Une financiarisation si discrète ? La circulation des standards de la filière d’investissement en immobilier tertiaire dans les politiques de développement urbain du Grand Lyon

Outer-suburban politics and the financialisation of the logistics real estate industry: The emergence of financialised coalitions in the Paris region

“…In this perspective, Guironnet shows that urban development projects must be understood as the results of ‘power relations between a city government with its own multiple objectives and the expectations of financial investors about what cities should be’ (Guironnet et al, 2016: 1459). In this way, financial re-intermediation in urban production could lead to the emergence of specific public–private coalitions, conceptualised as ‘financialized growth coalitions’, composed of the urban government, private developers and real estate advisors, and aimed at maximising economic value for investors, even in the case of municipalities that are not obviously engaged in urban entrepreneurialism (Guironnet, 2017: 514).…”

“…These empirical questions raise the issue of the transformation of local governance through financialisation processes. Elaborating on the financialised production of logistics zones, the article provides a more in-depth understanding of the power relations between local authorities and financial investors, and of the coalitions they build (Guironnet, 2017). It highlights the importance of distinguishing between different types of real estate (residential, commercial and logistics) and between different types of urban spaces (cities, inner and outer suburbs; see Phelps, 2017) to understand the particular effects of financialisation on local governance.…”

Financial market actors as urban policy-makers: the case of real estate investment trusts in Brazil

“…Indeed, selected elements of the urban environment, and some of its dominant actors like land and property developers, have become investment products sold by financial intermediaries like investment banks, and administered by specialized asset managers. The urban studies community has now amply charted the multiple elements of the built environment engulfed by financial markets as the latter provide equity and debt: infrastructure provision and ownership (Allen & Pyke, 2013;Torrance, 2008); land acquisition and assembling (Savini & Aalbers, 2015); land transformation and large-scale development projects (Beswick & Penny, 2018;Guironnet et al, 2016;Klink & Stroher, 2017;Theurillat & Crevoisier, 2014;Weber, 2010); property development, including the financialization of developers themselves (Sanfelici & Halbert, 2016); property ownership, from commercial real estate to social housing, multi-or single family rental housing and purpose-oriented buildings (Fields & Uffer, 2016;Guy & Hennberry, 2000;Wainwright & Manville, 2017); the recycling of assets (Beswick et al, 2016;Byrne, 2016).…”

“…This extends to real estate brokers and legal professional services that enable capital to circulate across scales and spaces by "filtering away" the risks associated with local property markets (Halbert & Rouanet, 2014). It expands to local governments, which can be "the most noteworthy agent of property financialization" when they support the reproduction of financial "asset assembly lines" (Weber, 2015, p. 144; see also Guironnet, 2016). Those works explain how finance capital is "anchored" into cities (Theurillat & Crevoisier, 2014) and allow to re-embed finance as it "unfolds in the very localized and humanly scaled settings of (a city)'s particular institutions and professional networks" (Asthon et al, 2016(Asthon et al, , p. 1390.…”

Cities on the global real estate marketplace: urban development policy and the circulation of financial standards in two French localities

“…On the one hand, the Grand Lyon is a most likely case given the enduring entrepreneurial agenda developed since 1989 by successive mayors of Lyon and its metropolitan authority. This has been especially the case since the election of former mayor Gerard Collomb (2001-2014), who developed a property-led agenda (see Guironnet, 2016). This overarching agenda drove the redevelopment of several areas, including the Carre de Soie located in the eastern inner city-region, which was set to be turned into one of its major business districts for commercial real estate.…”