[PDF] Open Ended Real Estate Funds And Real Estate Investment Trusts In Germany eBook

Author : Ramón Sotelo
Publisher : Springer Science & Business Media
Page : 242 pages
File Size : 27,20 MB
Release : 2013-12-11
Category : Business & Economics
ISBN : 3642368565

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Shortly before of the beginning of the global financial crisis of 2008 REITs were introduced in several European countries based on their success in mature markets like the US, Australia and some Asian countries. While the history of REITs in Europe has been relatively brief, REITs are well on the way to become an industry standard as a real estate investment financial vehicle not only in Europe but throughout the developed world. This book provides both academics and decision makers an introduction to the economics of REITs beyond tax transparency, an overview of the mature REITs markets, and a closer reflection of the development of different REIT-structures in Europe including the history, regulation and markets of each country.

Author : Felix Leuschner
Publisher : GRIN Verlag
Page : 59 pages
File Size : 29,83 MB
Release : 2005-12-11
Category : Business & Economics
ISBN : 3638446816

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Diploma Thesis from the year 2005 in the subject Business economics - Investment and Finance, grade: 1,3, Otto Beisheim School of Management Vallendar (WHU - Dresdner Bank Chair of Finance), language: English, abstract: A Real Estate Investment Trust (REIT) is a property stock that is taxed, not at the corporate but at the investor level, which can lead to tax advantages. The concept of REITs originated in the United States in 1960, allowing smaller investors access to large income-producing real estate, which facilitated the creation of a liquid asset class that has become a core part of institutional portfolio management. REITs have proven attractive to investors because: x Their returns have beaten most major equity benchmarks over three decades, with lower volatility x They have predictable cash flows and high dividend yields x They have a low correlation with other asset classes, aiding portfolio diversification As US-REITs proved successful, other countries have introduced similar property investment vehicles. The Netherlands started in 1969, followed by Australia (1985), Canada (1994), Belgium (1995), Japan (2000) Singapore (2002), Hong Kong (2003) and most recently France (2003). In Germany real estate has been the most popular investment theme of the past three years, despite its significant underperformance compared to European peers during the past 10 years, with open-end funds receiving almost all money inflows. The listed sector, however, is insignificant, both in terms of size and liquidity, and is in desperate need of a catalyst. The introduction of a G-REIT structure could potentially be the long-awaited saviour that could transfer the importance of German real estate into the listed sector. Given the significance of real estate in their respective markets, the German and UK governments are currently considering the introduction of REITs. Depending on the progress of the consultative and parliamentary process, REITs are expected to be enacted by legislation during 2006 in both countries. The REIT discussion in Germany has reached a serious stage, with all the mostinvolved parties seemingly agreed about the usefulness of a REIT structure. The purpose of this paper is to highlight the case for REITs in Germany, to analyse the progress of REITs in countries that have installed these structures, to consider the on-going debate in Germany and what these developments may eventually mean for the German real estate market.

Author : Lutz Johanning
Publisher :
Page : pages
File Size : 23,78 MB
Release : 2013
Category :
ISBN :

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Besides the more commonly used REITs, German investors can also invest in a lesser-known real estate vehicle, Open-Ended Property Funds. OPFs are considered a compromise between listed and direct real estate investments. OPF fund managers generally provide daily (perfect) liquidity. However, if liquidity falls below 5%, share redemptions in these funds can be temporarily suspended for a period of up to two years. During this time, investors will only be able to sell shares on the secondary market (exchange), and are thus subject to significant liquidity risk. The objective of this paper is to analyze whether OPFs add value to investor portfolios above that provided by REITs. We show that OPFs have a diversification advantage over REITs in common stock, but OPFs exhibit an average initial discount to funds' NAV of about 6% when share redemptions are temporarily suspended. However, in the long-run, this potential redemption suspension does not negatively influence OPF performance, (in case OPFs reopen again). This makes OPFs an attractive investment alternative to REITs for investors who have a high level of risk aversion and a long-term investment horizon, such as endowments, insurance companies, and pension funds.

Author : Stefano Simontacchi
Publisher :
Page : 0 pages
File Size : 24,95 MB
Release : 2015
Category : Real estate investment trusts
ISBN : 9789041161215

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The global listed property sector has been characterized by a variety of noteworthy developments over the recent past, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets. This highly practical book features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world's most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT is carefully investigated and explained. In terms of tax issues, the book focuses on such key issues as REIT formation, operation and liquidation; mergers, acquisitions and dispositions; as well as planning for public and private REIT offerings and re-securitizations. REITs are inherently complex and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender.

Author : Tobias Just
Publisher : Springer Science & Business Media
Page : 409 pages
File Size : 34,3 MB
Release : 2012-01-05
Category : Business & Economics
ISBN : 3642236103

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Real estate is the biggest real asset class in an economy, and Germany is the biggest economy in Europe. This implies opportunities as well as specific risks for investors and policy makers. As the German real estate markets have by and large been spared severe disruptions in the course of the economic crisis, many questions arise for investors and academics alike. What are the key institutional characteristics of the German real estate markets that make it different? What are the short and long-term drivers of demand and supply? Which regional and functional market segments are most likely to outperform in the next few years? What are the most important pitfalls for investors in Germany? This book gives answers to these and many more questions. The editors have invited a broad range of extensively knowledgeable practitioners and academics from across the relevant real estate spectrum, i.e. economic, legal, tax, planning and financing issues, to express their views. There is no better English publication that gives such a profound and simultaneously entertaining overview of Germany’s real estate markets.

Author : Florian Hackelberg
Publisher : Haufe-Lexware
Page : 382 pages
File Size : 22,24 MB
Release : 2021-02-03
Category : Business & Economics
ISBN : 3648146599

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Investing in one of the most promising real estate markets in Europe offers enormous opportunities. And as with every real estate market, in Germany too, the local framework conditions must be understood and their particularities must be adequately taken into account. The authors are renowned senior executives, real estate advisors and academics, who share here their extensive experience and real life insights from countless real estate investments, covering all aspects of a successful investment process in Germany. Includes: markets, the regulatory framework and investment guidelines. Contents: - Essentials for successful real estate investments in Germany - Macro-economic structure and dynamics of the German real estate market - Real estate investment, trends and strategies - Diverse submarkets: residential, offices, retail, hotel and nursing homes - Real estate legal, tax and audit frameworks - German REITS and ESG in real estate investments - Real estate M&A, financing, due diligence and valuations

Author : Tim Schabsky
Publisher : GRIN Verlag
Page : 23 pages
File Size : 41,69 MB
Release : 2013-08-12
Category : Business & Economics
ISBN : 3656478473

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Seminar paper from the year 2013 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, Cass Business School, language: English, abstract: This essay examines the ability of investors to take desired positions in the risk-reward space by building a portfolio of non-listed funds of different investment styles. The question is examined from the viewpoint of a major institutional investor not subject to meaningful capital constraints. While it is acknowledged that there might be significant practical barriers when implementing the desired portfolio strategy, the essay focuses on the basic theoretical viability. The latest research on non-listed property fund performance was drawn upon. Furthermore, data from the Association of Real Estate Funds (AREV), the European Association for Investors in Non-Listed Real Estate Vehicles (INREV) and the Investment Property Databank (IPD) was used for illustrative purposes. To begin with, a brief introduction to non-listed funds and the concept of risk and reward is given. Subsequently, the methodologies applied by AREF and INREV to classify non-listed property funds are illustrated. Thereafter, the historic performance achieved by different styles is discussed. Then, factors determining the INREV style classifications are compared with the performance drivers identified by recent research. The findings are summarized in the last section.

Author : Nicola Fritsch
Publisher :
Page : 11 pages
File Size : 34,36 MB
Release : 2015
Category :
ISBN :

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In this third in a series of four articles, the authors examine the German Real Estate Investment Trust (REIT) regime. Previous articles dealt with REITs in the United States and the United Kingdom. A subsequent and final article concludes with a comparison of the three regimes. This article explores the implementation and use of the REIT regime in Germany. National REIT regimes provide incentives for indirect investment in real estate by giving certain entities preferential tax treatment. Germany was a relative latecomer to the REIT regime. The article assesses the German experience since 2007. REIT legislation has been considered a positive and necessary step for Germany as a major real estate and financial market, however, there were challenges as a result of the financial crisis of 2008-2009.