Multi-billion euro commercial real estate deals by Blackstone and Aroundtown helped Europe to hold up its transaction volume during the COVID-19 pandemic, according to report by Real Capital Analytics (RCA).
According to the RCA Insights report, the deals propelled Europe to record a strong performance in the first 150 days of 2020 compared with a fall transaction volume seen across the Americas and Asia Pacific.
The volume of portfolio deals and entity-level deals in Europe, Middle East and Africa (EMEA) during the period exceeded the same period last year due in part to deals like Blackstone鈥檚 拢4.7bn (鈧�5.3bn) deal to buy UK student housing provider iQ and Aroundtown鈥檚 acquisition of fellow German listed property company TLG.
The RCA data shows that EMEA is just 6% lower than 2019 levels, while in the Americas volume is 18% down and in Asia Pacific activity is 45% lower.
In the Americas, the fallback in deal volume is deepening as the year progresses, RCA said. At the end of April, cumulative deal volume for markets in the Americas was 3% lower and by May 29 down 18%.
In Asia-Pacific, activity has been consistently depressed since the start of 2020. 鈥淒espite the easing of lockdowns and hopes for a rebound in China, fears of a second virus wave and geopolitical tensions with the US, continue to weigh on sentiment.鈥�
In terms of commercial real estate deal count, the number of completed transactions in the three global regions has dropped by just over a third compared with the same period of last year, RCA said.
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