Georg Hammerstein, CIO of Pramerica real estate investors, plans to target The ‘Big Three’ markets in the coming year: the UK, France and Germany. Each of these countries has reasonable GDP growth expectations, strong liquidity and large economies, he said in an interview with PropertyEU magazine.

'We’re solely interested in core properties in these countries. We like retail warehouses and logistics in all three markets as rents are more resilient to downward pressure.

Hammerstein believes that the real estate markets have 'in principle' bottomed out. 'All indicators, forecasts and research evidence show the turn of the cycle. Nevertheless, the foundations might still be shaky. Many companies still struggle with the consequences: debt financing has become increasingly difficult to obtain, at much higher margins and lower loan-to-value ratios. Demand and supply are not always in balance and investor sentiment is shaky.'

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