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Banks Rush to Service Offshore Property Investors

Posted: May 19th, 2012 | Author: | Filed under: Business and Economy | Tags: , , , | Comments Off on Banks Rush to Service Offshore Property Investors

Banks Rush to Service Offshore Property InvestorsDespite the plight facing banks whose overexposure to property has forced them to write-down billions in losses, Australia’s four largest banks have increased their exposure to commercial property by $3.8 billion in the last six months, according to a report by The Australian Financial Review.

The sharp increase comes as the banks seek to meet growing interest in Australia’s property market from offshore investors at a time when several major global banks, including the Bank of Scotland International and Royal Bank of Scotland, have withdrawn billions from Australia’s property market.

“There has been a big uptick by offshore investors here and a lot of that is being funded by us and the large banks,” CBA head of property Peter Barnes said, according to the AFRCBRE senior managing director for international investment properties Richard Butler said banks have rushed to capitalise on foreign interest ::::

Banks Rush To Service Offshore Property Investors

“It is the highest percentage of foreign investment in Australian commercial real estate in 20 years, back when the banks were last struggling,” Mr Butler said, according to the AFR. “Most of the foreign investors currently in the market will do a large portion of their deals with equity and the banks will compete hard to offer any debt that might be taken on board.”

source: business spectator

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