“There’s a stand-off,” said Chris Tynan, the head of real estate at Blackstone Australia. “We need to start seeing evidence to allow valuers to start backing off the book values.”Tynan’s comments are a reminder that current commercial property conditions differ markedly to those ahead of previous property collapses.In general, markets are not oversupplied as they were in 1990. And so far, with some exceptions, property finance has not evaporated as it did in 2008.
Tynan warns that while valuations and loan-to-valuation ratios hold, borrowers should take care with bank covenants on interest coverage ratios . “They’re introducing a lot of automation and a lot of that is very difficult to do in a 30-year-old shed. I think there is going to be a big bifurcation over the next five years.”
France Dernières Nouvelles, France Actualités
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