Real estate investments in Germany: transactions and development
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| Format: | Elektronisch E-Book |
| Sprache: | English |
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Berlin
Springer Berlin
2007
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| Ausgabe: | 1. Ed. |
| Schlagworte: | |
| Online-Zugang: | UBG01 UBR01 UPA01 Volltext Inhaltsverzeichnis |
| Beschreibung: | 1 Online-Ressource (XXV, 362 S.) |
| ISBN: | 9783540721796 |
| DOI: | 10.1007/978-3-540-72179-6 |
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| 245 | 1 | 0 | |a Real estate investments in Germany |b transactions and development |c Michael Mütze ; Thomas Senff ; Jutta C. Möller eds. |
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Datensatz im Suchindex
| _version_ | 1804136714527047680 |
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| adam_text | Table of Contents
Preface V
List of Contributors XIX
Abbreviations XXIII
Chapter 1 Zoning Law 1
I. Introduction 1
II. Land Utilisation Plan 2
1. Possible and Typical Stipulations in a Land Utilisation Plan 2
a) Possible Stipulations: Physical Scope of Application 2
b) Typical Stipulations in a Land Utilisation Plan 3
2. Procedure to Establish and Challenge a Land Utilisation Plan 5
a) Resolution on the Preparation of a Plan 7
b) Draft Plan with Environmental Impact Assessment 7
c) Participation Procedure 7
d) Public Participation 7
e) Resolution by the Municipality 8
f) Examination and Approval by a Supervisory Authority 8
g) Public Notice 9
h) Amendment/Supplement to or Revocation of Land use Plans 9
HI. Development Plan 10
1. Responsibility to Prepare a Development Plan 10
2. Possible and Typical Stipulations in a Development Plan 10
3. Public Measures to Secure a Development Plan 12
4. Procedure for Establishing and Challenging a Development Plan.... 12
IV. Areas not covered by the Development Plan 13
1. Interior Zone 13
2. Outlying area 16
V. Other Public Zoning Plans 19
1. Urban Development Plan 19
2. Project and Infrastructure Development Plan 19
VI. Public Law Contracts in Zoning Law 23
1. What is a Public Law Contract? 23
2. Types of Public Law Contracts and Typical Provisions 23
a) Agreement to Set Up a Plan 23
b) Agreement to Implement the Plan 25
VIII Table of Contents
c) Cost sharing Agreement 25
3. Legal Requirements for Public Law Contracts 26
Chapter 2 Building Regulations 27
I. The Requirement to Obtain a Building Permit 27
1. Projects Requiring a Building Permit 28
2. Exceptions to the General Rule 28
II. Laws and Regulations the Project Must Comply with 29
1. Zoning Law 29
2. Building Health and Safety Rules 30
a) General Duty of Care 30
b) Individual Health and Safety Rules 31
c) Public Land Charges 32
3. Other Laws Considered in the Building Permit Procedure 33
III. Procedure 33
1. Competent Authority to Grant Building Permits 33
2. The Stages of the Building Permit issuing Process 34
3. Building Permit, Conditions and Collateral Obligations 35
4. Enforcement of Law (Demolition Orders etc.) 35
5. Challenging Decisions of the Authority 36
a) Preliminary Procedure 37
b) Administrative Court Procedure 37
c) Injunctive Relief 38
d) Challenging Building Permits Granted to Third Parties 39
Chapter 3 Profitability Aspects of the Investment 41
I. The Real Estate Market in Germany 41
1. General Aspects of the German Market 41
a) Period from 1989 to 2000 42
b) Period from 2001 to 2006 44
2. Development of Rents and Returns 50
a) Office Space 50
b) Retail Space 53
c) Distribution Space 55
II. Criteria for the Purchase Price 59
1. Purchase Price and Market Value 59
2. Determinants of the Market Value 61
a) Undeveloped Land 61
aa) Land Value 61
bb) Development Costs 64
b) Developed Land 65
3. Determination of the Market Value 67
a) National Valuation Methods 67
aa) General Aspects 67
bb) Comparative Method of Valuation 69
cc) Income Capitalisation Valuation Method 70
Table of Contents DC
dd) Depreciated Replacement Cost Method 71
b) International Valuation Methods 72
Chapter 4 Financing and Securities 77
I. General Aspects of Financing 77
1. Development of Real Estate Financing in Germany 77
2. Traditional Financing 77
3. Cash Flow Oriented Financing 78
a) Fundamental Rules 78
b) Covenants 80
c) Own Funds and Rate of Debt Servicing 80
II. Forms of Financing 81
1. Loans 82
a) Types of Loan 82
b) Structure and Content of Loan Agreements 82
aa) Financial Terms 82
bb) Conditions Precedent 83
cc) Affirmative and Negative Covenants 84
dd) Default 85
c) Syndicated Loans 86
2. Property Leasing 88
a) Fundamentals 88
b) Contract Forms 89
3. Mezzanine Financing 91
4. Securitisation 91
III. Loan Collateral 93
1. Mortgages and Land Charges 93
a) Mortgage 94
b) Land charge 94
c) Creation 95
d) Agreement on the Provision of Collateral 96
e) Transfer 96
f) Retransfer Claims 97
g) Foreclosure 98
aa) Compulsory Sale Procedure 98
bb) Compulsory Administration 98
cc) Private Sale 99
2. Other Securities 99
Chapter 5 Purchase Contract 101
I. Notarisation 101
1. Notarised Purchase Agreement 101
2. The Notary According to German Law 101
II. Real Estate 102
1. Property 102
2. Land 102
X Table of Contents
a) Land Register, Cadastral Map, Register of Contaminated Sites 102
b) Partial Area 103
3. Fixtures and Fittings 103
III. Hand over/Possession 104
1. Fixed Date 104
2. Hand over before Payment 104
3. Benefits and Charges 104
4. Insurance 104
IV. Notarised Conveyance of Ownership and Transfer of Property 105
1. Conflicting Strategies 105
a) Buyer s Strategies 105
b) Seller s Strategies 106
2. Public Land Charges 106
3. Mortgage Liens and Easements 107
4. Special Focus: Purchase of Portfolio Property 107
a) Transfer of Tenancy Agreements 107
b) Planned Constructions 108
c) Architects Contract 109
V. Purchase Price 109
1. Fixed Purchase Price 109
2. Adjustment of Purchase Price 109
3. Allocation of Purchase Price 110
VI. Payment of the Purchase Price 110
1. Usual Conditions of Payment in Germany 110
2. Conflicting Strategies Ill
a) Buyer s Strategies Ill
b) Seller s Strategies Ill
VII. Cancellation of Former Land Charge in the Land Register 112
VIII. Warranties and Guarantees 112
1. General Aspects 112
2. Defects in title 112
a) Mortgage Liens, Easements and other Rights 113
b) Tenancy Agreements 113
c) German Act on Controlled Rents 113
3. Defects in Quality 113
a) Contamination 114
b) Defects of Buildings 114
4. Limitation and Exclusion of Liability 114
a) Limitation of Liability 114
b) Exclusion of Liability 114
c) Duty to Disclose 115
5. Conflicting Strategies 116
a) Buyer s Strategies 116
b) Seller s Strategies 116
IX. Infrastructure Provisions to Allow Land to be Developed 116
X. Purchase Price Financing 117
Table of Contents XI
1. Taking out New Loans 117
2. Transfer of Existing Loans 117
XI. Strategies before Signing 117
1. Buyer s Strategies 117
a) Letter of Intent (LOI) 117
b) Buyer Due Diligence 118
2. Seller s Strategies 118
a) Letter of Intent (LOI) 118
b) Seller Due Diligence 118
c) Sale by Tender 119
XII. Option of Purchase 119
XIII. Ground lease 119
XIV. Former German Democratic Republic 120
XV. Special Focus: Share Deal 120
Chapter 6 Design and Project Management 123
I. Design 123
1. Architects and Engineers in Germany 123
a) Scope of Application HOAI 124
aa) Geographical Scope of Application (HOAI) 125
bb) Personal Scope of Application (HOAI) 126
cc) Technical Scope of Application (HOAI) 126
dd) Exceptions 127
b) Architect s/Engineer s Contract 127
aa) Contract for Work 128
bb) Contract for Services 129
cc) Client Acquisition Work 129
c) Liability 131
aa) Liability of the Architect/Engineer 131
bb) Liability consequences 135
cc) Period of limitation of claims of and against the architect.. 138
d) Copyright Protection for Architectural Plans 139
2. Various Fields of Planning 139
a) Planning of a Building Project 140
b) Planning of Engineering Structures and Traffic Systems 140
c) Planning of Structural Engineering 140
d) Planning of Technical Equipment 141
e) Planning of Heat Insulation 141
3. Different Phases of Planning 141
a) Basic Planning Concept 142
b) Preliminary Planning 142
c) Final Design Planning 143
d) Building Approval Planning 143
e) Implementation Planning 143
f) Preparation for Contract Awarding 144
g) Involvement in Contract Awarding 144
XII Table of Contents
h) Supervision of the Building Project 144
i) Supervision of Final Work and Documentation 145
II. Project Management 145
Chapter 7 Construction Contract 149
I. General Aspects 149
1. Contractor s Obligation for Successful Completion 149
2. Applicable Law/Regulations 149
a) Contracts Governed by the BGB 150
b) Contracts Governed by the VOB/B 150
c) Contracts Governed by the FIDIC 152
3. Types of contract 152
a) Unit Price Contract 152
b) Lump Sum Contract 153
aa) Detailed Lump Sum Contract 153
bb) Global lump sum contract 153
c) Partnering Contract 154
d) Guaranteed Maximum Price Contract 154
4. Types of contractor 154
a) General contractor 154
b) Prime contractor 155
c) General planner and general contractor and general planner
and prime contractor 155
d) Subcontractor 155
II. Individual Regulations (selected) 156
1. Remuneration 157
a) Agreed Contract Price 157
b) Modifications 157
aa) Change Orders 158
bb) Additional Work 158
cc) Necessary Work/Agency without Authority 159
dd) Changes in the Quantity of Work 160
ee) Hindrance and Disruption to Work 160
2. General Obligations 161
a) General Obligations of the Principal 161
b) General Obligations of the Contractor 161
c) Duty to Co operate 162
3. Period for Completion of Work and Liquidated Damages 162
4. Hindrance and Disruption to Work 164
a) Notification to Principal 164
b) Extension of Time 165
c) Indemnification 165
d) Termination 166
5. Distribution of Risks 166
a) Work Executed Prior to Acceptance 166
b) Ground Risk 166
Table of Contents XIII
6. Termination 167
a) Termination by Principal 168
b) Termination by Contractor 169
7. Acceptance 169
a) Acceptance Obligation 169
b) Consequences of Acceptance 170
c) Types of Acceptance 170
8. Liability for Defects 171
9. Payment 174
10. Provision of Security 175
a) Performance Guarantee 175
b) Payment/Prepayment Guarantee 175
c) Warranty Guarantee 176
d) Contractor s Securities by Law 176
aa) Mortgage 176
bb) Payment Guarantee, Section 648a BGB 177
11. Resolution of Disputes 178
a) Civil Courts 178
b) Arbitration 178
Chapter 8 Lease Agreements 181
I. Introduction 181
II. Applicable laws and regulations 182
III. Commercial lease agreement 183
Special case: Mixed lease agreements 184
IV. Form of the lease 185
1. Verbal lease agreement 185
2. Written lease agreement 186
3. Consequences of non observance 187
4. Uniform deed 187
5. Authentication by a notary 188
V. Term of lease 189
1. Start of the lease 189
2. Leases for an indefinite period 189
3. Fixed lease term 189
a) Tacit continuation of the lease 190
b) Extension clause 190
c) Option clause 190
VI. Rent 192
1. Amount of rent which can be charged 192
2. Rent based on turnover 193
3. Value added tax 194
VII. Increasing or reducing the rent 195
1. Termination with the option of altered lease conditions 195
2. Sliding scale rent 195
3. Stable value clause 195
XIV Table of Contents
4. Comparable rent clause 196
5. Reservation of right to demand counter performance 196
6. Rent increase after modernisation 196
VIII. Operating costs / Utility and service charges 197
1. Specified list 198
a) Guarding and security costs 198
b) Fire protection 198
c) Garbage disposal 199
d) Heating, ventilation and hot water 199
e) Water and waste water systems 199
f) Cleaning and lighting 200
g) Building electrics and telecommunications 200
h) Property insurance, third party liability and special insurances .200
i) Transportation equipment 201
j) Communal facilities 201
k) Staff costs 201
1) Other operating costs 201
m) Fees and duties 201
n) Administration and management costs 201
2. Other operating costs 202
3. New operating costs 202
4. Heating Cost Regulations 203
5. Prepayments 205
6. Billing and billing period 205
7. Mistakes in the bill (reservation of right to correct) 206
IX. Ending the lease 206
1. Expiry of a certain period 206
2. Notice 207
a) Form of the notice 207
b) Contents of the notice 207
c) Period of notice 207
d) Special rights of the landlord and the tenant to serve notice 208
aa) Lease for more than 30 years 208
bb) Death of the tenant 208
cc) Refusal to allow sub letting 209
dd) Termination because of planned improvements to the
leased property 209
e) Termination without notice by the landlord 209
aa) Default in payment 209
bb) Substantial violation of the lease agreement 210
cc) Use contrary to the terms of the lease 211
f) Termination without notice by the tenant 211
aa) Use is not granted 211
bb) Danger to health 212
cc) Culpable neglect of duties 212
dd) Unreasonable continuation of the lease 212
Table of Contents XV
g) Elimination of reason for termination by set off and payment ..212
3. Cancellation agreement 213
Chapter 9 Facility Management 215
I. Corporate Real Estate, Asset and Facility Management
the Interaction of Forces 215
II. Facility Management in Germany How the Branch Will Develop
in the Future 217
III. Integrated Outsourcing of Facility Management Services
the Future Trend 221
IV. The BMW factory in Leipzig An innovative example of integrated
outsourcing 225
Chapter 10 Public Procurement and PPP 229
I. Obligation to Issue Calls for Tenders 229
1. Public Contracting Entity 230
a) State Contracting Entities 230
b) State controlled Contracting Entities 231
c) Contracting Entities with a State Function 234
d) Sectoral Contracting Entities 235
2. Public Contract 236
3. Thresholds 237
4. Exceptions 237
II. Award Procedures 238
1. Types of Call for Tenders 239
2. Time Limits 240
3. Suitability Review 242
4. Submission 244
5. Tender Examination 244
6. Tender Assessment 245
7. Informing the Tenderers 245
8. Contract Award 246
III. Legal Protection 246
1. Contracts Below the Thresholds 246
2. Contracts Above the Thresholds 247
IV. Risk of Public Procurement Law 249
Chapter 11 German Tax Environment of Real Estate 251
I. The Scope of German Taxation 251
II. Tax Types 251
1. Income Tax (Individual and Corporate) 251
a) Resident Companies 251
b) Non resident Companies 257
c) Resident Individuals 258
d) Non resident Individuals 259
2. Trade Tax 259
XVI Table of Contents
a) General 259
b) Extended Trade Tax Deduction 261
3. Real Estate Transfer Tax (RETT) 261
4. Value Added Tax (VAT) 264
5. Land Tax 266
6. Investment Grants 267
Chapter 12 Taxation along the Life Cycle of an Investment 269
I. Investments in German Real Estate 269
1. Direct Acquisition or Construction of Real Estate in the Hands
of the Investor 270
a) Income Tax (Individual and Corporate) 270
aa) Tax Accounting Methods 270
bb) Acquisition and Construction Cost 271
cc) Depreciation Options 272
b) Trade Tax 273
aa) No Permanent Establishment (PE) in Germany 273
bb) PE in Germany 274
c) Real Estate Transfer Tax (RETT) 274
d) VAT 275
2. Acquisition of a German Real Estate Owning Company
or Partnership (Indirect Acquisition) 276
a) Corporate Tax 276
aa) Resident Companies 276
bb) Non resident Companies 277
b) Individuals (Income Tax) 278
c) Partnerships 279
d) Real Estate Transfer Tax 279
e) VAT 280
3. Hereditary Building Right and Usufruct 280
4. Financial Investments in German Real Estate 282
a) Typical Silent Partnership 282
b) Atypical Silent Partnership 282
c) Profit Participating Loans 283
d) Jouissance Rights 283
II. Financing the Acquisition of German Real Estate 284
1. Deductibility of Interest Payments 284
a) General 284
b) Interest Payments by a Partnership 285
c) Thin Capitalization Rules 285
2. Withholding Taxes on Interest 286
3. Interest Received 286
III. Managing German Real Estate 287
1. Letting 287
a) Income Tax 287
b) VAT 287
Table of Contents XVII
2. Real Estate Financial Leasing 288
IV. Selling German Real Estate 291
1. Capital Gains 291
a) Income tax 291
aa) Three Objects Rule as Indicator 291
bb) Rollover Relief on Capital Gains 292
b) Trade Tax 292
2. Real Estate Transfer Tax / VAT 293
V. Structuring German Real Estate Investments 293
Chapter 13 Open End and Closed End Funds and Real Estate
Investment Trusts 295
I. Introduction 295
II. Open end Real Estate Investment Funds 295
1. Definition 296
2. Corporate Structure 296
3. Permission 297
4. Separate Funds 298
5. Open End Principle 298
6. Public Funds and Special Funds 298
7. Distribution and Prospectus Liability 299
8. Special Aspects of Real Estate Separate Funds 300
III. Closed end Real Estate Investment Funds 300
1. Definition 300
2. Corporate Structure 301
a) Legal Forms of Investment Funds 301
aa) Limited commercial partnership 302
bb) Company Constituted under Civil Law 303
b) Main Provisions in Partnership Agreements of Investment
Companies 304
aa) Requirements on the Form of Partnership Agreements 304
bb) Membership of the Capital Investors 305
cc) Participation in Assets and Profits 305
dd) Taking Decisions and Adopting Resolutions 306
ee) Information Rights 306
ff) Duration and End of Membership and the Partnership 307
gg) Liability and Duty to Make Subsequent Contributions 308
c) Forms of Investor Participation 309
aa) Direct Participation 309
bb) Indirect Participation 309
cc) Dormant Partnership 310
3. Legal Foundation: German Securities Sales Prospectus Act 311
a) Introduction 311
b) Overview of the statutory regulations 312
aa) Scope of application 312
bb) Duty to deposit and publish 312
XVm Table of Contents
cc) Prospectus contents 313
dd) Prospectus Liability 314
c) Prospectus Expertise by Chartered Accountants 316
IV. Real Estate Investment Trusts 316
1. Introduction 316
2. Key Points of the law 317
Appendix I: Verordnung iiber Grundsatze fur Ermittlung der Verkehrs
werte von Grundstiicken (Wertermittlungsverordnung WertV) 319
Appendix II: Vergabe und Vertragsordnung
fur Bauleistungen (VOB) Teil B 331
List of references 351
Index 353
|
| adam_txt |
Table of Contents
Preface V
List of Contributors XIX
Abbreviations XXIII
Chapter 1 Zoning Law 1
I. Introduction 1
II. Land Utilisation Plan 2
1. Possible and Typical Stipulations in a Land Utilisation Plan 2
a) Possible Stipulations: Physical Scope of Application 2
b) Typical Stipulations in a Land Utilisation Plan 3
2. Procedure to Establish and Challenge a Land Utilisation Plan 5
a) Resolution on the Preparation of a Plan 7
b) Draft Plan with Environmental Impact Assessment 7
c) Participation Procedure 7
d) Public Participation 7
e) Resolution by the Municipality 8
f) Examination and Approval by a Supervisory Authority 8
g) Public Notice 9
h) Amendment/Supplement to or Revocation of Land use Plans 9
HI. Development Plan 10
1. Responsibility to Prepare a Development Plan 10
2. Possible and Typical Stipulations in a Development Plan 10
3. Public Measures to Secure a Development Plan 12
4. Procedure for Establishing and Challenging a Development Plan. 12
IV. Areas not covered by the Development Plan 13
1. Interior Zone 13
2. Outlying area 16
V. Other Public Zoning Plans 19
1. Urban Development Plan 19
2. Project and Infrastructure Development Plan 19
VI. Public Law Contracts in Zoning Law 23
1. What is a Public Law Contract? 23
2. Types of Public Law Contracts and Typical Provisions 23
a) Agreement to Set Up a Plan 23
b) Agreement to Implement the Plan 25
VIII Table of Contents
c) Cost sharing Agreement 25
3. Legal Requirements for Public Law Contracts 26
Chapter 2 Building Regulations 27
I. The Requirement to Obtain a Building Permit 27
1. "Projects" Requiring a Building Permit 28
2. Exceptions to the General Rule 28
II. Laws and Regulations the Project Must Comply with 29
1. Zoning Law 29
2. Building Health and Safety Rules 30
a) General Duty of Care 30
b) Individual Health and Safety Rules 31
c) Public Land Charges 32
3. Other Laws Considered in the Building Permit Procedure 33
III. Procedure 33
1. Competent Authority to Grant Building Permits 33
2. The Stages of the Building Permit issuing Process 34
3. Building Permit, Conditions and Collateral Obligations 35
4. Enforcement of Law (Demolition Orders etc.) 35
5. Challenging Decisions of the Authority 36
a) Preliminary Procedure 37
b) Administrative Court Procedure 37
c) Injunctive Relief 38
d) Challenging Building Permits Granted to Third Parties 39
Chapter 3 Profitability Aspects of the Investment 41
I. The Real Estate Market in Germany 41
1. General Aspects of the German Market 41
a) Period from 1989 to 2000 42
b) Period from 2001 to 2006 44
2. Development of Rents and Returns 50
a) Office Space 50
b) Retail Space 53
c) Distribution Space 55
II. Criteria for the Purchase Price 59
1. Purchase Price and Market Value 59
2. Determinants of the Market Value 61
a) Undeveloped Land 61
aa) Land Value 61
bb) Development Costs 64
b) Developed Land 65
3. Determination of the Market Value 67
a) National Valuation Methods 67
aa) General Aspects 67
bb) Comparative Method of Valuation 69
cc) Income Capitalisation Valuation Method 70
Table of Contents DC
dd) Depreciated Replacement Cost Method 71
b) International Valuation Methods 72
Chapter 4 Financing and Securities 77
I. General Aspects of Financing 77
1. Development of Real Estate Financing in Germany 77
2. Traditional Financing 77
3. Cash Flow Oriented Financing 78
a) Fundamental Rules 78
b) Covenants 80
c) Own Funds and Rate of Debt Servicing 80
II. Forms of Financing 81
1. Loans 82
a) Types of Loan 82
b) Structure and Content of Loan Agreements 82
aa) Financial Terms 82
bb) Conditions Precedent 83
cc) Affirmative and Negative Covenants 84
dd) Default 85
c) Syndicated Loans 86
2. Property Leasing 88
a) Fundamentals 88
b) Contract Forms 89
3. Mezzanine Financing 91
4. Securitisation 91
III. Loan Collateral 93
1. Mortgages and Land Charges 93
a) Mortgage 94
b) Land charge 94
c) Creation 95
d) Agreement on the Provision of Collateral 96
e) Transfer 96
f) Retransfer Claims 97
g) Foreclosure 98
aa) Compulsory Sale Procedure 98
bb) Compulsory Administration 98
cc) Private Sale 99
2. Other Securities 99
Chapter 5 Purchase Contract 101
I. Notarisation 101
1. Notarised Purchase Agreement 101
2. The Notary According to German Law 101
II. Real Estate 102
1. Property 102
2. Land 102
X Table of Contents
a) Land Register, Cadastral Map, Register of Contaminated Sites 102
b) Partial Area 103
3. Fixtures and Fittings 103
III. Hand over/Possession 104
1. Fixed Date 104
2. Hand over before Payment 104
3. Benefits and Charges 104
4. Insurance 104
IV. Notarised Conveyance of Ownership and Transfer of Property 105
1. Conflicting Strategies 105
a) Buyer's Strategies 105
b) Seller's Strategies 106
2. Public Land Charges 106
3. Mortgage Liens and Easements 107
4. Special Focus: Purchase of Portfolio Property 107
a) Transfer of Tenancy Agreements 107
b) Planned Constructions 108
c) Architects Contract 109
V. Purchase Price 109
1. Fixed Purchase Price 109
2. Adjustment of Purchase Price 109
3. Allocation of Purchase Price 110
VI. Payment of the Purchase Price 110
1. Usual Conditions of Payment in Germany 110
2. Conflicting Strategies Ill
a) Buyer's Strategies Ill
b) Seller's Strategies Ill
VII. Cancellation of Former Land Charge in the Land Register 112
VIII. Warranties and Guarantees 112
1. General Aspects 112
2. Defects in title 112
a) Mortgage Liens, Easements and other Rights 113
b) Tenancy Agreements 113
c) German Act on Controlled Rents 113
3. Defects in Quality 113
a) Contamination 114
b) Defects of Buildings 114
4. Limitation and Exclusion of Liability 114
a) Limitation of Liability 114
b) Exclusion of Liability 114
c) Duty to Disclose 115
5. Conflicting Strategies 116
a) Buyer's Strategies 116
b) Seller's Strategies 116
IX. Infrastructure Provisions to Allow Land to be Developed 116
X. Purchase Price Financing 117
Table of Contents XI
1. Taking out New Loans 117
2. Transfer of Existing Loans 117
XI. Strategies before Signing 117
1. Buyer's Strategies 117
a) Letter of Intent (LOI) 117
b) Buyer Due Diligence 118
2. Seller's Strategies 118
a) Letter of Intent (LOI) 118
b) Seller Due Diligence 118
c) Sale by Tender 119
XII. Option of Purchase 119
XIII. Ground lease 119
XIV. Former German Democratic Republic 120
XV. Special Focus: Share Deal 120
Chapter 6 Design and Project Management 123
I. Design 123
1. Architects and Engineers in Germany 123
a) Scope of Application HOAI 124
aa) Geographical Scope of Application (HOAI) 125
bb) Personal Scope of Application (HOAI) 126
cc) Technical Scope of Application (HOAI) 126
dd) Exceptions 127
b) Architect's/Engineer's Contract 127
aa) Contract for Work 128
bb) Contract for Services 129
cc) Client Acquisition Work 129
c) Liability 131
aa) Liability of the Architect/Engineer 131
bb) Liability consequences 135
cc) Period of limitation of claims of and against the architect. 138
d) Copyright Protection for Architectural Plans 139
2. Various Fields of Planning 139
a) Planning of a Building Project 140
b) Planning of Engineering Structures and Traffic Systems 140
c) Planning of Structural Engineering 140
d) Planning of Technical Equipment 141
e) Planning of Heat Insulation 141
3. Different Phases of Planning 141
a) Basic Planning Concept 142
b) Preliminary Planning 142
c) Final Design Planning 143
d) Building Approval Planning 143
e) Implementation Planning 143
f) Preparation for Contract Awarding 144
g) Involvement in Contract Awarding 144
XII Table of Contents
h) Supervision of the Building Project 144
i) Supervision of Final Work and Documentation 145
II. Project Management 145
Chapter 7 Construction Contract 149
I. General Aspects 149
1. Contractor's Obligation for Successful Completion 149
2. Applicable Law/Regulations 149
a) Contracts Governed by the BGB 150
b) Contracts Governed by the VOB/B 150
c) Contracts Governed by the FIDIC 152
3. Types of contract 152
a) Unit Price Contract 152
b) Lump Sum Contract 153
aa) Detailed Lump Sum Contract 153
bb) Global lump sum contract 153
c) Partnering Contract 154
d) Guaranteed Maximum Price Contract 154
4. Types of contractor 154
a) General contractor 154
b) Prime contractor 155
c) General planner and general contractor and general planner
and prime contractor 155
d) Subcontractor 155
II. Individual Regulations (selected) 156
1. Remuneration 157
a) Agreed Contract Price 157
b) Modifications 157
aa) Change Orders 158
bb) Additional Work 158
cc) Necessary Work/Agency without Authority 159
dd) Changes in the Quantity of Work 160
ee) Hindrance and Disruption to Work 160
2. General Obligations 161
a) General Obligations of the Principal 161
b) General Obligations of the Contractor 161
c) Duty to Co operate 162
3. Period for Completion of Work and Liquidated Damages 162
4. Hindrance and Disruption to Work 164
a) Notification to Principal 164
b) Extension of Time 165
c) Indemnification 165
d) Termination 166
5. Distribution of Risks 166
a) Work Executed Prior to Acceptance 166
b) Ground Risk 166
Table of Contents XIII
6. Termination 167
a) Termination by Principal 168
b) Termination by Contractor 169
7. Acceptance 169
a) Acceptance Obligation 169
b) Consequences of Acceptance 170
c) Types of Acceptance 170
8. Liability for Defects 171
9. Payment 174
10. Provision of Security 175
a) Performance Guarantee 175
b) Payment/Prepayment Guarantee 175
c) Warranty Guarantee 176
d) Contractor's Securities by Law 176
aa) Mortgage 176
bb) Payment Guarantee, Section 648a BGB 177
11. Resolution of Disputes 178
a) Civil Courts 178
b) Arbitration 178
Chapter 8 Lease Agreements 181
I. Introduction 181
II. Applicable laws and regulations 182
III. Commercial lease agreement 183
Special case: Mixed lease agreements 184
IV. Form of the lease 185
1. Verbal lease agreement 185
2. Written lease agreement 186
3. Consequences of non observance 187
4. Uniform deed 187
5. Authentication by a notary 188
V. Term of lease 189
1. Start of the lease 189
2. Leases for an indefinite period 189
3. Fixed lease term 189
a) Tacit continuation of the lease 190
b) Extension clause 190
c) Option clause 190
VI. Rent 192
1. Amount of rent which can be charged 192
2. Rent based on turnover 193
3. Value added tax 194
VII. Increasing or reducing the rent 195
1. Termination with the option of altered lease conditions 195
2. Sliding scale rent 195
3. Stable value clause 195
XIV Table of Contents
4. Comparable rent clause 196
5. Reservation of right to demand counter performance 196
6. Rent increase after modernisation 196
VIII. Operating costs / Utility and service charges 197
1. Specified list 198
a) Guarding and security costs 198
b) Fire protection 198
c) Garbage disposal 199
d) Heating, ventilation and hot water 199
e) Water and waste water systems 199
f) Cleaning and lighting 200
g) Building electrics and telecommunications 200
h) Property insurance, third party liability and special insurances .200
i) Transportation equipment 201
j) Communal facilities 201
k) Staff costs 201
1) Other operating costs 201
m) Fees and duties 201
n) Administration and management costs 201
2. Other operating costs 202
3. New operating costs 202
4. Heating Cost Regulations 203
5. Prepayments 205
6. Billing and billing period 205
7. Mistakes in the bill (reservation of right to correct) 206
IX. Ending the lease 206
1. Expiry of a certain period 206
2. Notice 207
a) Form of the notice 207
b) Contents of the notice 207
c) Period of notice 207
d) Special rights of the landlord and the tenant to serve notice 208
aa) Lease for more than 30 years 208
bb) Death of the tenant 208
cc) Refusal to allow sub letting 209
dd) Termination because of planned improvements to the
leased property 209
e) Termination without notice by the landlord 209
aa) Default in payment 209
bb) Substantial violation of the lease agreement 210
cc) Use contrary to the terms of the lease 211
f) Termination without notice by the tenant 211
aa) Use is not granted 211
bb) Danger to health 212
cc) Culpable neglect of duties 212
dd) Unreasonable continuation of the lease 212
Table of Contents XV
g) Elimination of reason for termination by set off and payment .212
3. Cancellation agreement 213
Chapter 9 Facility Management 215
I. Corporate Real Estate, Asset and Facility Management
the Interaction of Forces 215
II. Facility Management in Germany How the Branch Will Develop
in the Future 217
III. Integrated Outsourcing of Facility Management Services
the Future Trend 221
IV. The BMW factory in Leipzig An innovative example of integrated
outsourcing 225
Chapter 10 Public Procurement and PPP 229
I. Obligation to Issue Calls for Tenders 229
1. Public Contracting Entity 230
a) State Contracting Entities 230
b) State controlled Contracting Entities 231
c) Contracting Entities with a State Function 234
d) Sectoral Contracting Entities 235
2. Public Contract 236
3. Thresholds 237
4. Exceptions 237
II. Award Procedures 238
1. Types of Call for Tenders 239
2. Time Limits 240
3. Suitability Review 242
4. Submission 244
5. Tender Examination 244
6. Tender Assessment 245
7. Informing the Tenderers 245
8. Contract Award 246
III. Legal Protection 246
1. Contracts Below the Thresholds 246
2. Contracts Above the Thresholds 247
IV. Risk of Public Procurement Law 249
Chapter 11 German Tax Environment of Real Estate 251
I. The Scope of German Taxation 251
II. Tax Types 251
1. Income Tax (Individual and Corporate) 251
a) Resident Companies 251
b) Non resident Companies 257
c) Resident Individuals 258
d) Non resident Individuals 259
2. Trade Tax 259
XVI Table of Contents
a) General 259
b) Extended Trade Tax Deduction 261
3. Real Estate Transfer Tax (RETT) 261
4. Value Added Tax (VAT) 264
5. Land Tax 266
6. Investment Grants 267
Chapter 12 Taxation along the Life Cycle of an Investment 269
I. Investments in German Real Estate 269
1. Direct Acquisition or Construction of Real Estate in the Hands
of the Investor 270
a) Income Tax (Individual and Corporate) 270
aa) Tax Accounting Methods 270
bb) Acquisition and Construction Cost 271
cc) Depreciation Options 272
b) Trade Tax 273
aa) No Permanent Establishment (PE) in Germany 273
bb) PE in Germany 274
c) Real Estate Transfer Tax (RETT) 274
d) VAT 275
2. Acquisition of a German Real Estate Owning Company
or Partnership (Indirect Acquisition) 276
a) Corporate Tax 276
aa) Resident Companies 276
bb) Non resident Companies 277
b) Individuals (Income Tax) 278
c) Partnerships 279
d) Real Estate Transfer Tax 279
e) VAT 280
3. Hereditary Building Right and Usufruct 280
4. Financial Investments in German Real Estate 282
a) Typical Silent Partnership 282
b) Atypical Silent Partnership 282
c) Profit Participating Loans 283
d) Jouissance Rights 283
II. Financing the Acquisition of German Real Estate 284
1. Deductibility of Interest Payments 284
a) General 284
b) Interest Payments by a Partnership 285
c) Thin Capitalization Rules 285
2. Withholding Taxes on Interest 286
3. Interest Received 286
III. Managing German Real Estate 287
1. Letting 287
a) Income Tax 287
b) VAT 287
Table of Contents XVII
2. Real Estate Financial Leasing 288
IV. Selling German Real Estate 291
1. Capital Gains 291
a) Income tax 291
aa) Three Objects Rule as Indicator 291
bb) Rollover Relief on Capital Gains 292
b) Trade Tax 292
2. Real Estate Transfer Tax / VAT 293
V. Structuring German Real Estate Investments 293
Chapter 13 Open End and Closed End Funds and Real Estate
Investment Trusts 295
I. Introduction 295
II. Open end Real Estate Investment Funds 295
1. Definition 296
2. Corporate Structure 296
3. Permission 297
4. Separate Funds 298
5. Open End Principle 298
6. Public Funds and Special Funds 298
7. Distribution and Prospectus Liability 299
8. Special Aspects of Real Estate Separate Funds 300
III. Closed end Real Estate Investment Funds 300
1. Definition 300
2. Corporate Structure 301
a) Legal Forms of Investment Funds 301
aa) Limited commercial partnership 302
bb) Company Constituted under Civil Law 303
b) Main Provisions in Partnership Agreements of Investment
Companies 304
aa) Requirements on the Form of Partnership Agreements 304
bb) Membership of the Capital Investors 305
cc) Participation in Assets and Profits 305
dd) Taking Decisions and Adopting Resolutions 306
ee) Information Rights 306
ff) Duration and End of Membership and the Partnership 307
gg) Liability and Duty to Make Subsequent Contributions 308
c) Forms of Investor Participation 309
aa) Direct Participation 309
bb) Indirect Participation 309
cc) Dormant Partnership 310
3. Legal Foundation: German Securities Sales Prospectus Act 311
a) Introduction 311
b) Overview of the statutory regulations 312
aa) Scope of application 312
bb) Duty to deposit and publish 312
XVm Table of Contents
cc) Prospectus contents 313
dd) Prospectus Liability 314
c) Prospectus Expertise by Chartered Accountants 316
IV. Real Estate Investment Trusts 316
1. Introduction 316
2. Key Points of the law 317
Appendix I: Verordnung iiber Grundsatze fur Ermittlung der Verkehrs
werte von Grundstiicken (Wertermittlungsverordnung WertV) 319
Appendix II: Vergabe und Vertragsordnung
fur Bauleistungen (VOB) Teil B 331
List of references 351
Index 353 |
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| any_adam_object_boolean | 1 |
| author2 | Senff, Thomas 1968- Möller, Jutta Christine 1968- |
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| author2_variant | t s ts j c m jc jcm |
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| building | Verbundindex |
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| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
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| discipline_str_mv | Rechtswissenschaft Wirtschaftswissenschaften |
| doi_str_mv | 10.1007/978-3-540-72179-6 |
| edition | 1. Ed. |
| format | Electronic eBook |
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| index_date | 2024-07-02T18:15:39Z |
| indexdate | 2024-07-09T21:00:47Z |
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| spelling | Real estate investments in Germany transactions and development Michael Mütze ; Thomas Senff ; Jutta C. Möller eds. 1. Ed. Berlin Springer Berlin 2007 1 Online-Ressource (XXV, 362 S.) txt rdacontent c rdamedia cr rdacarrier Investition (DE-588)4027556-5 gnd rswk-swf Immobilienmarkt (DE-588)4123416-9 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4048476-2 Ratgeber gnd-content Deutschland (DE-588)4011882-4 g Immobilienmarkt (DE-588)4123416-9 s Investition (DE-588)4027556-5 s DE-604 Mütze, Michael 1952- Sonstige (DE-588)109748352 oth Senff, Thomas 1968- (DE-588)122763394 edt Möller, Jutta Christine 1968- (DE-588)12242364X edt Erscheint auch als Druck-Ausgabe, Hardcover 3-540-72178-9 Erscheint auch als Druck-Ausgabe, Hardcover 978-3-540-72178-9 https://doi.org/10.1007/978-3-540-72179-6 Verlag Volltext HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=015784119&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Real estate investments in Germany transactions and development Investition (DE-588)4027556-5 gnd Immobilienmarkt (DE-588)4123416-9 gnd |
| subject_GND | (DE-588)4027556-5 (DE-588)4123416-9 (DE-588)4011882-4 (DE-588)4048476-2 |
| title | Real estate investments in Germany transactions and development |
| title_auth | Real estate investments in Germany transactions and development |
| title_exact_search | Real estate investments in Germany transactions and development |
| title_exact_search_txtP | Real estate investments in Germany transactions and development |
| title_full | Real estate investments in Germany transactions and development Michael Mütze ; Thomas Senff ; Jutta C. Möller eds. |
| title_fullStr | Real estate investments in Germany transactions and development Michael Mütze ; Thomas Senff ; Jutta C. Möller eds. |
| title_full_unstemmed | Real estate investments in Germany transactions and development Michael Mütze ; Thomas Senff ; Jutta C. Möller eds. |
| title_short | Real estate investments in Germany |
| title_sort | real estate investments in germany transactions and development |
| title_sub | transactions and development |
| topic | Investition (DE-588)4027556-5 gnd Immobilienmarkt (DE-588)4123416-9 gnd |
| topic_facet | Investition Immobilienmarkt Deutschland Ratgeber |
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