Return Patterns of German Open-End Real Estate Funds

Return Patterns of German Open-End Real Estate Funds
Author: Sebastian Michael Gläsner
Publisher: Peter Lang
Total Pages: 132
Release: 2010
Genre: Real estate business
ISBN: 9783631604069

The aim of this study is to better understand stable capital growth of German properties and to contribute to the explanation of stable fund returns. In the course of the investigation, evidence is found that both phenomena are interrelated. All analyses are based on publicly available data; therefore they are not limited by client interests. Results show three different pieces of evidence on return smoothing, namely the influence on valuation, the timing of valuations, and the influence on returns resulting in return differences by calendar months. Together with the notion of internationally uniquely stable returns, it seems impossible to extract true asset volatility from the observed appraisal-based time series.

Understanding German Real Estate Markets

Understanding German Real Estate Markets
Author: Tobias Just
Publisher: Springer
Total Pages: 496
Release: 2016-10-06
Genre: Business & Economics
ISBN: 3319320319

In this book, experts discuss how German real estate values have remained stable throughout the financial crisis, even though transaction volumes have been very volatile since 2005. Consequently, risk-averse national and international investors have started to invest in virtually all German real estate asset classes. This book tries to answer what has made the German real estate markets more resilient to shocks than many European real estate markets by analyzing the economic, regulatory and demographic environment. In 30 well-structured chapters, experts from both the academic and professional world analyze structural and current issues of German real estate markets. Readers will get a deep understanding of what makes the German real estate market special and where potential opportunities and threats in Europe’s largest real estate market exist.

European Valuation Practice

European Valuation Practice
Author: A. Adair
Publisher: Taylor & Francis
Total Pages: 356
Release: 2013-03-07
Genre: Architecture
ISBN: 1135821186

The variability of valuation practice within Europe is perceived as a problem within the globalization of property. This edited textbook examines the practice of real estate valuation in selected countries in Europe. The focus is on countries with well developed real estate markets in which both international and indigenous investors are active. The book is aimed at real estate professionals, financiers, institutional advisers, property researchers and students who require a greater understanding of comparative property appraisal techniques applied across Europe.

Marketing strategies for open-end real estate funds

Marketing strategies for open-end real estate funds
Author: Melanie Kotschenreuther
Publisher: GRIN Verlag
Total Pages: 50
Release: 2012-05-24
Genre: Business & Economics
ISBN: 3656198616

Seminar paper from the year 2010 in the subject Business economics - Offline Marketing and Online Marketing, grade: 1,0, Nürtingen University; Geislingen (Fakultät Wirtschaft und Recht, Fachbereich Immobilienmarketing), language: English, abstract: The latest crisis in real estate which had widened to a global financial crisis extremely affected an assumed solid and safe investment vehicle – open end real estate funds. The high share redemption by institutional investors caused a wave of redemptions since the reaction of institutional investors had lead to an uncertainty of private investors. The consequence: many open ended funds suspended the right of the redemption of share certificates by reason of illiquidity. And even today numerous capital investment companies still suspend the share redemption, respectively again. The problem is a high information asymmetry. Many investors are informed in an insufficient way. New investors need to be appealed and activated to achieve the goal of new issuance of shares. A sustainable success of the fund products for investors can only be achieved by new guidelines for liquidity management and the help of a competency based holistic marketing strategy. Mr. Wolfgang Schäuble (CDU) wants to achieve a minimum investment horizon for open ended funds, but this would endanger the main advantage of this asset class – the daily possibility of redemption. Therefore it would be better to implement the law only for institutional investors. However, it is questionable whether this product can further exist in this form. The Term paper deals with open ended funds which are mainly launched for private investors. Aside exists special funds which are launched for the specific needs of institutional investors. The aim of the paper is to figure out which instrumental strategies are applied pursued by open ended funds.

Open-End Real Estate Funds in Germany

Open-End Real Estate Funds in Germany
Author: Christina E. Bannier
Publisher:
Total Pages: 44
Release: 2016
Genre:
ISBN:

Open-end real estate funds are of particular importance in the German bank- dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to openend real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendations that have been raised.

Real Estate Investment Trusts in Europe

Real Estate Investment Trusts in Europe
Author: Ramón Sotelo
Publisher: Springer Science & Business Media
Total Pages: 242
Release: 2013-12-11
Genre: Business & Economics
ISBN: 3642368565

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.

Real Estate Investments in Germany

Real Estate Investments in Germany
Author: Michael Mütze
Publisher: Springer Science & Business Media
Total Pages: 376
Release: 2008-09-10
Genre: Law
ISBN: 3540721789

The German real estate market is in motion. Single real estates as well as parts of real estate portfolios are still projected and brought to the market to a great extent. In addition, the ownerships of big real estate portfolios are changing. In the light of this situation, this book guides foreign investors and project developers through the legal, tax and economical requirements for real estate investments in Germany in a practical manner.

Germany Real Estate Yearbook 2007

Germany Real Estate Yearbook 2007
Author: Andreas Schiller
Publisher: Real Estate Publishers BV
Total Pages: 324
Release: 2006-11
Genre: Business & Economics
ISBN: 9077997091

Germany Real Estate Yearbook 2007 contains over 250 pages of extensive information about major real estate projects in Germany, the top market players and industry trends. It also includes German decision-makers, corporate stories. a Who's Who section with personal and company profiles and the German Real Estate Index. This book is linked to its website www.germany-re.com.