MIPIM News: Lincoln Property Company targets Berlin, plus Czechoslovak rental flats
Lincoln Property Company (LPC) is actively looking for investment opportunities in Berlin, says its European director Troy Javaher. It's an important step into one of Europe's hottest property markets, but it doesn't come without its challenges. Javaher says Berlin is quite opaque and that prices have been rising quickly there. "But it's a classic example of perspective," he says. "If you look at the runway ahead as the capital of a major economy in Europe, it could go quite a long way before it starts looking expensive compared to Paris or even Munich. Hopefully we can get into the market because we'd like to do a lot there."
Javaher also revealed that while LPC is currently focusing on the 12 assets it's picked up in the Czech and Slovak markets, it is also now actively identifying opportunities to do build to rent, multifamily apartment buildings. "We have two projects that are ready to begin and two more that we're looking at," he said, explaining that Lincoln Property Company has an enormous multifamily division in the United States. Exactly when construction might get underway is so far an open question, in part because of the difficulties even the most experienced developers are having signing construction companies. Lincoln will likely focus on Prague and Bratislava for its multifamily business.