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Despite the mixed signals, the authorities are taking steps to improve the business climate. Zimbabwe has eased business start-up by reducing registration fees and initiated a process to speed up the name search process and company and tax registration. In addition, the corporate income tax rate was reduced from 30% to 25%, the capital gains tax was lowered from 20% to 5%, and the payment of corporate income tax was simplified by allowing quarterly payment through commercial banks. Zimbabwe has also recently concluded Bilateral Investment Promotion and Protection Agreements (BIPPAs) with the Governments of South Africa and Botswana respectively. These BIPPAs are aimed at providing reciprocal security of. | The real estate private equity funds sector is facing a period of significant structural and cultural change with cautious investors large-scale regulatory overhauls and the ongoing illiquidity of the capital markets all driving the change. Considering the impact of these factors the emerging environment for funds is not for the faint of heart. Deal how remains slow in many markets. Fund-raising continues to be challenging especially for new fund platforms. Also there is potential for market consolidation where some of the larger platforms may look to acquire niche smaller platforms or mid-tier managers will look to merge. Some fund managers are also looking at corporate partners to acquire a stake in the GP. Further we may see some of the smaller real estate managers exit the market altogether. Amid the many uncertainties however this is a period in which creative investors can thrive. Indeed devising and offering creative solutions for the market will be a key differentiator for successful funds in this new environment. In terms of investor relationships this means forging new partnership arrangements and increasingly opening separate accounts with individual investors. The amount of institutional and foreign capital chasing real estate opportunities is at near-record levels in gateway cities across North America and Western Europe. However while many institutional investors continue to seek the local expertise and services provided by fund managers they are insisting on more transparency and oversight on their investments. They are also challenging many terms which means fund managers may need to subsist on less to retain and attract new business. Perhaps the biggest challenge for global real estate fund managers however remains beyond their control continued illiquidity in the capital markets. The lack of available bank debt has stifled deal how and limited the pace of recovery outside of primary markets in North America and Europe. Even the once booming .
