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Latest Article

The Wall of Equity ‘WACCs’ Cap Rates

Higher Interest Rates + Late Cycle = Lower Cap Rates. Huh? For the 22+ years I’ve been in this business, investors have relied on the relationship between cap rates and interest rates. But perhaps it’s time for us to stop relying on conventional wisdom. The general rule of thumb has been to look at cap rate as a spread over the cost of debt (typically the 10-year Treasury bill or Baa bonds). Given that we have seen a material rise in both long- and short-term base rates (Treasurys/swaps and... Read More >

Recent Articles:

What are volumes in Prime Central London residential property telling us? Land Registry data for The Royal Borough of Kensington & Chelsea shows a good proxy for PCL volumes
Those of you that have invested in the equity markets might remember the late Richard Crossley. Prior to his untimely death almost seven years ago, Richard was an “old school” technical analyst; always at his desk by 6.30am, he spent the Read More >
The Race for the Next Seattle Why agility is key for investors in dealing with new uncertainties
Seattle is the only market I’ve ever seen advance from secondary to primary market status. There are a few other secondary cities that are nipping at its heels, led by Austin, Denver and Nashville in the U.S., and Sao Paolo, Brazil and Read More >
Businessman goes along a corridor at modern office Keep running, Logan Are new forms of technology as disruptive as we think they are?
“Liberty, freedom, justice. Now things have changed. Now everything comes to us on a platter. Man’s got nothing left to fight for.” — Logan’s Run In the classic 1967 novel Logan’s Run the world of 2116 is an idyllic place where Read More >
US dollars on a wooden table Pass the SALT? Why the Republican tax plan won't be a problem for cities looking to attract top talent
I am a big infrastructure guy. Everywhere I go, I tell local investors that their city’s growth potential is limited unless it has good transportation infrastructure (roads, airports and mass transit). Based on my experience, 'old school' Read More >
Old clock in Waterloo Station, London How do different governments affect house prices? On the day of the general election, Andrew Monteath looks at how previous governments have affected house prices
With yet another general election upon us it seems like a good time to look back and see which government has presided over the best returns for homeowners during the past forty years or so. The starting point is a good one, coming just after the Read More >
Analogue clocks set to different times on a white background The investor’s dilemma Inspired by a meeting with a property developer, Andrew Monteath considers the age-old question of what to sell and what to buy
The other day I met an intelligent and successful property developer (not always the same), who told me that back in 1997 he had sold a business and used the proceeds to move into buy to lets. He explained that he had built up a geographically Read More >

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