Europe’s construction & real estate industry saw a drop of 9.38% in cross border deal activity during February 2022, when compared with the last 12-month average, led by Blackstone’s $23.77bn private equity deal with Mileway, according to GlobalData’s deals database.
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A total of 29 construction & real estate industry cross border deals worth $25.6bn were announced for the region in February 2022, against the 12-month average of 32 deals.
Of all the deal types, M&A saw most activity in February 2022 with 22 transactions, representing a 75.9% share for the region.
In second place was venture financing with five deals, followed by private equity deals with two transactions, respectively capturing a 17.2% and 6.9% share of the overall cross border deal activity for the month.
In terms of value of cross border deals, private equity was the leading category in Europe’s construction & real estate industry with $23.77bn, while M&A and venture financing deals totalled $1.71bn and $66.22m, respectively.
Europe construction & real estate industry cross border deals in February 2022: Top deals
The top five construction & real estate cross border deals accounted for 99.9% of the overall value during February 2022.
The combined value of the top five construction & real estate cross border deals stood at $25.51bn, against the overall value of $25.6bn recorded for the month.
The top five construction & real estate industry cross border deals of February 2022 tracked by GlobalData were:
1) Blackstone $23.77bn private equity deal with Mileway
2) The $974.91m acquisition of 34 Leadenhall Street by Ho Bee Land
3) Kingspan Group $622.59m acquisition deal with ONDURA
4) The $107.97m acquisition of Delta M by CEE-BIG
5) Avenir Growth Capital,Cherry Ventures and Spark Capital $30m venture financing deal with Cosuno
Toronto real estate class-action could affect billions of dollars in commissions – Financial Post
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Katy Perry real estate battle inspires a bill to protect elders from financial abuse
While Katy Perry prepares to take the stand in court, a bill with her name might be going to DC.
The “Fireworks” songstress and her partner Orlando Bloom are currently tied up in a legal battle with 84-year-old Carl Westcott, the founder of 1-800-Flowers, who claims he was on painkillers when he agreed to sell the couple his Santa Barbara mansion. Perry and Bloom are not named in Westcott’s filing, which is against the couple’s business manager, Bernie Gudvi.
As the trial rages on, members of the Wescott family are throwing their support behind a newly launched campaign for the Protecting Elder Realty for Retirement Years (PERRY) Act. “The Katy PERRY Act addresses the risks of elder financial abuse, especially as it relates to property and real estate sales and transfers,” a website for the act explains.
Representatives for Perry did not immediately respond to EW’s request for comment.
Jason Kempin/Getty Images Katy Perry
In an op-ed for The Federalist, Carl Wescott’s son, Chart Wescott, called upon California and other state legislators to pass the act, which establishes a 72-hour grace period during real estate sales and transfers of personal residences that allows either party to rescind the agreement without penalty, if one party is over the age of 75.
The website also lists the 38 state and local politicians who are backing the act.
Per PEOPLE, Perry and Bloom originally purchased the 9,285-square-foot home from Wescott in July 2020 for $15 million. Days after the deal was finalized, Wescott claimed that he had been recovering from spinal surgery at the time of the agreement.
During opening statements last Wednesday, Westcott’s attorney Andrew Thomas said that his client, who was diagnosed with the genetic brain disorder Huntington’s Disease in 2015, had been showing signs of “delusion” and “intrusive thoughts” after taking the painkillers and was still recovering from “post-operative delirium.”
In a countersuit, Perry is seeking more than $5 million in damages due to loss of potential rental income and for the cost of maintaining other properties that she and Bloom rent. She is expected to remotely testify this week in the non-jury trial which began last Wednesday.
RBC says only a housing market crash would quickly restore affordability in Canada
A new report from RBC says short of a housing crash that would “destroy property values” in Canada, it will take years and concerted efforts to restore affordability.
The second-quarter report on housing affordability lays out some dire conditions across the country and warns “any progress in restoring housing affordability is likely to be slow.”
According to RBC, in order to see any sort of difference in the current housing situation, supply needs to increase by giant leaps.
But the bank says that doing that will take a long time and even if new homes are built, the rising construction costs could still result in Canadians being priced out of the market.
The dream of home ownership remains out of reach for many
As Canadians across the country deal with high interest rates and real estate prices, the report suggests buyers will continue to deal with “extremely difficult affordability conditions.”
“We believe those pressures are behind the notable cooling in home resale activity we saw this summer in Ontario and British Columbia. They are poised to weigh on demand for months to come in both regions, with many buyers entirely priced out in Vancouver and Toronto,” reads the report.
RBC says we are still seeing the effects of the sharp erosion of affordability from the pandemic playing a role.
Any hopes for any improvement in affordability were dashed as the market rebound in the second quarter sent home prices climbing at a rapid clip again after soaring interest rates saw prices drop the previous year.
According to RBC, Calgary is apparently the hottest housing market in the country right now. The bank says inventory is at a 15-year low and that “home resales [are] running at the pre-pandemic peak” and as buyers compete fiercely for the little inventory Edmonton
We’re not in Calgary… The situation is Edmonton is quite different as there seems to be “plentiful inventory” that is resulting in a “calming effect” on price negotiations.
RBC says Toronto has more in common with the situation in BC than Alberta right now. There is “no material relief” in sight in Toronto and RBC says “the dream of owning a home remains far out of reach for ordinary folks.”
Interest rates seem to have ignited resale activity in the spring, but RBC is predicting “a more subdued tone” in the months ahead.
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