous year, Île-de-France housing prices continued to rise in April 2020, according to the Notaires du Grand Paris (Greater Paris Notaries) association, +6.8% for apart- ments and +4.4% for houses since April 2019. Prices for existing apartments even reached 10,530/sqm in Paris, an annual increase of 7.8%. Moreover, based on prices resulting from pre-contracts, the association expects sales price to reach 10,750/sqm in August 2020 in Paris, a 7.7%yy jump.
One month after the end of lockdown, the impact of the coronavirus epidemic on the Greater Paris office sector was undeniable. According to JLL, take-up on 15 June 2020 amounted to 593,000 sqm, down 39% compared to the same date last year. Also, the firm s fore- casts suggest the office rental market could consume nearly 1 million sqm less space than last year. After reaching 2.37 million sqm in 2019, down slightly from the year before but in line with the ten- year average, office take should be between 1.2 and 1.5 million sqm in 2020, JLL expects. The current situ- ation is unprecedented in its scope and depth,» said Marie-Laure Leclercq de Sousa, Director of Leasing Markets Advisory at JLL, in a webinar. In the
short and medium term, it will change the way we use and work and the way we approach the off ice world. However, we are convinced that business is pick- ing up again, even if it is in a sluggish state. Indeed, through the dark clouds, JLL sees some clearings, as the firm reports a strong resumption of requests to visit from clients and good market fundamentals. The stock of off ice space in the inner sub- urbs of Paris remains at extremely low vacancy rates and we therefore imagine that rental values will remain stable, but will not necessarily contin- ue to accelerate, says Marie-Laure Leclercq de Sousa. We could also see a little more flow and liquidity in the market as the contraction in space could free up square metres.
Greater Paris take-up should drop significantly in 2020
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