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<br /> ISSUE 18 | www.dlapiperrealworld.com<br /> REAL ESTATE<br /> GAZETTE<br /> INTERNATIONAL<br /> INTERNATIONAL REAL<br /> ESTATE FINANCE—<br /> GETTING DEALS DONE<br /> ASIA<br /> PRC REAL ESTATE FINANCE<br /> STRUCTURES<br /> MIDDLE EAST<br /> FINANCING AGAINST<br /> LONG LEASEHOLD<br /> INTERESTS IN DUBAI<br /> NORWAY<br /> NEW LAW ON FINANCIAL<br /> ENTERPRISES IN NORWAY<br /> SPAIN<br /> MORTGAGES UNDER SIEGE<br /> SWEDEN<br /> THE IMPACT OF SWEDISH<br /> TAX CHANGES ON<br /> FINANCING COSTS<br /> GERMANY<br /> TRIPLE NET LEASES IN<br /> GERMAN COMMERCIAL<br /> TENANCY LAW<br /> UK<br /> THE PROPERTY INDUSTRY<br /> AND THE ENERGY CRISIS<br /> FOCUS ON: FINANCE<br /> EXAMINING THE<br /> KEY DRIVERS FOR<br /> INTERNATIONAL<br /> REAL ESTATE<br /> FINANCE<br /> 2 | REAL ESTATE GAZETTE<br /> A NOTE FROM<br /> THE EDITOR<br /> The eighteenth<br /> issue of the DLA<br /> Piper Real Estate<br /> Gazette highlights<br /> issu<a title="DLA Piper Real Estate Gazette - Issue 18 page 1" href="http://viewer.zmags.com/publication/20b53163?page=1"> ISSUE 18 | www.dlapiperrealworld.com REAL E</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 2" href="http://viewer.zmags.com/publication/20b53163?page=2"> 2 | REAL ESTATE GAZETTE</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 3" href="http://viewer.zmags.com/publication/20b53163?page=3"> A NOTE FROM THE EDITOR The eighteenth</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 4" href="http://viewer.zmags.com/publication/20b53163?page=4"> CONTENTS REAL ESTATE FINANC</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 5" href="http://viewer.zmags.com/publication/20b53163?page=5"> ISSUE 18 GENERAL REAL ESTATE US 46 KEY P</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 6" href="http://viewer.zmags.com/publication/20b53163?page=6"> REAL ESTATE FINANCE | INTERNATIONAL INTERNATION</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 7" href="http://viewer.zmags.com/publication/20b53163?page=7"> REAL ESTATE FINANCE | INTERNATIONAL where the bo</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 8" href="http://viewer.zmags.com/publication/20b53163?page=8"> REAL ESTATE FINANCE | INTERNATIONAL </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 9" href="http://viewer.zmags.com/publication/20b53163?page=9"> REAL ESTATE FINANCE | INTERNATIONAL </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 10" href="http://viewer.zmags.com/publication/20b53163?page=10"> PRC REAL ESTATE FINANCE STRUCTURES ED SHEREMETA,A</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 11" href="http://viewer.zmags.com/publication/20b53163?page=11"> REAL ESTATE FINANCE | ASIA Sponsor Offsho</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 12" href="http://viewer.zmags.com/publication/20b53163?page=12"> REAL ESTATE FINANCE | ASIA repay the off</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 13" href="http://viewer.zmags.com/publication/20b53163?page=13"> In addition, Circular 2 removes the requirement f</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 14" href="http://viewer.zmags.com/publication/20b53163?page=14"> REAL ESTATE FINANCE | DENMARK THE DANISH MORTG</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 15" href="http://viewer.zmags.com/publication/20b53163?page=15"> REAL ESTATE FINANCE | DENMARK Str</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 16" href="http://viewer.zmags.com/publication/20b53163?page=16"> REAL ESTATE FINANCE | DENMARK •</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 17" href="http://viewer.zmags.com/publication/20b53163?page=17"> REAL ESTATE FINANCE | DENMARK “ Danish mortgage </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 18" href="http://viewer.zmags.com/publication/20b53163?page=18"> REAL ESTATE FINANCE | FRANCE USING FRENCH RE</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 19" href="http://viewer.zmags.com/publication/20b53163?page=19"> REAL ESTATE FINANCE | FRANCE purc</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 20" href="http://viewer.zmags.com/publication/20b53163?page=20"> REAL ESTATE FINANCE | FRANCE </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 21" href="http://viewer.zmags.com/publication/20b53163?page=21"> REAL ESTATE FINANCE | FRANCE also</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 22" href="http://viewer.zmags.com/publication/20b53163?page=22"> REAL ESTATE FINANCE | ITALY ITAL</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 23" href="http://viewer.zmags.com/publication/20b53163?page=23"> REAL ESTATE FINANCE | ITALY “ The insurance comp</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 24" href="http://viewer.zmags.com/publication/20b53163?page=24"> REAL ESTATE FINANCE | ITALY </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 25" href="http://viewer.zmags.com/publication/20b53163?page=25"> to banks and other authorized entities), in order</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 26" href="http://viewer.zmags.com/publication/20b53163?page=26"> REAL ESTATE FINANCE | MIDDLE EAST FINANCING</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 27" href="http://viewer.zmags.com/publication/20b53163?page=27"> REAL ESTATE FINANCE | MIDDLE EAST </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 28" href="http://viewer.zmags.com/publication/20b53163?page=28"> REAL ESTATE FINANCE | MIDDLE EAST “ Documents ar</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 29" href="http://viewer.zmags.com/publication/20b53163?page=29"> REAL ESTATE FINANCE | MIDDLE EAST </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 30" href="http://viewer.zmags.com/publication/20b53163?page=30"> REAL ESTATE FINANCE | NORWAY NEW LAW ON FINAN</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 31" href="http://viewer.zmags.com/publication/20b53163?page=31"> extensive rules on outsourcing and customer servi</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 32" href="http://viewer.zmags.com/publication/20b53163?page=32"> repealed.The overarching authority in all financi</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 33" href="http://viewer.zmags.com/publication/20b53163?page=33"> REAL ESTATE FINANCE | NORWAY “ Financial enterpr</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 34" href="http://viewer.zmags.com/publication/20b53163?page=34"> LEGAL RISKS AFFECTING THE FINANCING OF COMMERCIAL</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 35" href="http://viewer.zmags.com/publication/20b53163?page=35"> REAL ESTATE FINANCE | POLAND “ The minimum durati</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 36" href="http://viewer.zmags.com/publication/20b53163?page=36"> REAL ESTATE FINANCE | POLAND “ In many cases, b</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 37" href="http://viewer.zmags.com/publication/20b53163?page=37"> of the creditworthiness of the borrower, especial</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 38" href="http://viewer.zmags.com/publication/20b53163?page=38"> REAL ESTATE FINANCE | SPAIN MORTGAGES UND</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 39" href="http://viewer.zmags.com/publication/20b53163?page=39"> unnecessary for the company’s business activity) </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 40" href="http://viewer.zmags.com/publication/20b53163?page=40"> REAL ESTATE FINANCE | SPAIN arrangements). How</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 41" href="http://viewer.zmags.com/publication/20b53163?page=41"> 60 per cent of the insolvent company’s financial </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 42" href="http://viewer.zmags.com/publication/20b53163?page=42"> REAL ESTATE FINANCE | SWEDEN THE IMPACT OF SWEDI</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 43" href="http://viewer.zmags.com/publication/20b53163?page=43"> REAL ESTATE FINANCE | SWEDEN “ Companies with net</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 44" href="http://viewer.zmags.com/publication/20b53163?page=44"> REAL ESTATE FINANCE | SWEDEN “ For the fina</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 45" href="http://viewer.zmags.com/publication/20b53163?page=45"> costs. However, the increase in costs is not seen</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 46" href="http://viewer.zmags.com/publication/20b53163?page=46"> GENERAL REAL ESTATE | US KEY POINTS FROM DLA PIPE</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 47" href="http://viewer.zmags.com/publication/20b53163?page=47"> GENERAL REAL ESTATE | US commercial real estate, </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 48" href="http://viewer.zmags.com/publication/20b53163?page=48"> GENERAL REAL ESTATE | BELGIUM THE NEW BELGIAN</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 49" href="http://viewer.zmags.com/publication/20b53163?page=49"> GENERAL REAL ESTATE | BELGIUM “ A Law adopted on</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 50" href="http://viewer.zmags.com/publication/20b53163?page=50"> GENERAL REAL ESTATE | BELGIUM incorporate insti</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 51" href="http://viewer.zmags.com/publication/20b53163?page=51"> partnership (“Comm.VA”/ “SCA”) appointing a legal</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 52" href="http://viewer.zmags.com/publication/20b53163?page=52"> GENERAL REAL ESTATE | GERMANY TRIPLE NET LEASES </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 53" href="http://viewer.zmags.com/publication/20b53163?page=53"> least partially to the tenant or the rental prope</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 54" href="http://viewer.zmags.com/publication/20b53163?page=54"> GENERAL REAL ESTATE | GERMANY necess</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 55" href="http://viewer.zmags.com/publication/20b53163?page=55"> does not exempt its GTCs from scrutiny by a court</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 56" href="http://viewer.zmags.com/publication/20b53163?page=56"> GENERAL REAL ESTATE | PORTUGAL F </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 57" href="http://viewer.zmags.com/publication/20b53163?page=57"> provide a clear answer to that question and there</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 58" href="http://viewer.zmags.com/publication/20b53163?page=58"> GENERAL REAL ESTATE | RUSSIA ISSUES RELATING </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 59" href="http://viewer.zmags.com/publication/20b53163?page=59"> GENERAL REAL ESTATE | RUSSIA “ The land plot leas</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 60" href="http://viewer.zmags.com/publication/20b53163?page=60"> GENERAL REAL ESTATE | RUSSIA </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 61" href="http://viewer.zmags.com/publication/20b53163?page=61"> constructed—the cost per sq m of building in the </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 62" href="http://viewer.zmags.com/publication/20b53163?page=62"> GENERAL REAL ESTATE | TURKEY CONSTRUCTION R</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 63" href="http://viewer.zmags.com/publication/20b53163?page=63"> GENERAL REAL ESTATE | TURKEY “ Some investors in</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 64" href="http://viewer.zmags.com/publication/20b53163?page=64"> GENERAL REAL ESTATE | TURKEY </a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 65" href="http://viewer.zmags.com/publication/20b53163?page=65"> GENERAL REAL ESTATE | TURKEY Areas such as D</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 66" href="http://viewer.zmags.com/publication/20b53163?page=66"> THE PROPERTY INDUSTRY AND THE ENERGY CRISIS NICHO</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 67" href="http://viewer.zmags.com/publication/20b53163?page=67"> so far, only in the residential sector. Green Dea</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 68" href="http://viewer.zmags.com/publication/20b53163?page=68"> ISSUE 18 | www.dlapiperrealworld.com REAL E</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 69" href="http://viewer.zmags.com/publication/20b53163?page=69"> ISSUE 18 KEY CONTACTS EMEA Olaf Schmidt Co-chair,</a> <a title="DLA Piper Real Estate Gazette - Issue 18 page 70" href="http://viewer.zmags.com/publication/20b53163?page=70"> www.dlapiperrealworld.com</a>