Figures produced by Mergermarket for Legal Week reveal the extent of the downturn in real estate M&A over the last year, with the UK seeing just eight such transactions announced during the first half of this year. The figures are little better across Europe, with only 42 deals annouanced throughout the first six months of the year. In comparison, there were 89 real estate M&A deals in Europe during the same period last year. Deal values have been significantly hit, with the first six months of 2008 seeing a combined deal value in Europe of e10.9bn (£8.65bn), while the same period last year saw e53.7bn (£42.6bn).The downturn has inevitably impacted on law firms' individual deal flows. For example, Linklaters acted on 11 European M&A real estate deals during the first half of last year compared with two during the first six months of 2008. Adam Cleal, head of real estate at Allen & Overy, said: "The truth is that it is a tough market and that there is a long way to go, but certain entities will be making lots of money from it."Adrian Dear, Ashurst's real estate head, said: "A number of advisers are looking hard at targeted opportunities and property companies are certainly looking cheap over the medium to long term. They just have to decide if the bottom of the market has been reached and if it has, whether the upturn is about to begin."
September 25, 2008 at 01:51 AM
1 minute read
The original version of this story was published on Legalweek
Figures produced by Mergermarket for Legal Week reveal the extent of the downturn in real estate M&A over the last year, with the UK seeing just eight such transactions announced during the first half of this year.
The figures are little better across Europe, with only 42 deals annouanced throughout the first six months of the year. In comparison, there were 89 real estate M&A deals in Europe during the same period last year.
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