Middle East

Tel Aviv investors look abroad for higher yields

Tel Aviv has plenty of high-quality office stock, but little of it is trading, so investors are looking abroad to the US, UK and Europe to provide higher-yielding opportunities

“We haven’t seen transactions for the best quality buildings in Tel Aviv for two or three years now,” bemoans Dudi Daniel, head of real estate at Psagot, Israel’s largest investment house. “There is huge demand, the best properties are owned by pension and insurance companies and they don’t want to trade because opportunities are so rare.”

In Tel Aviv no-one is even sure where prime yields are. This is because there are so few comparables – “maybe 6% but who knows really”, one major investor speculates. In Israel’s economic capital there is also an intimidating speculative office development pipeline on…

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