<br />
Issue 23 | www.dlapiperrealworld.com<br />
Real estate<br />
Gazette<br />
alteRNatIVe<br />
leNDING<br />
INTeRNATIONAL<br />
ReAL esTATe FINANCe:<br />
AVOIDING CROss-<br />
COLLATeRALIZATION<br />
BY TAKING AN<br />
INDIVIDuALIZeD<br />
APPROACH<br />
IsLAMIC FINANCe AND<br />
ReAL esTATe:THe PeRFeCT<br />
MATCH<br />
lOGIstICs<br />
ReAL esTATe FOR<br />
LOGIsTICs—THe CAse<br />
FOR PORTuGAL<br />
OFFICes<br />
seeING AND MANAGING<br />
RIsKs IN uK LeAses<br />
HOtels<br />
ReFORM OF LAND LAW<br />
sYsTeMs IN MOROCCO<br />
ReCeNT TReNDs IN<br />
ResORT MIXeD use<br />
DeVeLOPMeNT<br />
sOUtHeRN eUROPe<br />
sHOPPING MALLs IN<br />
sPAIN:THe ReTuRN OF AN<br />
ACTIVe MARKeT<br />
sPeCIal IssUe:<br />
Dla PIPeR’s 1st eUROPeaN<br />
Real estate sUMMIt<br />
NaVIGatING COMPleXItY IN<br />
DIVeRsIFIeD MaRKets<br />
2 | ReAL esTATe GAZeTTe<br />
a Note From<br />
tHe eDItOR<br /> <a title="DLA Piper Real Estate Gazette Issue 23 page 1" href="http://viewer.zmags.com/publication/993da339?page=1"> Issue 23 | www.dlapiperrealworld.com Real e</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 2" href="http://viewer.zmags.com/publication/993da339?page=2"> 2 | ReAL esTATe GAZeTTe</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 3" href="http://viewer.zmags.com/publication/993da339?page=3"> a Note From tHe eDItOR The twenty-thir</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 4" href="http://viewer.zmags.com/publication/993da339?page=4"> CONteNts alteRNatIVe leNDIN</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 5" href="http://viewer.zmags.com/publication/993da339?page=5"> ISSUE 23, 2016 sOUtHeRN eUROPe—a RetURN tO NOR</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 6" href="http://viewer.zmags.com/publication/993da339?page=6"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 7" href="http://viewer.zmags.com/publication/993da339?page=7"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 8" href="http://viewer.zmags.com/publication/993da339?page=8"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 9" href="http://viewer.zmags.com/publication/993da339?page=9"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 10" href="http://viewer.zmags.com/publication/993da339?page=10"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 11" href="http://viewer.zmags.com/publication/993da339?page=11"> to a materially worse tax result for investors, c</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 12" href="http://viewer.zmags.com/publication/993da339?page=12"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 13" href="http://viewer.zmags.com/publication/993da339?page=13"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | INteRNatIO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 14" href="http://viewer.zmags.com/publication/993da339?page=14"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | MIDDle eas</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 15" href="http://viewer.zmags.com/publication/993da339?page=15"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | MIDDle eas</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 16" href="http://viewer.zmags.com/publication/993da339?page=16"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | MIDDle eas</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 17" href="http://viewer.zmags.com/publication/993da339?page=17"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | MIDDle eas</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 18" href="http://viewer.zmags.com/publication/993da339?page=18"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | tHe NetHeR</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 19" href="http://viewer.zmags.com/publication/993da339?page=19"> a “special investment fund” within the meaning of</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 20" href="http://viewer.zmags.com/publication/993da339?page=20"> performance of the investments made by the fund’s</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 21" href="http://viewer.zmags.com/publication/993da339?page=21"> ALTeRNATIVe LeNDING—ROOM FOR GROWTH? | tHe NetHeR</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 22" href="http://viewer.zmags.com/publication/993da339?page=22"> LOGIsTICs—CReATING A euROPeAN PLATFORM | PORtUGal</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 23" href="http://viewer.zmags.com/publication/993da339?page=23"> acquired a portfolio of logistics assets in Portu</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 24" href="http://viewer.zmags.com/publication/993da339?page=24"> LOGIsTICs—CReATING A euROPeAN PLATFORM | PORtUGal</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 25" href="http://viewer.zmags.com/publication/993da339?page=25"> LOGIsTICs—CReATING A euROPeAN PLATFORM | PORtUGal</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 26" href="http://viewer.zmags.com/publication/993da339?page=26"> seeING aND MaNaGING RIsKs IN UK leases BeN BARRIs</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 27" href="http://viewer.zmags.com/publication/993da339?page=27"> OFFICes—DeVeLOPING ReAL esTATe FOR MODeRN eND use</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 28" href="http://viewer.zmags.com/publication/993da339?page=28"> OFFICes—DeVeLOPING ReAL esTATe FOR MODeRN eND use</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 29" href="http://viewer.zmags.com/publication/993da339?page=29"> OFFICes—DeVeLOPING ReAL esTATe FOR MODeRN eND use</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 30" href="http://viewer.zmags.com/publication/993da339?page=30"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | MORO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 31" href="http://viewer.zmags.com/publication/993da339?page=31"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | MORO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 32" href="http://viewer.zmags.com/publication/993da339?page=32"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | MORO</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 33" href="http://viewer.zmags.com/publication/993da339?page=33"> provide better legal protection for purchasers is</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 34" href="http://viewer.zmags.com/publication/993da339?page=34"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | Usa </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 35" href="http://viewer.zmags.com/publication/993da339?page=35"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | Usa </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 36" href="http://viewer.zmags.com/publication/993da339?page=36"> Hotels—a saFe HaVeN or oPeN to DIsrUPtIoN? | Usa </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 37" href="http://viewer.zmags.com/publication/993da339?page=37"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | Usa </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 38" href="http://viewer.zmags.com/publication/993da339?page=38"> Hotels—a saFe HaVeN or oPeN to DIsrUPtIoN? | Usa </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 39" href="http://viewer.zmags.com/publication/993da339?page=39"> HOTeLs—A sAFe HAVeN OR OPeN TO DIsRuPTION? | Usa </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 40" href="http://viewer.zmags.com/publication/993da339?page=40"> ResIDeNTIAL AND PRs—A NeW DesTINATION FOR INsTITu</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 41" href="http://viewer.zmags.com/publication/993da339?page=41"> ResIDeNTIAL AND PRs—A NeW DesTINATION FOR INsTITu</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 42" href="http://viewer.zmags.com/publication/993da339?page=42"> ResIDeNTIAL AND PRs—A NeW DesTINATION FOR INsTITu</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 43" href="http://viewer.zmags.com/publication/993da339?page=43"> ResIDeNTIAL AND PRs—A NeW DesTINATION FOR INsTITu</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 44" href="http://viewer.zmags.com/publication/993da339?page=44"> sOuTHeRN euROPe—A ReTuRN TO NORMALITY? | sPaIN sH</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 45" href="http://viewer.zmags.com/publication/993da339?page=45"> During 2015 the investment trend remained solid </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 46" href="http://viewer.zmags.com/publication/993da339?page=46"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 47" href="http://viewer.zmags.com/publication/993da339?page=47"> In 2015, however, there occurred a perfect sto</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 48" href="http://viewer.zmags.com/publication/993da339?page=48"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 49" href="http://viewer.zmags.com/publication/993da339?page=49"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 50" href="http://viewer.zmags.com/publication/993da339?page=50"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 51" href="http://viewer.zmags.com/publication/993da339?page=51"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 52" href="http://viewer.zmags.com/publication/993da339?page=52"> connection with the mortgaged and insured propert</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 53" href="http://viewer.zmags.com/publication/993da339?page=53"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 54" href="http://viewer.zmags.com/publication/993da339?page=54"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 55" href="http://viewer.zmags.com/publication/993da339?page=55"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 56" href="http://viewer.zmags.com/publication/993da339?page=56"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 57" href="http://viewer.zmags.com/publication/993da339?page=57"> CeNTRAL AND eAsTeRN euROPe—OPPORTuNITIes FOR BARG</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 58" href="http://viewer.zmags.com/publication/993da339?page=58"> NORTHeRN euROPe AND sCANDINAVIA—sAFe HAVeNs WITH </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 59" href="http://viewer.zmags.com/publication/993da339?page=59"> NORTHeRN euROPe AND sCANDINAVIA—sAFe HAVeNs WITH </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 60" href="http://viewer.zmags.com/publication/993da339?page=60"> </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 61" href="http://viewer.zmags.com/publication/993da339?page=61"> real estate development projects.This is good new</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 62" href="http://viewer.zmags.com/publication/993da339?page=62"> NORTHeRN euROPe AND sCANDINAVIA—sAFe HAVeNs WITH </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 63" href="http://viewer.zmags.com/publication/993da339?page=63"> NORTHeRN euROPe AND sCANDINAVIA—sAFe HAVeNs WITH </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 64" href="http://viewer.zmags.com/publication/993da339?page=64"> NORTHeRN euROPe AND sCANDINAVIA—sAFe HAVeNs WITH </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 65" href="http://viewer.zmags.com/publication/993da339?page=65"> NORTHeRN euROPe AND sCANDINAVIA—sAFe HAVeNs WITH </a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 66" href="http://viewer.zmags.com/publication/993da339?page=66"> GeRMANY VeRsus uK—WILL seCONDARY LOCATIONs eVeR R</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 67" href="http://viewer.zmags.com/publication/993da339?page=67"> GeRMANY VeRsus uK—WILL seCONDARY LOCATIONs eVeR R</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 68" href="http://viewer.zmags.com/publication/993da339?page=68"> ISSUE 23 | www.dlapiperrealworld.com REAL E</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 69" href="http://viewer.zmags.com/publication/993da339?page=69"> Issue 23 KeY CONtaCts eMea Olaf schmidt Co-chair,</a>
<a title="DLA Piper Real Estate Gazette Issue 23 page 70" href="http://viewer.zmags.com/publication/993da339?page=70"> www.dlapiperrealworld.com</a>