Innovative finance for real estate development in pan-European regeneration

Graham Squires (), Norman Hutchison, Alastair Adair, Stanley McGreal and Samantha Organ

ERES from European Real Estate Society (ERES)

Abstract: Following the Global Financial Crisis (GFC), the role of finance in real estate development for regeneration requires re-examination. The research presented in the conference paper draws on research funded by the Royal Institution of Chartered Surveyors (RICS), which focused on how and whether real estate development has become more innovative following the GFC - with particular reference to regeneration from a pan-European perspective. The findings show key financial factors and emergent funding mechanisms, whilst a comparative analysis of three case studies based across Europe (London, UK; Leiden, The Netherlands; and Berlin, Germany) provide greater insight on the similarities and differences between projects that can be considered new and possibly innovative.Findings demonstrate that there has been growth in the blend of financial products used in real estate development for regeneration across Europe. This blend is set with greater equity financing, often sourced from institutional funds from domestic and foreign consortiums. Additionally, partnership structures adopting a collaborative-competitive ethos have been adopted - particularly by those beginning to use large-scale multi-bank finance. The emergence of project bonds also set the tone for a more infrastructure-specific nature of funding when uncovering innovative finance for real estate development in pan-European regeneration.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2015-07-01
New Economics Papers: this item is included in nep-eur
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2015_29

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