trend indicator: real estate investment market germany 2012
TRANSCRIPT
Trend indicator: real estate investment market Germany 2012
Trend indicator: real estate investment market Germany 2012
Page 2January 2012 Trend indicator: real estate investment market Germany 2012
Agenda
Transaction market
Transaction highlights
Survey structure and methodology
Market outlook and strategy Germany 2012
Trend indicator: real estate investment market Germany 2012
European outlook 2012
Trend indicator: real estate investment market Germany 2012
Transaction highlights
and
Market outlook and strategy
German real estate transaction market
Page 4January 2012 Trend indicator: real estate investment market Germany 2012
Transaction volumes in recent years ...
Transaction volumes (EUR b) in Germany*
► Transaction volume rose sharply compared with 2009.
► Interest in major transactions also picked up again.
2010 2011► The real estate investment market remained
largely unaffected by the euro ► Transaction volume continued to increase year
on year.► Interest in large-volume transactions grew
further.
* Published transactions only. Source: Ernst & Young Research
Residential (portfolios only) Commercial
9.014.0
9.5 12.04.8
12.0
21.7
43.7
53.3
21.1
21.0
35.7
53.2
65.3
25.9
2004 2005 2006 2007 2008
Trend indicator: real estate investment market Germany 2012
Transaction volumes in recent years ...
► Transaction volume is expected to match the 2011 level.
► A few major transactions are already in final negotiations.
► Pressure on banks could lead to increased sales.
Outlook for 2012The real estate investment market remained largely unaffected by the euro crisis.
continued to increase year
volume transactions grew
27.0–30.0
4.8 3.3 3.8 50
21.1
10.119.1
23.0
25.9
13.4
22.928.0
2008 2009 2010 2011 2012
Page 5January 2012 Trend indicator: real estate investment market Germany 2012
… and in each quarter of 2011
► The share of portfolio transactions to total volume increased slightly year on year.
► Around 30% of commercial transactions were portfolio deals.
Portfolio transactions Types of use► As in 2010, retail was the most sought
property type.► Residential real estate investments grew
significantly against 2010.► Investment strategies focused on security
continue to dominate.
* Published transactions only. Source: Ernst & Young Research
Transaction volumes in 2011 (EUR b) in Germany*
Residential (portfolios only) Commercial
1.0 0.9
5.6 5.6
6.6 6.5
Q1 Q2
Trend indicator: real estate investment market Germany 2012
► Transaction volume rose almost continuously through 2011.
► A number of large deals lifted the volume considerably in the third and fourth quarters.
Developmentretail was the most sought-after
Residential real estate investments grew significantly against 2010.Investment strategies focused on security continue to dominate.
1.8 1.3
6.05.8
7.87.1
Q3 Q4
Page 6January 2012 Trend indicator: real estate investment market Germany 2012
The largest German commercial real estate transactions* …
► As in prior years, the sellers were mainly financial investors.
► Banks were also more active again on the seller side.
► As in 2010, institutional investors were the strongest buyer group.
► Foreign investors again featured heavily.► Private investors focused on small volumes.
Date Seller Buyer
Q3/2011 Eurocastle Investment Ltd. Arminius Funds Management S.à r.l.
Q3/2011 Lorac Investment Management S.à r.l. Dundee International REIT
Q2/2011 Metro owner families Promontoria (Cerberus Capital Management)
Q2/2011 Stadium Group Canada Pension Plan Investment Board
Q2/2011 Deutsche Bank AG DWS Investment GmbH(for DWS Access Taunusanlage 12)
Q4/2011 RREEF Investment GmbH Teachers IAA CREF
Q4/2011 Commerzbank AG Group of investors (including IVG)
Q3/2011 CA Immobilien Anlagen AG, ECE Projektmanagement Allianz Real Estate GmbH
Q4/2011 WealthCap Real Estate Management mfi management für immobilien AG
Q2/2011 Highstreet consortium Signa Holding GmbH, Centrum Holding Deutschland GmbH
* Published transactions only
Seller groups Buyer groups
Trend indicator: real estate investment market Germany 2012
The largest German commercial real estate transactions* …
► The size of individual transactions increased further in 2011.
► Major commercial real estate portfolios changed hands again (frequently as share deals).
institutional investors were the strongest buyer group.Foreign investors again featured heavily.Private investors focused on small volumes.
Target Properties PriceControlling majority of 14 real estate special purpose entities (share deal 75%) 28 EUR 984m
292 post offices throughout Germany(part of the Caroline portfolio) 292 EUR 736m
Metro cash-and-carry stores throughout Germany 45 EUR 700m
Canada Pension Plan Investment Board “Centro” shopping center, Oberhausen (50% share) 1 EUR 650m
Greentowers (Deutsche Bank headquarters), Frankfurt am Main 1 EUR 584m
PEP shopping center, Munich 1 EUR 408m“Silberturm” office building, Frankfurt am Main 1 EUR 390m
“Skyline Plaza” shopping center project, Frankfurt am Main (80% share) 1 EUR 288m
project volume
“Gropius Passagen” shopping center, Berlin 1 EUR 341m
Two Munich department stores (Karstadt Oberpollinger, Karstadt Sport) 2 EUR 250m
Transaction volume
Page 7January 2012 Trend indicator: real estate investment market Germany 2012
… and residential real estate transactions* in Germany in 2011
► Sellers include mainly publicly traded companies and public-sector entities.
► 2011 saw an increasing number of sales due to restructuring.
Seller groups Buyer groups► The buyer side was dominated by financial and
strategic investors.
* Published transactions only; top transactions comprise 2,500 residential units or more
Date Seller Buyer
Q1/2011 Colonia Real Estate AG TAG Immobilien AG
Q2/2011 Investors of GSW Immobilien AG
Institutional investors (99%), private investors (1%)
Q4/2011 Gagfah S.A. GSW Immobilien AG
Q4/2011 Corpus Sireo Investment Residential No. 31 GmbH Degewo AG/Gesobau AG
Q3/2011 Insolvency administrator of Level One The Blackstone Group
Q4/2011 Insolvency administrator of Level One Confidential
Q3/2011 Confidential Deutsche Wohnen AG
Q3/2011 Confidential TAG Immobilien AG
Q2/2011 Confidential Deutsche Wohnen AG
Q1/2011 Leipziger Wohnungsbaugesellschaft Brack Capital Real Estate Germany
Trend indicator: real estate investment market Germany 2012
… and residential real estate transactions* in Germany in 2011
► The average transaction size increased again year on year in 2011.
Transaction volumeThe buyer side was dominated by financial and
Target Residential units Price
Majority interest in Colonia Real Estate n/a EUR 800m
IPO n/a EUR 468missue volume
Residential portfolio in Berlin and Potsdam 4,800 EUR 330m
Residential portfolio in Berlin 4,700 Confidential Residential portfolio in Berlin and eastern Germany (non-performing) 6,874 EUR 220mResidential portfolio in western Germany (non-performing) 8,000 EUR 205mResidential portfolio in Berlin, Düsseldorf and Rhine-Main 2,600 EUR 154mResidential portfolio in northern Germany and Saxony 3,100 EUR 150m
Residential portfolio in Berlin 2,500 Confidential
Residential portfolio in Leipzig 2,600 EUR 73m
Trend indicator: real estate investment market
Germany 2012
Page 10January 2012 Trend indicator: real estate investment market Germany 2012
Our trend indicator covers a broad range of investor groups …
Trend indicator: real estate investment market
► Ernst & Young Real Estate GmbH has conducted this survey annually since 2006.
► More than 80 investors reported on their expectations for the coming year.
Background Objectives► Assessment of the German real estate
investment market in the year to ► Outlook on the strategies
investors will pursue in the coming
► The survey was distributed in November and December 2011 companies and investors (around 80 investors responded) that have recently active in the German real estate market.
► The survey focuses on two main areas:
► general assessment of the German real estate investment marketin 2012 by active market players, and
► analysis of the strategy pursued by real estate investors in Germany in view of the development of the real estate market.
► In addition to Germany, this survey was conducted simultaneously European countries.
Trend indicator: real estate investment market Germany 2012
Our trend indicator covers a broad range of investor groups …
► In addition to choosing from a range of answers provided, participants had the opportunity to submit personalized comments on each question.
► The following comments have been rendered anonymous and combined with similar assessments in some cases.
CommentsAssessment of the German real estate investment market in the year to come.
strategies which German investors will pursue in the coming year.
November and December 2011 to over 200 companies and investors (around 80 investors responded) that have recently been
assessment of the German real estate investment market
of the strategy pursued by real estate investors in Germany in view of
simultaneously in eleven other
Investor groups► Banks► Closed-end real estate funds► Real estate stock
corporations/REITs ► Institutional investors► Investment companies► Opportunity/private equity funds ► Insurance companies► Housing companies► Other
Page 11January 2012 Trend indicator: real estate investment market Germany 2012
… who continue to view the German investment market positively
2010 2011
► Many investors continue to view Germany as much more attractive than other countries.
► The reasons for this are Germany’s stability and the growing uncertainty in other eurozone countries.
► Prices are again expected to remain stable overall with an upward trend in prime
► Location is seen as the key factor impacting on price.
1 “Germany is still attractive because of its low volatility.”
“Growth, political and social stability make Germany a safe haven for real estate investments.”
1
2 “Purchase prices in prime locations will continue to climb.” 2 “More money is being paid again
for real quality.”
3 “Although the crisis has bottomed out, recovery will be a slow process.”
3 “The crisis is over.”
Attractiveness1 Price development2
Trend indicator: real estate investment market Germany 2012
… who continue to view the German investment market positively
2012
► Since the financial crisis, investors have regarded Germany as an even more attractive location for real estate investment.
Prices are again expected to remain stable overall with an upward trend in prime locations.Location is seen as the key factor impacting on
“Growth, political and social stability make Germany a safe haven for real estate
“Germany is seen as the most stable market in the context of the euro crisis.”
1
2
“More money is being paid again for real quality.”
“While interest in investment is falling slightly in other European countries, demand in Germany is high.”
3is over.” “The uncertainty in most eurozone countries is making Germany more attractive.”
Price development Euro crisis3
Page 12January 2012 Trend indicator: real estate investment market Germany 2012
Almost all participants see Germanyas an attractive location …
Germany’s attractiveness as a location for real estate investments
► “German real estate (exceptions: Munich, Berlin, Frankfurt, Hamburg) still appears slightly undervalued when measured in termGerman tenancy law in particular is still a byword for stable cash flows.” (housing company)
► “The uncertainty in most eurozone countries is making Germany more attractive, ► “As a “safe haven,” Germany will gain further appeal among investors by offering modest but reliable returns compared with ot
provider)
Original question – “How do you rate Germany’s overall attractiveness as a location for real estate investments in 2012?”
Comments
38%
61%
0%
Very attractive Attractive Less attractive
Trend indicator: real estate investment market Germany 2012
Germany’s attractiveness as a location for real estate investments
“German real estate (exceptions: Munich, Berlin, Frankfurt, Hamburg) still appears slightly undervalued when measured in terms of borrowing conditions. German tenancy law in particular is still a byword for stable cash flows.” (housing company)
attractive, despite lower returns.” (institutional investor)“As a “safe haven,” Germany will gain further appeal among investors by offering modest but reliable returns compared with other countries.” (service
Key messages► Almost all participants (99%)
continue to view Germany as an attractive or very attractive real estate investment location in 2012.
► This represents an even more positive assessment than in prior years (2011: 86%; 2010: 78%).
“How do you rate Germany’s overall attractiveness as a location for real estate investments in 2012?”
1%
No response
Page 13January 2012 Trend indicator: real estate investment market Germany 2012
… and as a very attractive location in a European comparison
► “Germany is distinguished by its extremely stable economy and steady growth in consumer demand; these factors are also highly beneficial for the real estate sector. While interest in investment is falling slightly in other European countries, demand for good assets is high i
► “Germany currently stands out due to its stability and high growth potential for residential real estate in major cities,
Germany’s attractiveness as a location for real estate investmentsin a European comparison
Comments
Original question – “How do you rate Germany’s attractiveness as a location for real estate investments in 2012 compared with ot
Key messages
► As in the prior year, a clear majority of survey participants rate Germany as attractive or very attractive in a European comparison (99%).
► Indeed, compared to other European countries, Germany is seen as very attractive by more than half of those surveyed.
52%
Very attractive
Trend indicator: real estate investment market Germany 2012
… and as a very attractive location in a European comparison
its extremely stable economy and steady growth in consumer demand; these factors are also highly beneficial for the real estate sector. While interest in investment is falling slightly in other European countries, demand for good assets is high in Germany.” (institutional investor)“Germany currently stands out due to its stability and high growth potential for residential real estate in major cities, especially Berlin.” (pension fund)
Germany’s attractiveness as a location for real estate investmentsin a European comparison
“How do you rate Germany’s attractiveness as a location for real estate investments in 2012 compared with other European countries?”
47%
0% 1%
Attractive Less attractive No response
Page 14January 2012 Trend indicator: real estate investment market Germany 2012
Original question – “Which of the following statements about the real estate capital market do you agree with?”
Despite modest expectations for the capital markets in 2012 …
24%
31%
19%
26%
11%
14%
5%
60%
44%
46%
38%
24%
16% 60%
Strongly agree Agree Disagree Strongly disagree
“The securitization market will further gain in importance in 2012.”
“The current euro crisis will lead to a significant reduction in activity on the European real estate
markets.”
“There will be an increase in M&A activity or in consolidation of real estate companies.”
“Basel III will make real estate finance appear less lucrative for banks and will lead to more restrained
mortgage business.”
“The supply of real estate on the market will increase as a result of restructuring measures.”
“Solvency II could see insurers acting increasingly as lenders for real estate investments in the future.”
“Fear of high inflation in the medium term will attract more investors to the real estate market.”
“The capital market is attractive again for IPOs and capital increases.”
Trend indicator: real estate investment market Germany 2012
“Which of the following statements about the real estate capital market do you agree with?”
Despite modest expectations for the capital markets in 2012 …
► Fear of inflation will heighten interest in real estate (88%).
► Insurers will act increasingly as lenders due to Solvency II (85%).
► Supply of real estate will grow due to restructuring measures (79%).
► Bank lending will be more restrained as a result of Basel III (70%).
► Small majority sees growth in M&A activity (57%).
► Euro crisis will cause a decrease in real estate activity (52%).
► A return of the securitization market is unlikely – only 29% agree.
► A minority sees IPOs and capital increases as attractive (16%).
64%
54%
60%
12%
14%
18%
24%
43%
30%
54%
1%
3%
5%
18%
16%
24%
1%
1%
Strongly disagree No response
Page 15January 2012 Trend indicator: real estate investment market Germany 2012
… the transaction market is seen as stable
Original question – “Which of the following statements about the real estate transaction market do you agree with?”
► Interest in residential properties is keen (98%).
► Green building standards are important (83%).
► Institutional investors continue to focus on retail properties (81%).
► Banks will reduce portfolios (78%).► International financial investors are
active again (73%).► Transaction volume will rise further
in 2012 (56%).► Deal sizes will grow further in 2012
(55%).► Portfolio deals will continue to
increase (53%).► Project developments will increase
further in 2012 (41%).
“Residential properties will continue to be met with great
“Green building standards will play a more important role in real estate investments in the future.”
“Overall, transaction volume will continue to recover in 2012 and exceed the level seen in 2011.”
“International financial investors have returned to the real estate market.”
“Banks will gradually reduce their portfolios.”
“Institutional investors will increasingly focus on retail
Strongly agree Agree
“There will be more real estate portfolio deals in 2012.”
“The size of property deals will increase again
“There will be more new project developments again in
Trend indicator: real estate investment market Germany 2012
… the transaction market is seen as stable
“Which of the following statements about the real estate transaction market do you agree with?”
“Residential properties will continue to be met with great interest by investors.” 64%
36%
23%
24%
16%
8%
5%
3%
3%
34%
47%
58%
54%
57%
48%
50%
50%
38%
15%
15%
19%
19%
39%
39%
38%
46%
1%
4%
4%
5%
5%
12%
1%
3%
3%
4%
4%
1%
“Green building standards will play a more important role in real estate investments in the future.”
volume will continue to recover in 2012 and exceed the level seen in 2011.”
“International financial investors have returned to the real estate market.”
“Banks will gradually reduce their portfolios.”
“Institutional investors will increasingly focus on retail properties.”
Agree Disagree Strongly disagree No response
1%
1 %
1%
1%
“There will be more real estate portfolio deals in 2012.”
“The size of property deals will increase again in 2012.”
“There will be more new project developments again in 2012.”
1%
Page 16January 2012 Trend indicator: real estate investment market Germany 2012
Original question – “How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Price trend expectations vary greatly depending on location …
OfficeKey messages ► Prices for office buildings in prime
locations will remain stable (64%) or even increase (27%).
► Almost half of respondents expect prices for retail properties in superior locations to increase.
► Falling property prices are expected in peripheral areas (office 80%, retail 56%; prior year 56% and 42%, respectively).
1a 1b Peripheral areas
27%
64%
5%
60%
19%
Increasing Stable
Prime Secondary
Trend indicator: real estate investment market Germany 2012
“How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Price trend expectations vary greatly depending on location …
Retail
Peripheral areas
8%1%
34%
1%
80%
1%
Falling No response
Peripheral areas
46% 49%
4% 1%
12%
72%
15%
1%1%
42%
56%
1%
Increasing Stable Falling No response
Page 17January 2012 Trend indicator: real estate investment market Germany 2012
… and type of use
Residential
Original question – “How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Prime Secondary Peripheral areas
75%
24%
1%
45%50%
4% 1%7%
66%
27%
Increasing Stable Falling No response
Trend indicator: real estate investment market Germany 2012
“How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Key messages ► Three quarters of those surveyed
expect an increase in the price of residential properties in superior locations (2011: 84% and 2010: 63%).
► As in prior years, the value of residential properties in secondary and, to a large extent, in peripheral locations is still largely seen as being stable.
Page 18January 2012 Trend indicator: real estate investment market Germany 2012
Who will be the most active seller groups in Germany in 2012 …
Seller groups
Original question – “Which seller groups do you think will be active in Germany in 2012?”
67%
36%
45%
22%
31%
11%
14%
7%
16%
5%
53%
43%
62%
45%
53%
49%
55%
42%
45%
Active Moderately active Cautious No response
67%
36%
45%
22%
31%
11%
14%
7%
16%
5%
53%
43%
62%
45%
53%
49%
55%
42%
45%
Open-ended funds
Opportunity/PE funds
Banks
Other international funds
Closed-end funds
Corporates (non -property)
Public sector
Real estate stock corporations/REITs
Housing companies
Insurance companies
Active Moderately active Cautious No response
Trend indicator: real estate investment market Germany 2012
Who will be the most active seller groups in Germany in 2012 …
Key messages ► In addition to open-ended funds
and banks, opportunity/PE funds will be among the most active seller groups in 2012.
► As in the prior year, sales by housing companies and insurers are expected to be relatively moderate.
23%
43%
7%
8%
11%
9%
23%
32%
34%
35%
38%
49%
7%
No response
3%
3%
1%
1%
4%
3%
3%
4%
1%
23%
43%
7%
8%
11%
9%
23%
32%
34%
35%
38%
49%
3%
3%
1%
7%
1%
4%
3%
3%
4%
1%
No response
Page 19January 2012 Trend indicator: real estate investment market Germany 2012
… and who will be the buyers in Germany?
Buyer groups
Original question – “Which buyer groups do you think will be active in Germany in 2012?”
Key messages ► High-equity investors such as
family offices and institutional investors will remain among the most active buyer groups in 2012.
► As in the prior year, open-ended funds and especially banks are expected to be less active in 2012.
Private/family offices
Insurance companies
Other international funds
Opportunity/PE funds
Housing companies
Sovereign wealth funds
Real estate stock corporations/REITs
Closed-end funds
Open-ended funds
Banks
Active
Trend indicator: real estate investment market Germany 2012
… and who will be the buyers in Germany?
Active Moderately active Cautious No response
3%
1%
4%
4%
1%
3%
3%
3%
3%
1%
79%
48%
30%
38%
18%
39%
18%
12%
11%
15%
43%
59%
50%
62%
38%
55%
51%
39%
9%
3%
8%
7%
9%
16%
22%
26%
34%
47%
88%
Private/family offices
Insurance companies
Other international funds
Opportunity/PE funds
Housing companies
Sovereign wealth funds
Real estate stock corporations/REITs
end funds
ended funds
Banks
Active Moderately active Cautious No response
Page 20January 2012 Trend indicator: real estate investment market Germany 2012
The following types of use will be popular …
Strong or moderate investment focus
Original question – “Which types of use are you particularly focusing your investments on in 2012 compared with last year?“
14%
51%51%
24%
69%
10%14%
Strong Moderate
Office Retail Residential Other
Trend indicator: real estate investment market Germany 2012
The following types of use will be popular …
“Which types of use are you particularly focusing your investments on in 2012 compared with last year?“
Key messages ► There will be an even greater
focus on residential properties in 2012 (69%; 2011: 44%; 2010: 60%).
► Three quarters of those surveyed have a strong or moderate interest in retail properties (2011: 58%; 2010: 54 %).
► Demand for office properties will be less pronounced (14%) than in prior years (2011: 20%; 2010: 27%).
* The addition of the investment focus for each type of use does not always total 100%, as no response was given in some cases.
19%
Page 21January 2012 Trend indicator: real estate investment market Germany 2012
… and not so popular with investors in 2012
Low or no investment focus
Original question – “Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
Key messages ► Other types of use will remain
more suited to specialists.
* The sum of responses for each type of property does not always total 100%, as no response was given in some cases.
21%
8%
Low
Trend indicator: real estate investment market Germany 2012
… and not so popular with investors in 2012
Low or no investment focus
“Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
14%17%
6%
15%
24%
29%
Low No focus
Office Retail Residential Other
Page 22January 2012 Trend indicator: real estate investment market Germany 2012
Frankfurt and Munich will be highly sought after by office investors in 2012; demand for retail will be strongest in Cologne and Düsseldorf …
“Office” and “Retail”
Original question – “Which locations are you particularly focusing your investments on in 2012 compared with last year? “
20%
14%
18%
24%
30%
16%
22%
18%
14%
27%29%
14%11%
Office Retail
Berlin Düsseldorf Frankfurt Hamburg Cologne Munich Stuttgart
Trend indicator: real estate investment market Germany 2012
Frankfurt and Munich will be highly sought after by office investors in 2012; demand for retail will be strongest in Cologne and Düsseldorf …
“Which locations are you particularly focusing your investments on in 2012 compared with last year? “
Key messages► Frankfurt and Munich will be
most popular with office property investors in 2012 (30% and 29%, respectively).
► Düsseldorf and Cologne will be the preferred locations for retail property investment in the coming year (24% and 27%, respectively).
* The addition of the investment focus for each location does not always total 100%, as no response was given in some cases.
27%
15% 16%
11%
Stuttgart Other
Page 23January 2012 Trend indicator: real estate investment market Germany 2012
… and Berlin will again be preferred by many residential investors in 2012
“Residential” and “No focus”
Original question – “Which locations are you particularly focusing your investments on in 2012 compared with last year?”
Key messages► Berlin is seen as the clear favorite
for residential property investment in 2012 (42%).
► Significant investments in the residential segment will also be made outside the major real estate centers.
* The addition of the investment focus for each location does not always total 100%, as no response was given in some cases.
42%
22% 23% 24%
Residential
42%
22% 23% 24%
Residential
Berlin Düsseldorf
Trend indicator: real estate investment market Germany 2012
… and Berlin will again be preferred by many residential investors in
“Residential” and “No focus”
“Which locations are you particularly focusing your investments on in 2012 compared with last year?”
24%29% 27% 28%
16%
34%
20%
29%
15%
41%
24%
32%
Residential No focus
24%29% 27% 28%
16%
34%
20%
29%
15%
41%
24%
32%
Residential No focus
Düsseldorf Frankfurt Hamburg Cologne Munich Stuttgart Other
Page 24January 2012 Trend indicator: real estate investment market Germany 2012
The biggest obstacles to successful transactions in 2012 …
Original question – “What is the biggest obstacle to successful transactions in 2012?”
Strongly agree Agree Disagree Strongly disagree
Buyers and sellers have differing purchase price expectations 41%
31%
28%
35%
45%
33%
23%
Level of required equity
Availability of junior credit finance
Availability of senior credit finance
Biggest obstacles to transactions
Trend indicator: real estate investment market Germany 2012
The biggest obstacles to successful transactions in 2012 …
Key messages ► Differing purchase price
expectations (77%) and the level of equity required for the financing (76%) are most likely to prevent a successful transaction.
► The sufficient availability of junior and senior credit finance is also viewed critically by the majority.
Strongly disagree No response
36%
45%
16%
15%
28%
28%
7%
9%
11%
14%
Page 25January 2012 Trend indicator: real estate investment market Germany 2012
… and the measures expected from banks to tackle problem loans
Original question – “What measures will banks most frequently use to tackle problem loans in 2012?”
Key messages ► Respondents see mutually agreed
restructuring and the extension of repayment periods as the most likely approaches to tackling problem loans (95% and 91%, respectively).
► The enforcement of claims is the least expected measure (13%).
Strongly agree Agree
Mutually agreed restructuring
Extension of repayment periods
Replacement of asset managers
Measures by banks
Trend indicator: real estate investment market Germany 2012
… and the measures expected from banks to tackle problem loans
“What measures will banks most frequently use to tackle problem loans in 2012?”
27%
49%
7%
8%
1%
68%
42%
49%
44%
12%
4%
5%
36%
39%
62%
5%
8%
22%
Agree Disagree Strongly disagree No response
Mutually agreed restructuring
1%
1%
3%
3%
1%
3%
Extension of repayment periods
Replacement of asset managers
Debt-for-equity swap
Enforcement
Measures by banks
Page 26January 2012 Trend indicator: real estate investment market Germany 2012
The main exit channels in 2012
Original question – “What exit strategies do you have planned (more than one answer possible)?“
Planned exit strategies
Real estate stock corporations/REITs Mutual funds Special funds Closed-end funds
5%
13%16%
13% 11%
5%
20% 19%
25%
13% 12% 14%
49%45%
40%
2009 2010 2011
Trend indicator: real estate investment market Germany 2012
“What exit strategies do you have planned (more than one answer possible)?“
end funds Direct sale
16%
8%
25%
4%
47%
2012
Key messages► The assessments have only
changed slightly against the prior year.
► As in the prior year, a direct sale remains the preferred exit strategy.
► Special funds will continue to be a key exit option in 2012.
► The capital markets also remain a potential exit route.
Trend indicator: real estate investment market Europe 2012
Page 28January 2012 Trend indicator: real estate investment market Germany 2012
In addition to Germany, this survey was conducted simultaneously in other European countries ...
European trend indicator: real estate investment market
► For the first time, the survey was also conducted in other European countries.
► Companies and investors in twelve European countries (including Germany) that have recently been active in their respective national real estate surveyed in November and December 2011. A total of around 540 participants responded.
► The content of the European survey matched that of the German trend indicator.
► Belgium► Germany► France► UK
Participating countries► Luxembourg► Netherlands► Austria► Poland
Trend indicator: real estate investment market Germany 2012
In addition to Germany, this survey was conducted simultaneously in
European trend indicator: real estate investment market
For the first time, the survey was also conducted in other European countries.
Companies and investors in twelve European countries (including Germany) that real estate markets were
surveyed in November and December 2011. A total of around 540 participants
The content of the European survey matched that of the German trend indicator.
► Russia► Spain► Sweden► Switzerland
Page 29January 2012 Trend indicator: real estate investment market Germany 2012
… with varying assessments of the respective investment locations
Attractiveness in absolute terms
Original question – “How do you rate your country’s attractiveness as a location for real estate investments in 2012, both in abcountries?”
Key messages► All countries are rated positively
overall.► Germany, Sweden and Switzerland
are rated very highly by locally active market players, in particular due to their economic stability as investment locations.
► Other European investment locations are assessed more cautiously by comparison; possible reasons are the lack of opportunities for transactions at attractive prices, as well as uncertainty about economic stability.
Very attractive Attractive
1%
6%
4%
4%
4%
4%
11%
6%
2%
15%
4%
4%
7%
8%
9%
15%
12%
6%
14%
21%
11%
61%
64%
71%
82%
53%
44%
60%
69%
53%
68%
65%
57%
Trend indicator: real estate investment market Germany 2012
… with varying assessments of the respective investment locations
Attractiveness in absolute
“How do you rate your country’s attractiveness as a location for real estate investments in 2012, both in absolute terms and compared with other European
Attractive Not very attractive Neither agree nor disagree No response
… and in a European comparisonGermany
Sweden
Luxembourg
Austria
Russia
Poland
Belgium
France
Netherlands
UK
82%
68%
65%
57%
38%
32%
21%
7%
35%
41%
25%
15%
30%
12%
12%
17%
52%
21%
14%
18%
15%
50%
28%
15%
19%
22%
12%
31%
47%
57%
51%
54%
59%
38%
36%
43%
64%
48%
57%
30%
11%
14%
7%
13%
9%
9%
15%
13%
8%
10%
26%
7%
21%
21%
13%
25%
27%
4%
22%
21%
13%
1%
4%
3%
2%
Switzerland
Spain
Page 30January 2012 Trend indicator: real estate investment market Germany 2012
Fear of high inflation in the medium term will attract more investors to the real estate market, ...
“Potential high inflation will attract more investors to the real estate market”
Original question – “Do you agree with the following statement? Fear of high inflation in the medium term will attract more inve
35%
24%
25%
8%
9%
20%
21%
15%
8%
7%
4%
9%
53%
64%
44%
61%
59%
46%
43%
48%
53%
50%
50%
43%
Switzerland
Germany
France
Belgium
UK
Russia
Luxembourg
Poland
Netherlands
Austria
Sweden
Spain
Strongly agree Agree Disagree Strongly disagree
Trend indicator: real estate investment market Germany 2012
Fear of high inflation in the medium term will attract more investors to
“Potential high inflation will attract more investors to the real estate
Key messages► In all the countries surveyed, a
majority believe that fear of inflation will heighten interest in real estate investments.
► This majority is especially pronounced in Switzerland and Germany (88% in each case).
“Do you agree with the following statement? Fear of high inflation in the medium term will attract more investors to the real estate market.”
53%
64%
9%
12%
15%
19%
15%
22%
18%
17%
27%
25%
32%
26%
4%
2%
4%
7%
7%
4%
4%
7%
11%
12%
12%
15%
8%
11%
13%
8%
14%
7%
11%
3%
No responseNeutral
Page 31January 2012 Trend indicator: real estate investment market Germany 2012
… while the euro crisis is linked to a slowdown in real estate activity
“Reduction in real estate activity due to euro crisis”
Original question – “Do you agree with the following statement? The current euro crisis will lead to a significant reduction in
Key messages ► A majority in all the countries
surveyed link the euro crisis to a slowdown in real estate activity.
► In Switzerland, Germany and Belgium, fear of inflation (and the expected positive effect on the real estate market) appears to offset at least some of the euro skepticism.
AgreeStrongly agree Agree
Trend indicator: real estate investment market Germany 2012
… while the euro crisis is linked to a slowdown in real estate activity
“Reduction in real estate activity due to euro crisis”
“Do you agree with the following statement? The current euro crisis will lead to a significant reduction in activity on the European real estate markets.”
Disagree Strongly disagree No responseNeutral
25%
17%
26%
22%
29%
14%
25%
15%
14%
12%
14%
12%
61%
66%
57%
57%
49%
61%
47%
56%
57%
53%
38%
38%
14%
11%
13%
13%
12%
18%
14%
23%
27%
23%
30%
38%
2%
2%
8%
7%
7%
2%
2%
18%
12%
6%
2%
6%
2%
7%
4%
12%
Sweden
Poland
Spain
UK
France
Austria
Luxembourg
Russia
Netherlands
Belgium
Germany
Switzerland
Disagree Strongly disagree No responseNeutral
Page 32January 2012 Trend indicator: real estate investment market Germany 2012
Disagree Strongly disagree
Around half of countries surveyed expect heavier investment by insurers in the future due to Solvency II
“Insurers will act increasingly as lenders due to Solvency II”
Original question – “Do you agree with the following statement? Solvency II could see insurers acting increasingly as lenders f
31%
14%
13%
11%
9%
21%
10%
18%
18%
13%
11%
54%
58%
41%
41%
43%
44%
30%
39%
29%
29%
29%
25%
18%
19%
17%
18%
25%
12%
25%
19%
Germany
Belgium
Netherlands
UK
Poland
Switzerland
Spain
Russia
Sweden
Luxembourg
France
Austria
Strongly agree Agree Disagree Strongly disagree
Trend indicator: real estate investment market Germany 2012
No responseNeutral
Around half of countries surveyed expect heavier investment by insurers
“Insurers will act increasingly as lenders due to Solvency II”
“Do you agree with the following statement? Solvency II could see insurers acting increasingly as lenders for real estate investments in the future.”
Key messages ► Around half of the countries
surveyed agree that Solvency II will see insurers acting increasingly as lenders for real estate investments in the future.
► German respondents agree most strongly (85%), while only just over a third of Austrian respondents share this view.
14%
23%
18%
19%
25%
38%
17%
37%
25%
1%
2%
6%
4%
4%
4%
7%
19%
19%
25%
21%
17%
32%
10%
31%
21%
27%
39%
9%
No responseNeutral
Page 33January 2012 Trend indicator: real estate investment market Germany 2012
Expectations of an increase in the transaction volume in 2012 are moderate
“2012 transaction volume will exceed the prior year”
Original question – “Do you agree with this statement on the real estate capital market? Overall, the transaction volume will co2011.”
Key message► Only in Germany (56%), France (54%)
and Luxembourg (53%) does a majority believe that the transaction volume in 2012 will exceed the prior year.
Strongly agree Agree
Trend indicator: real estate investment market Germany 2012
Expectations of an increase in the transaction volume in 2012 are
“2012 transaction volume will exceed the prior year”
“Do you agree with this statement on the real estate capital market? Overall, the transaction volume will continue to recover in 2012 and exceed the level seen in
Disagree Strongly disagree No responseNeutral
8%
33%
11%
13%
3%
7%
8%
6%
12%
7%
4%
48%
21%
42%
33%
38%
34%
30%
27%
21%
18%
21%
15%
39%
17%
29%
30%
47%
22%
25%
24%
42%
25%
40%
54%
4%
6%
4%
15%
12%
11%
11%
16%
12%
11%
7%
4%
23%
14%
9%
26%
26%
27%
13%
39%
32%
23%
1%Germany
France
Luxembourg
Poland
Switzerland
UK
Spain
Netherlands
Russia
Austria
Sweden
Belgium
Page 34January 2012 Trend indicator: real estate investment market Germany 2012
Original question – “How do you expect purchase prices to develop in 2012 based on the type of use and location?”
In 2012, upside potential will return in particular to countries that have seen pressure on office real estate prices, ...
Price trend – office
GB
SP
F
RUS
SWE
PL
D
AT
CH
NL
BEL
LUX
3950
11 19
3744
19
3843
35
42
23
8
4646602515
573211
36
32
32
6416
20 22
4830
4728
25 26
44
30
7117
1232
38
30
3947
14 14
4739
592615 18
4339
27
65
8 19
81
18
58
24 15
85
Trend indicator: real estate investment market Germany 2012
“How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Key messages► In almost all the countries surveyed,
the majority expects prices for office real estate in prime locations to remain stable or increase.
► Upside potential is now returning in particular to countries that had seen pressure on office real estate prices.
► The value of properties in peripheral areas is largely regarded as being at least stable; however, investors in Germany and Switzerland take a more critical view of these locations.
Increasing Stable Falling
Key:Prime locations
Peripheral areas
(in percent)39
1150
19
4437
In 2012, upside potential will return in particular to countries that have seen pressure on office real estate prices, ...
RUS 61318
5428
18
Page 35January 2012 Trend indicator: real estate investment market Germany 2012
… Retail real estate will profit from prime locations according to the price trend
Original question – “How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Key messages► In most countries, retail real estate
prices in prime locations are considered by a majority to be stable or increasing.
► Survey participants in Germany and Luxembourg most frequently forecast price rises in superior locations.
► Market players in Spain are more critical of the price trend – even in prime locations; in Spain, the trend appears to be toward greenfieldshopping centers.
Increasing Stable Falling
Key:Prime locations
Peripheral areas
(in percent) 39
1150
19
4437
GB
SP
F
NL
BEL
LUX
3843
19 35
34
31
4739
14 22
56
22
20
56
24 27
2944
8
73
19 25
46
29
Price trend – retail
Trend indicator: real estate investment market Germany 2012
… Retail real estate will profit from prime locations according to the
“How do you expect purchase prices to develop in 2012 based on the type of use and location?”
GB
F
RUS
SWE
PL
D
AT
CH
4749
4 14257
6
82
12 18
82
3256
12 30
44
2638
45
17 3352
15
4228
30 3544
21
18
64
18 21
66
13
4353
432
36
32
33
50
17 30
2842
retail
Page 36January 2012 Trend indicator: real estate investment market Germany 2012
Even in peripheral areas, the value of residential real estate is generally seen as stable
Original question – “How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Price trend – residential
UK
SP
F
SWE
PL
AT
CH
NL
BEL
LUX
75
241 7
66
27
6
70
2465
323
GER
36
46
18 30
37
33
32
48
20 28
48
24
4145
14 25
37
38
3947
14 25
54
21
4335
22 20
4634
3735
28 22
3543
4530
25 4023
37
54397 25
5421
642115 14
4046
Trend indicator: real estate investment market Germany 2012
Even in peripheral areas, the value of residential real estate is generally
“How do you expect purchase prices to develop in 2012 based on the type of use and location?”
Key messages► Residential real estate throughout
Europe is expected to profit from good locations.
► This forecast applies in particular to Germany, Switzerland and the UK.
► Even in peripheral areas, the value of residential real estate is seen as at least stable; exceptions are Luxembourg and Sweden.
Increasing Stable Falling
Key:Prime locations
Peripheral areas
(in percent) 39
1150
19
4437
RUS 5231
17 3349
18
Page 37January 2012 Trend indicator: real estate investment market Germany 2012
Expectations differ as to the top seller and buyer groups in the countries surveyed
Original question – “Which seller and buyer groups do you think will be active in 2012?”
Key messages ► Banks and real estate stock
corporations/REITs will be among the most active seller groups in Europe in 2012.
► Housing companies will also increase their presence on the seller side in a large proportion of the countries surveyed.
► Housing companies are also the most frequently mentioned players on the buyer side.
► Participants believe that open-ended real estate funds will be more active as a buyer group in 2012, despite liquidity problems in some cases.
Top three seller and buyer groups (percentages denote total responses given as “active” and “moderately active”)
Top seller group
Housing companies (87%), real estate stock corporations/REITs(86%), banks (81%)
Open-ended real estate funds (91%), opportunity/PE funds (89%), banks (88%)
Real estate stock corporations/REITs (92%), banks (92%), housing companies (85%)
Banks (89%), opportunity/PE funds (83%), housing companies (79%)
Real estate stock corporations/REITs (88%), housing companies(86%), banks (79%)
Real estate stock corporations/REITs (88%), banks (84%), housing companies (76%)
Real estate stock corporations/REITs (79%), openestate funds (75%), banks (75%)
Banks (80%), housing companies (79%), real estate stock corporations/REITs (78%)
Real estate stock corporations/REITs (87%), openestate funds (86%), opportunity/PE funds (84%)
Open-ended real estate funds (89%), real estate stockcorporations/REITs (86%), housing companies (82%)
Opportunity/PE funds (75%), corporates (nonbanks (73%)
Banks (91%), real estate stock corporations/REITs (81%), opportunity/PE funds (77%)
Trend indicator: real estate investment market Germany 2012
Expectations differ as to the top seller and buyer groups in the countries
Top three seller and buyer groups (percentages denote total responses given as “active” and “moderately active”)
Top seller group Top buyer group
Housing companies (87%), real estate stock corporations/REITsBelgium
Real estate stock corporations/REITs (81%), insurancecompanies (73 %), other international funds (73%)
ended real estate funds (91%), opportunity/PE funds (89%), Germany
Private/family offices (94%), insurance companies (92%), other international funds (89%)
Real estate stock corporations/REITs (92%), banks (92%), France
Housing companies (85%), open-ended real estate funds (85%), banks (85%)
Banks (89%), opportunity/PE funds (83%), UK
Housing companies (80%), opportunity/PE funds (79%), open-ended real estate funds (78%)
Real estate stock corporations/REITs (88%), housing companiesLuxembourg
Housing companies (89%), open-ended real estate funds (82%), other international funds (80%)
Real estate stock corporations/REITs (88%), banks (84%), Netherlands
Housing companies (80%), banks (75%), real estate stock corporations/REITs (74%)
Real estate stock corporations/REITs (79%), open-ended realAustria
Sovereign wealth funds (75%), open-ended real estatefunds (75%), banks (64 %)
Banks (80%), housing companies (79%), real estate stock corporations/REITs (78%) Poland
Banks (79%), housing companies (77%), open-ended real estate funds (74%)
Real estate stock corporations/REITs (87%), open-ended realestate funds (86%), opportunity/PE funds (84%)
RussiaBanks (85%), housing companies (83%), Real estate stock corporations/REITs (83%)
ended real estate funds (89%), real estate stockcorporations/REITs (86%), housing companies (82%)
SwedenHousing companies (89 %), open-ended real estate funds (82%), other international funds (80%)
Opportunity/PE funds (75%), corporates (non-property) (74%), Switzerland
Real estate funds (100%), private/family offices (97%), insurance companies (91%)
Banks (91%), real estate stock corporations/REITs (81%), Spain
Housing companies (83 %), banks (83%), open-ended real estate funds (76%)
Page 38January 2012 Trend indicator: real estate investment market Germany 2012
The investment focus on offices is forecast as follows in 2012 …
Original question – “Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
Investment focus – office 2012
GB
SP
F
RUS
SWE
PLD
AT
CH
NL
BEL
LUX
21
4421
14
27
53
128
573112
36
39
1114
5129
12 8
28
4017
15
38
42
911
32
47
147
4040
911
14
5121
14
17
61
22
Trend indicator: real estate investment market Germany 2012
The investment focus on offices is forecast as follows in 2012 …
“Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
Key messages ► Office properties are high on the
shopping lists of investors in countries where prices in the office segment are expected to rise.
► Investors in France and Russia will focus most strongly on office properties in 2012.
Strong Average Low
Key:
(in percent)
21
4421
14No focus
RUS 56384 2
Page 39January 2012 Trend indicator: real estate investment market Germany 2012
Most investors have retail properties on their shopping lists in 2012
Original question – “Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
Investment focus –
GB
SP
NL
BEL
LUX
19
4212
27
4332
1411
2018
33
29
31
2628
15
Key messages► The majority of investors are also
focusing on retail properties (exception: Switzerland).
► The retail segment is most favored by investors in Germany, France, Luxembourg and Poland.
Strong Average Low
Key:
(in percent)
21
4421
14No focus
Trend indicator: real estate investment market Germany 2012
Most investors have retail properties on their shopping lists in 2012
“Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
– retail 2012
GB
F
RUS
SWE
PLD
AT
CH
29
2514
3246
2519
10
3626
2117
33
35
2210
25
2136
18
17
3826
19
5124817
336
58
3
Page 40January 2012 Trend indicator: real estate investment market Germany 2012
Focus on residential properties in most countries
Original question – “Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
Investment focus – residential 2012
GB
SP
F
RUS
SWE
PLD
AT
CH
NL
BEL
LUX
18
3518
29
19
431523
21
5313
13
4332
1114
33
2518
24
24
3024
22
27
3720
16
14
4021
25
25
281730
6910615
14
80
6
Trend indicator: real estate investment market Germany 2012
Focus on residential properties in most countries
“Which types of use are you particularly focusing your investments on in 2012 compared with last year?”
Key messages ► Residential properties are another
sought-after investment class in most countries surveyed (with Switzerland again the exception).
► In Germany, the strong demand for residential properties looks set to continue in 2012.
Strong Average Low
Key:
(in percent)
21
4421
14No focus
RUS 29
44
234
Summary
Page 42January 2012 Trend indicator: real estate investment market Germany 2012
This is how the survey participants in Germany see the real estate investment market …
Outlook for Germany (I)
Attractiveness►Almost all respondents continue to view Germany as an
attractive or very attractive real estate investment locationin 2012.
Real estate capital market►Insurers will act as lenders due to Solvency II (85%).►Bank lending will be restrained by Basel III (70%).►Return of the securitization market is unlikely.Real estate transaction market►Interest in residential properties is keen (98%).►Fear of inflation will heighten interest in real estate (88►Transaction volume will increase further in 2012 (56%).Purchase price expectations►Prices for office buildings in prime locations will remain
stable (64%) or even increase (27%).►Almost half of those surveyed expect prices for retail
properties in superior locations to increase.►Three quarters expect prices of residential
properties in superior locations to rise.
Trend indicator: real estate investment market Germany 2012
This is how the survey participants in Germany see the real estate
to view Germany as anattractive or very attractive real estate investment location
Fear of inflation will heighten interest in real estate (88%).%).
Prices for office buildings in prime locations will remain
Seller and buyer groups► In addition to open-ended funds and banks,
opportunity/PE funds will be among the most active seller groups in 2012.
► High-equity investors such as family offices and institutional investors will remain among the most active buyer groups in 2012.
Focus on types of use► There will be an even greater focus on residential
properties in 2012.► Three quarters of those surveyed have a strong or
moderate interest in retail properties.► Demand for office properties will be less strong.Regional focus► Frankfurt and Munich will be highly sought after by
office investors in 2012.► Demand for retail will be strongest in Cologne and
Düsseldorf.► Berlin will be the number 1 location for residential
investors in 2012.
Page 43January 2012 Trend indicator: real estate investment market Germany 2012
... with the following strategies:
Outlook for Germany (II)
Biggest obstacles to transactions►Differing purchase price expectations (77%) and the level
of equity required for financing (76%) are most likelyto prevent successful transactions in 2012.
Banks’ approaches to tackling problem loans►Mutually agreed restructuring and the extension of
repayment periods are the most likely approaches (95%and 91%, respectively).
►Only a handful expect an enforcement of claims (13%).
Exit strategies►As in the prior year, a direct sale remains the preferred
exit strategy.►Special funds will continue to be a key exit option in
2012.►The capital markets also remain a potential exit route.
Trend indicator: real estate investment market Germany 2012
Page 44January 2012 Trend indicator: real estate investment market Germany 2012
… while respondents across Europe expressed the following views
Outlook for Europe
Attractiveness►Germany is rated very highly due to economic stability.►Other countries are assessed more cautiously.►Possible reasons are the lack of opportunities for
transactions at attractive prices, as well as uncertaintyabout economic stability.
Real estate capital and transaction markets►In all the countries surveyed, a majority believes that
fears of inflation will heighten interest in real estateinvestments.
►A majority in all the countries surveyed links the eurocrisis to a slowdown in real estate activity.
►Around half expect heavier investment by insurers due toSolvency II.
►Only in Germany (56%), France (54%) and Luxembourg(53%) does a majority believe that the transaction
volume in 2012 will exceed that of 2011.
Trend indicator: real estate investment market Germany 2012
… while respondents across Europe expressed the following views
Purchase price expectations► Office and retail property prices in prime locations will
remain stable or increase in almost all the countries surveyed; peripheral areas will also remain stable.
► Prime locations will also profit in the residential segment throughout Europe; prices in peripheral areas will be stable or decrease.
Seller and buyer groups► Banks and real estate stock corporations/REITs will be
among the most active seller groups in Europe in 2012.► Housing companies are expected to be the most active
buyers in 2012.Types of use► There will be an even greater focus on residential
properties in 2012.► Three quarters of those surveyed have a strong or
moderate interest in retail properties.► Demand for office properties will be less strong.Regional focus► Respondents from countries with rising price expectations
believe the investment focus on office properties will increase.
► Germany has the strongest retail focus.► The vast majority expect an average investment focus on
residential properties.
Hartmut Fründ
Tel. +49 6196 996 26351Mobile +49 160 939 26351 Email [email protected]
Ernst & Young
Assurance | Tax | Transactions | Advisory
© 2012 Ernst & Young Real Estate GmbH - all rights reserved.
About Ernst & Young The global Ernst & Young organization is a leader in assurance, tax, transaction and advisory services. It makes a difference by helping its people, its clients and its wider communities achieve their potential. Worldwide, 152,000 people are united by shared values and an unwavering commitment to quality.
The global Ernst & Young organization refers to all member firms of Ernst & Young Global Limited (EYG). Each EYG member firm is a separate legal entity and has no liability for another such entity’s acts or omissions. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information, please visit www.de.ey.com
In Germany, Ernst & Young comprises some 7,000 people at 22 locations. In this publication, “Ernst & Young” and “we” refer to all German member firms of Ernst & Young Global Limited.
Paul von Drygalski
Tel. +49 30 25431 21327Mobile +49 160 939 21327 Email [email protected]
This publication contains information in summary form and is therefore intended for general guidance only. Although prepared with utmost care this publication is not intended to be a substitute for detailed research or the exercise of professional judgment. Therefore no liability for correctness, completeness and/or currentnessbe assumed. It is solely the responsibility of the readers to decide whether and in what form the information made available is relevant for their purposes. Neither Ernst & Young Real Estate GmbH nor any other member of the global Ernst & Young organization can accept any responsibility. On any specific matter, reference should be made to the appropriate advisor.
+49 6196 996 26351+49 160 939 26351 [email protected]
Christian Schulz-Wulkow
Tel. +49 30 25431 21235Mobile +49 160 939 21235 Email [email protected]
+49 30 25431 21327+49 160 939 21327 [email protected]
This publication contains information in summary form and is therefore intended for general guidance only. Although prepared with utmost care this publication is not intended to be a substitute for detailed research or the exercise of professional judgment. Therefore no liability for
currentness will be assumed. It is solely the responsibility of the readers to decide whether and in what form the information made available is relevant for their purposes. Neither Ernst & Young Real Estate GmbH nor any other member of the global Ernst & Young organization can accept any responsibility. On any specific matter, reference should be made