Investing in German Real Estate: A practical guide
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Freiburg
Haufe Lexware Verlag
2021
|
| Series: | Haufe Fachbuch
|
| Subjects: | |
| Online Access: | HWR01 |
| Item Description: | Description based on publisher supplied metadata and other sources |
| Physical Description: | 1 online resource (382 pages) |
| ISBN: | 9783648146583 |
Staff View
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| 505 | 8 | |a Cover -- Urheberrechtsinfo -- Title -- Copyright -- Table of Contents -- Foreword -- Foreword from the Editors -- I. Fundamentals - Basics of the German Real Estate Market -- 1 Macroeconomic Structure of the German Real Estate Market -- 1.1 German Macroeconomic Key Indicators -- 1.2 Geographic Structure of the German Real Estate Market -- 1.3 German Real Estate Indicators -- 1.4 German Real Estate Investment Structure -- 1.5 Conclusion: Attractiveness and Complexity -- Bibliography -- 2 Real Estate Investment Trends and Strategy -- 2.1 Introduction -- 2.1.1 Germany's stable investment framework -- 2.1.2 Polycentric real estate markets -- 2.1.3 Foreign investment -- 2.1.4 Demand shift towards niche markets -- 2.2 Real Estate Investment Strategies -- 2.2.1 Risk profiles with current yield expectations -- 2.2.2 Strategies for existing estates -- 2.2.3 Earlier entry into the real estate value chain -- 2.2.4 Countercyclical investment strategy -- 2.3 Deal Sourcing -- 2.3.1 Major buyers and sellers -- 2.3.2 Acquisition strategies -- 2.3.3 Local partners: investment managers -- 2.3.4 Collaboration: joint ventures and club deals -- 2.4 Conclusion -- Bibliography -- II. Markets - German Real Estate Market Sectors -- 3 The Housing Market in Germany -- 3.1 The Provider Structure in the German Housing Market -- 3.2 Rental Accommodation in Germany - The Most Common Form of Housing, High Quality and Stable Demand -- 3.3 Housing Construction in Germany and Demand for New Housing -- 3.4 German Rent Control -- 3.4.1 German capping limit ordinance (Section 558 (3) of the German Civil Code (BGB)) -- 3.4.2 Rental price brake (Mietpreisbremse) -- 3.4.3 Berlin rent price cap -- 3.5 Price Developments in the Sale of Residential Real Estate -- 3.6 Conclusion -- Bibliography -- 4 Investing in German Offices -- 4.1 Introduction -- 4.2 Germany Is Not Paris | |
| 505 | 8 | |a 4.3 Smaller Is Liquid -- 4.4 GDP Growth Is Not Alone -- 4.5 Low Yields: Small Margins of Error -- 4.6 Co-working Revisited -- 4.7 Sustainability Matters -- 4.8 The World According to Covid -- 4.9 Summary -- Bibliography -- 5 Retail Property Investment Market -- 5.1 Introduction -- 5.2 Definition and Types of Retail -- 5.2.1 Large-scale retail -- 5.2.2 Small-scale retail -- 5.2.3 Commercial buildings -- 5.2.4 Retail area definition -- 5.2.5 Structure and aspects of rental contracts -- 5.3 Retail Property Market Structure -- 5.3.1 Economic framework and consumer markets -- 5.3.2 Purchasing power index -- 5.3.3 Retail locations and location factors -- 5.4 Development of the Retail Property Investment Market -- 5.4.1 Development of retail rents -- 5.4.2 Development of prime yields -- 5.4.3 Transaction volumes -- 5.5 Challenges for the Retail Sector and Changing Shopping Behaviour -- 5.6 Summary and Outlook -- Bibliography -- 6 The Logistics and Industrial Property Investment Market -- 6.1 Introduction -- 6.2 Definition and Types of Logistic and Industrial Properties -- 6.2.1 Transhipment centres -- 6.2.2 Distribution properties -- 6.2.3 Fulfilment centres -- 6.2.4 Corporate real estate warehouse and production -- 6.3 The German Logistics Investment Market -- 6.3.1 The logistics market -- 6.3.2 Structure of the German logistics market -- 6.3.3 Investment market -- 6.3.4 Development of logistics rents -- 6.3.5 Rent contract conditions and durations -- 6.4 Trends in the Logistics Real Estate Sector -- 6.5 Summary and Outlook -- Bibliography -- 7 Hotel Investment Market -- 7.1 Introduction -- 7.2 Supply and Demand in the German Hotel Market -- 7.3 German Hotel Investment Market -- 7.4 Types of Hotels -- 7.5 Definitions of the Most Important KPIs for Investors in Hotels -- 7.6 Hotel-specific KPIs and German Market Characteristics -- 7.7 Operator Models | |
| 505 | 8 | |a 7.8 Summary and Outlook -- Hotel Data and Addresses -- Bibliography -- 8 Nursing Home Investment Market -- 8.1 Introduction -- 8.2 Types of Care Provision and Properties in the Senior Housing Segment -- 8.2.1 Inpatient care/nursing homes -- 8.2.2 Assisted living -- 8.2.3 Selected aspects of rental contracts -- 8.3 Demographics -- 8.4 Market and Location Analysis for Nursing Homes -- 8.5 Structural Requirements for Nursing Homes -- 8.6 Regulatory Framework -- 8.7 Consolidation and Concentration in the Nursing Home Operator Market -- 8.8 Transaction Market and Prime Yield Development -- 8.9 Opportunities and Risks of this Asset Class -- 8.10 Summary and Outlook -- Organizations -- Market Reports Databases -- Bibliography -- III. Framework - German Regulatory Real Estate Framework -- 9 Legal Real Estate Investment Framework -- 9.1 Introduction -- 9.2 Accessibility -- 9.3 Acquisition Structure -- 9.4 Relevant Legal Aspects for Risk Assessment -- 9.4.1 Property -- 9.4.2 Public law -- 9.4.3 Leases -- 9.5 Acquisition Process -- 10 Tax Aspects of Real Estate Investments in Germany -- 10.1 Overview -- 10.2 Income Tax (Einkommensteuer) and Corporate Income Tax (Körperschaftsteuer) -- 10.2.1 Resident companies and individuals -- 10.2.2 Non-resident companies and individuals -- 10.3 Withholding Tax Regime -- 10.4 Trade Tax (Gewerbesteuer) -- 10.4.1 Extended trade tax deduction (Erweiterte Gewerbesteuerkürzung) -- 10.5 Real Estate Transfer Tax (Grunderwerbsteuer) -- 10.6 Value-added Tax (Umsatzsteuer) -- 10.7 Land Tax (Grundsteuer) -- 10.8 German Anti-hybrid Considerations -- 10.9 Mandatory Reporting of Cross-border Tax Arrangements -- 10.9.1 General remarks -- 10.9.2 Reportable arrangements -- 10.9.3 Reportable persons -- 10.9.4 Procedures and deadlines for reporting -- 10.9.5 Sanctions for breaches of the reporting obligation -- 10.10 Tax Summary | |
| 505 | 8 | |a 11 Real Estate Accounting -- 11.1 Introduction -- 11.2 Components of Accounting and their Functions -- 11.3 Accounting and Valuation Principles -- 11.3.1 Allocation to fixed assets or current assets -- 11.3.2 Acquisition or production costs -- 11.3.3 Depreciation and appreciation -- 11.4 Conclusion and Meaningfulness of the Valuations -- Bibliography -- 12 Real Estate Investment Trust (REITs) in Germany from the Perspective of Investors -- 12.1 Introduction -- 12.2 Two Major Types of REIT Investor -- 12.2.1 Specialists' (dedicated real estate investors') view -- 12.2.2 Generalists' (equity funds managers') view -- 12.3 Investors' View on the German REIT -- 12.3.1 Qualifying activities -- 12.3.2 Residential real estate constructed before 2007 does not qualify for REIT status -- 12.3.3 Trading of properties: Disposals limited to 50 % of the average investment portfolio within five years -- 12.3.4 Gearing: Limited to 45 % of the immovable property (valued at IAS 40 Fair Value Method) -- 12.3.5 Payout ratio -- 12.3.6 Taxation of profit at REIT level -- 12.3.7 Taxation at shareholder level -- 12.3.8 Possible double taxation for investors paying corporation tax -- 12.4 The German REIT Sector -- 12.5 Case Study: Hamborner REIT AG -- 12.5.1 Abstract and outlook -- Bibliography -- 13 ESG in German Real Estate Investments -- 13.1 Political and Regulatory Background -- 13.1.1 Sustainable development goals -- 13.1.2 EU Action Plan on Financing Sustainable Growth -- 13.1.3 The European Green Deal -- 13.1.4 EU Taxonomy Regulation -- 13.1.5 EU Disclosure Regulation -- 13.1.6 German energy regulations -- 13.2 Market Trends and Value Drivers -- 13.2.1 Stakeholders' demands -- 13.2.2 Market tools and industry initiatives (i.e. voluntary requirements) -- 13.3 Overview of ESG Measurement and Key Performance Indicators (»KPI«) | |
| 505 | 8 | |a 13.3.1 Measurement methodology of ESG criteria -- 13.3.2 Environmental, social and governance criteria -- 13.4 Implementation in Investment Processes (ESG due diligence) -- 13.4.1 Transactions and project development -- 13.4.2 Capex investments -- 13.4.3 Challenges -- 13.4.4 Best practice guidance -- 13.5 Implementation in Contracts and Legal Documentation -- 13.5.1 General considerations -- 13.5.2 Common understanding of the parties -- 13.5.3 Clauses on data exchange -- 13.5.4 Adaptation to new regulatory requirements and/or market trends -- 13.5.5 Recommendations for different life-cycle phases -- 13.6 Outlook -- IV. Management - Guidelines for Investing in German Real Estate -- 14 Real Estate Mergers & -- Acquisitions -- 14.1 Real Estate M& -- A Processes -- 14.1.1 Introduction -- 14.1.2 Auction and off-market process -- 14.2 Best Practices -- 14.2.1 Avoid NDA breaches -- 14.2.2 Understand buy-side transaction costs -- 14.2.3 Pay attention to potential broker fees -- 14.2.4 Understand the transaction and communicate with the sell-side -- 14.2.5 Avoid exiting the process right before submitting indicative offers -- 14.2.6 Stand by your indicative offer -- 14.3 Conclusion -- Bibliography -- 15 Financing Real Estate in Germany -- 15.1 Sources of Capital -- 15.2 Types of Security -- 15.2.1 Land charge and mortgage -- 15.2.2 Other security -- 15.3 Long-term Debt Financing -- 15.3.1 Characteristics -- 15.3.2 Mortgage loans -- 15.3.3 Linear-payback mortgage loan -- 15.3.4 Interest-only loans -- 15.3.5 Building societies -- 15.4 Conclusion -- Bibliography -- 16 Real Estate Valuation in Germany -- 16.1 Introduction -- 16.2 Basis of Valuation -- 16.2.1 Value definition and concept -- 16.2.2 Purpose of valuation -- 16.3 Valuation Framework in Germany -- 16.3.1 Immobilienwertermittlungsverordnung | |
| 505 | 8 | |a 16.3.2 Committee of valuation experts (Gutachterausschuss für Grundstückswerte, GAA) | |
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| building | Verbundindex |
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| collection | ZDB-30-PQE |
| contents | Cover -- Urheberrechtsinfo -- Title -- Copyright -- Table of Contents -- Foreword -- Foreword from the Editors -- I. Fundamentals - Basics of the German Real Estate Market -- 1 Macroeconomic Structure of the German Real Estate Market -- 1.1 German Macroeconomic Key Indicators -- 1.2 Geographic Structure of the German Real Estate Market -- 1.3 German Real Estate Indicators -- 1.4 German Real Estate Investment Structure -- 1.5 Conclusion: Attractiveness and Complexity -- Bibliography -- 2 Real Estate Investment Trends and Strategy -- 2.1 Introduction -- 2.1.1 Germany's stable investment framework -- 2.1.2 Polycentric real estate markets -- 2.1.3 Foreign investment -- 2.1.4 Demand shift towards niche markets -- 2.2 Real Estate Investment Strategies -- 2.2.1 Risk profiles with current yield expectations -- 2.2.2 Strategies for existing estates -- 2.2.3 Earlier entry into the real estate value chain -- 2.2.4 Countercyclical investment strategy -- 2.3 Deal Sourcing -- 2.3.1 Major buyers and sellers -- 2.3.2 Acquisition strategies -- 2.3.3 Local partners: investment managers -- 2.3.4 Collaboration: joint ventures and club deals -- 2.4 Conclusion -- Bibliography -- II. Markets - German Real Estate Market Sectors -- 3 The Housing Market in Germany -- 3.1 The Provider Structure in the German Housing Market -- 3.2 Rental Accommodation in Germany - The Most Common Form of Housing, High Quality and Stable Demand -- 3.3 Housing Construction in Germany and Demand for New Housing -- 3.4 German Rent Control -- 3.4.1 German capping limit ordinance (Section 558 (3) of the German Civil Code (BGB)) -- 3.4.2 Rental price brake (Mietpreisbremse) -- 3.4.3 Berlin rent price cap -- 3.5 Price Developments in the Sale of Residential Real Estate -- 3.6 Conclusion -- Bibliography -- 4 Investing in German Offices -- 4.1 Introduction -- 4.2 Germany Is Not Paris 4.3 Smaller Is Liquid -- 4.4 GDP Growth Is Not Alone -- 4.5 Low Yields: Small Margins of Error -- 4.6 Co-working Revisited -- 4.7 Sustainability Matters -- 4.8 The World According to Covid -- 4.9 Summary -- Bibliography -- 5 Retail Property Investment Market -- 5.1 Introduction -- 5.2 Definition and Types of Retail -- 5.2.1 Large-scale retail -- 5.2.2 Small-scale retail -- 5.2.3 Commercial buildings -- 5.2.4 Retail area definition -- 5.2.5 Structure and aspects of rental contracts -- 5.3 Retail Property Market Structure -- 5.3.1 Economic framework and consumer markets -- 5.3.2 Purchasing power index -- 5.3.3 Retail locations and location factors -- 5.4 Development of the Retail Property Investment Market -- 5.4.1 Development of retail rents -- 5.4.2 Development of prime yields -- 5.4.3 Transaction volumes -- 5.5 Challenges for the Retail Sector and Changing Shopping Behaviour -- 5.6 Summary and Outlook -- Bibliography -- 6 The Logistics and Industrial Property Investment Market -- 6.1 Introduction -- 6.2 Definition and Types of Logistic and Industrial Properties -- 6.2.1 Transhipment centres -- 6.2.2 Distribution properties -- 6.2.3 Fulfilment centres -- 6.2.4 Corporate real estate warehouse and production -- 6.3 The German Logistics Investment Market -- 6.3.1 The logistics market -- 6.3.2 Structure of the German logistics market -- 6.3.3 Investment market -- 6.3.4 Development of logistics rents -- 6.3.5 Rent contract conditions and durations -- 6.4 Trends in the Logistics Real Estate Sector -- 6.5 Summary and Outlook -- Bibliography -- 7 Hotel Investment Market -- 7.1 Introduction -- 7.2 Supply and Demand in the German Hotel Market -- 7.3 German Hotel Investment Market -- 7.4 Types of Hotels -- 7.5 Definitions of the Most Important KPIs for Investors in Hotels -- 7.6 Hotel-specific KPIs and German Market Characteristics -- 7.7 Operator Models 7.8 Summary and Outlook -- Hotel Data and Addresses -- Bibliography -- 8 Nursing Home Investment Market -- 8.1 Introduction -- 8.2 Types of Care Provision and Properties in the Senior Housing Segment -- 8.2.1 Inpatient care/nursing homes -- 8.2.2 Assisted living -- 8.2.3 Selected aspects of rental contracts -- 8.3 Demographics -- 8.4 Market and Location Analysis for Nursing Homes -- 8.5 Structural Requirements for Nursing Homes -- 8.6 Regulatory Framework -- 8.7 Consolidation and Concentration in the Nursing Home Operator Market -- 8.8 Transaction Market and Prime Yield Development -- 8.9 Opportunities and Risks of this Asset Class -- 8.10 Summary and Outlook -- Organizations -- Market Reports Databases -- Bibliography -- III. Framework - German Regulatory Real Estate Framework -- 9 Legal Real Estate Investment Framework -- 9.1 Introduction -- 9.2 Accessibility -- 9.3 Acquisition Structure -- 9.4 Relevant Legal Aspects for Risk Assessment -- 9.4.1 Property -- 9.4.2 Public law -- 9.4.3 Leases -- 9.5 Acquisition Process -- 10 Tax Aspects of Real Estate Investments in Germany -- 10.1 Overview -- 10.2 Income Tax (Einkommensteuer) and Corporate Income Tax (Körperschaftsteuer) -- 10.2.1 Resident companies and individuals -- 10.2.2 Non-resident companies and individuals -- 10.3 Withholding Tax Regime -- 10.4 Trade Tax (Gewerbesteuer) -- 10.4.1 Extended trade tax deduction (Erweiterte Gewerbesteuerkürzung) -- 10.5 Real Estate Transfer Tax (Grunderwerbsteuer) -- 10.6 Value-added Tax (Umsatzsteuer) -- 10.7 Land Tax (Grundsteuer) -- 10.8 German Anti-hybrid Considerations -- 10.9 Mandatory Reporting of Cross-border Tax Arrangements -- 10.9.1 General remarks -- 10.9.2 Reportable arrangements -- 10.9.3 Reportable persons -- 10.9.4 Procedures and deadlines for reporting -- 10.9.5 Sanctions for breaches of the reporting obligation -- 10.10 Tax Summary 11 Real Estate Accounting -- 11.1 Introduction -- 11.2 Components of Accounting and their Functions -- 11.3 Accounting and Valuation Principles -- 11.3.1 Allocation to fixed assets or current assets -- 11.3.2 Acquisition or production costs -- 11.3.3 Depreciation and appreciation -- 11.4 Conclusion and Meaningfulness of the Valuations -- Bibliography -- 12 Real Estate Investment Trust (REITs) in Germany from the Perspective of Investors -- 12.1 Introduction -- 12.2 Two Major Types of REIT Investor -- 12.2.1 Specialists' (dedicated real estate investors') view -- 12.2.2 Generalists' (equity funds managers') view -- 12.3 Investors' View on the German REIT -- 12.3.1 Qualifying activities -- 12.3.2 Residential real estate constructed before 2007 does not qualify for REIT status -- 12.3.3 Trading of properties: Disposals limited to 50 % of the average investment portfolio within five years -- 12.3.4 Gearing: Limited to 45 % of the immovable property (valued at IAS 40 Fair Value Method) -- 12.3.5 Payout ratio -- 12.3.6 Taxation of profit at REIT level -- 12.3.7 Taxation at shareholder level -- 12.3.8 Possible double taxation for investors paying corporation tax -- 12.4 The German REIT Sector -- 12.5 Case Study: Hamborner REIT AG -- 12.5.1 Abstract and outlook -- Bibliography -- 13 ESG in German Real Estate Investments -- 13.1 Political and Regulatory Background -- 13.1.1 Sustainable development goals -- 13.1.2 EU Action Plan on Financing Sustainable Growth -- 13.1.3 The European Green Deal -- 13.1.4 EU Taxonomy Regulation -- 13.1.5 EU Disclosure Regulation -- 13.1.6 German energy regulations -- 13.2 Market Trends and Value Drivers -- 13.2.1 Stakeholders' demands -- 13.2.2 Market tools and industry initiatives (i.e. voluntary requirements) -- 13.3 Overview of ESG Measurement and Key Performance Indicators (»KPI«) 13.3.1 Measurement methodology of ESG criteria -- 13.3.2 Environmental, social and governance criteria -- 13.4 Implementation in Investment Processes (ESG due diligence) -- 13.4.1 Transactions and project development -- 13.4.2 Capex investments -- 13.4.3 Challenges -- 13.4.4 Best practice guidance -- 13.5 Implementation in Contracts and Legal Documentation -- 13.5.1 General considerations -- 13.5.2 Common understanding of the parties -- 13.5.3 Clauses on data exchange -- 13.5.4 Adaptation to new regulatory requirements and/or market trends -- 13.5.5 Recommendations for different life-cycle phases -- 13.6 Outlook -- IV. Management - Guidelines for Investing in German Real Estate -- 14 Real Estate Mergers & -- Acquisitions -- 14.1 Real Estate M& -- A Processes -- 14.1.1 Introduction -- 14.1.2 Auction and off-market process -- 14.2 Best Practices -- 14.2.1 Avoid NDA breaches -- 14.2.2 Understand buy-side transaction costs -- 14.2.3 Pay attention to potential broker fees -- 14.2.4 Understand the transaction and communicate with the sell-side -- 14.2.5 Avoid exiting the process right before submitting indicative offers -- 14.2.6 Stand by your indicative offer -- 14.3 Conclusion -- Bibliography -- 15 Financing Real Estate in Germany -- 15.1 Sources of Capital -- 15.2 Types of Security -- 15.2.1 Land charge and mortgage -- 15.2.2 Other security -- 15.3 Long-term Debt Financing -- 15.3.1 Characteristics -- 15.3.2 Mortgage loans -- 15.3.3 Linear-payback mortgage loan -- 15.3.4 Interest-only loans -- 15.3.5 Building societies -- 15.4 Conclusion -- Bibliography -- 16 Real Estate Valuation in Germany -- 16.1 Introduction -- 16.2 Basis of Valuation -- 16.2.1 Value definition and concept -- 16.2.2 Purpose of valuation -- 16.3 Valuation Framework in Germany -- 16.3.1 Immobilienwertermittlungsverordnung 16.3.2 Committee of valuation experts (Gutachterausschuss für Grundstückswerte, GAA) |
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| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>11168nmm a2200517zc 4500</leader><controlfield tag="001">BV047689368</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">00000000000000.0</controlfield><controlfield tag="007">cr|uuu---uuuuu</controlfield><controlfield tag="008">220118s2021 |||| o||u| ||||||eng d</controlfield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9783648146583</subfield><subfield code="9">978-3-648-14658-3</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-30-PQE)EBC6469713</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-30-PAD)EBC6469713</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(ZDB-89-EBL)EBL6469713</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)1269388891</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV047689368</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">rda</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-2070s</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Hackelberg, Florian</subfield><subfield code="e">Verfasser</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Investing in German Real Estate</subfield><subfield code="b">A practical guide</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Freiburg</subfield><subfield code="b">Haufe Lexware Verlag</subfield><subfield code="c">2021</subfield></datafield><datafield tag="264" ind1=" " ind2="4"><subfield code="c">©2021</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">1 online resource (382 pages)</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="490" ind1="0" ind2=" "><subfield code="a">Haufe Fachbuch</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Description based on publisher supplied metadata and other sources</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">Cover -- Urheberrechtsinfo -- Title -- Copyright -- Table of Contents -- Foreword -- Foreword from the Editors -- I. Fundamentals - Basics of the German Real Estate Market -- 1 Macroeconomic Structure of the German Real Estate Market -- 1.1 German Macroeconomic Key Indicators -- 1.2 Geographic Structure of the German Real Estate Market -- 1.3 German Real Estate Indicators -- 1.4 German Real Estate Investment Structure -- 1.5 Conclusion: Attractiveness and Complexity -- Bibliography -- 2 Real Estate Investment Trends and Strategy -- 2.1 Introduction -- 2.1.1 Germany's stable investment framework -- 2.1.2 Polycentric real estate markets -- 2.1.3 Foreign investment -- 2.1.4 Demand shift towards niche markets -- 2.2 Real Estate Investment Strategies -- 2.2.1 Risk profiles with current yield expectations -- 2.2.2 Strategies for existing estates -- 2.2.3 Earlier entry into the real estate value chain -- 2.2.4 Countercyclical investment strategy -- 2.3 Deal Sourcing -- 2.3.1 Major buyers and sellers -- 2.3.2 Acquisition strategies -- 2.3.3 Local partners: investment managers -- 2.3.4 Collaboration: joint ventures and club deals -- 2.4 Conclusion -- Bibliography -- II. Markets - German Real Estate Market Sectors -- 3 The Housing Market in Germany -- 3.1 The Provider Structure in the German Housing Market -- 3.2 Rental Accommodation in Germany - The Most Common Form of Housing, High Quality and Stable Demand -- 3.3 Housing Construction in Germany and Demand for New Housing -- 3.4 German Rent Control -- 3.4.1 German capping limit ordinance (Section 558 (3) of the German Civil Code (BGB)) -- 3.4.2 Rental price brake (Mietpreisbremse) -- 3.4.3 Berlin rent price cap -- 3.5 Price Developments in the Sale of Residential Real Estate -- 3.6 Conclusion -- Bibliography -- 4 Investing in German Offices -- 4.1 Introduction -- 4.2 Germany Is Not Paris</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">4.3 Smaller Is Liquid -- 4.4 GDP Growth Is Not Alone -- 4.5 Low Yields: Small Margins of Error -- 4.6 Co-working Revisited -- 4.7 Sustainability Matters -- 4.8 The World According to Covid -- 4.9 Summary -- Bibliography -- 5 Retail Property Investment Market -- 5.1 Introduction -- 5.2 Definition and Types of Retail -- 5.2.1 Large-scale retail -- 5.2.2 Small-scale retail -- 5.2.3 Commercial buildings -- 5.2.4 Retail area definition -- 5.2.5 Structure and aspects of rental contracts -- 5.3 Retail Property Market Structure -- 5.3.1 Economic framework and consumer markets -- 5.3.2 Purchasing power index -- 5.3.3 Retail locations and location factors -- 5.4 Development of the Retail Property Investment Market -- 5.4.1 Development of retail rents -- 5.4.2 Development of prime yields -- 5.4.3 Transaction volumes -- 5.5 Challenges for the Retail Sector and Changing Shopping Behaviour -- 5.6 Summary and Outlook -- Bibliography -- 6 The Logistics and Industrial Property Investment Market -- 6.1 Introduction -- 6.2 Definition and Types of Logistic and Industrial Properties -- 6.2.1 Transhipment centres -- 6.2.2 Distribution properties -- 6.2.3 Fulfilment centres -- 6.2.4 Corporate real estate warehouse and production -- 6.3 The German Logistics Investment Market -- 6.3.1 The logistics market -- 6.3.2 Structure of the German logistics market -- 6.3.3 Investment market -- 6.3.4 Development of logistics rents -- 6.3.5 Rent contract conditions and durations -- 6.4 Trends in the Logistics Real Estate Sector -- 6.5 Summary and Outlook -- Bibliography -- 7 Hotel Investment Market -- 7.1 Introduction -- 7.2 Supply and Demand in the German Hotel Market -- 7.3 German Hotel Investment Market -- 7.4 Types of Hotels -- 7.5 Definitions of the Most Important KPIs for Investors in Hotels -- 7.6 Hotel-specific KPIs and German Market Characteristics -- 7.7 Operator Models</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">7.8 Summary and Outlook -- Hotel Data and Addresses -- Bibliography -- 8 Nursing Home Investment Market -- 8.1 Introduction -- 8.2 Types of Care Provision and Properties in the Senior Housing Segment -- 8.2.1 Inpatient care/nursing homes -- 8.2.2 Assisted living -- 8.2.3 Selected aspects of rental contracts -- 8.3 Demographics -- 8.4 Market and Location Analysis for Nursing Homes -- 8.5 Structural Requirements for Nursing Homes -- 8.6 Regulatory Framework -- 8.7 Consolidation and Concentration in the Nursing Home Operator Market -- 8.8 Transaction Market and Prime Yield Development -- 8.9 Opportunities and Risks of this Asset Class -- 8.10 Summary and Outlook -- Organizations -- Market Reports Databases -- Bibliography -- III. Framework - German Regulatory Real Estate Framework -- 9 Legal Real Estate Investment Framework -- 9.1 Introduction -- 9.2 Accessibility -- 9.3 Acquisition Structure -- 9.4 Relevant Legal Aspects for Risk Assessment -- 9.4.1 Property -- 9.4.2 Public law -- 9.4.3 Leases -- 9.5 Acquisition Process -- 10 Tax Aspects of Real Estate Investments in Germany -- 10.1 Overview -- 10.2 Income Tax (Einkommensteuer) and Corporate Income Tax (Körperschaftsteuer) -- 10.2.1 Resident companies and individuals -- 10.2.2 Non-resident companies and individuals -- 10.3 Withholding Tax Regime -- 10.4 Trade Tax (Gewerbesteuer) -- 10.4.1 Extended trade tax deduction (Erweiterte Gewerbesteuerkürzung) -- 10.5 Real Estate Transfer Tax (Grunderwerbsteuer) -- 10.6 Value-added Tax (Umsatzsteuer) -- 10.7 Land Tax (Grundsteuer) -- 10.8 German Anti-hybrid Considerations -- 10.9 Mandatory Reporting of Cross-border Tax Arrangements -- 10.9.1 General remarks -- 10.9.2 Reportable arrangements -- 10.9.3 Reportable persons -- 10.9.4 Procedures and deadlines for reporting -- 10.9.5 Sanctions for breaches of the reporting obligation -- 10.10 Tax Summary</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">11 Real Estate Accounting -- 11.1 Introduction -- 11.2 Components of Accounting and their Functions -- 11.3 Accounting and Valuation Principles -- 11.3.1 Allocation to fixed assets or current assets -- 11.3.2 Acquisition or production costs -- 11.3.3 Depreciation and appreciation -- 11.4 Conclusion and Meaningfulness of the Valuations -- Bibliography -- 12 Real Estate Investment Trust (REITs) in Germany from the Perspective of Investors -- 12.1 Introduction -- 12.2 Two Major Types of REIT Investor -- 12.2.1 Specialists' (dedicated real estate investors') view -- 12.2.2 Generalists' (equity funds managers') view -- 12.3 Investors' View on the German REIT -- 12.3.1 Qualifying activities -- 12.3.2 Residential real estate constructed before 2007 does not qualify for REIT status -- 12.3.3 Trading of properties: Disposals limited to 50 % of the average investment portfolio within five years -- 12.3.4 Gearing: Limited to 45 % of the immovable property (valued at IAS 40 Fair Value Method) -- 12.3.5 Payout ratio -- 12.3.6 Taxation of profit at REIT level -- 12.3.7 Taxation at shareholder level -- 12.3.8 Possible double taxation for investors paying corporation tax -- 12.4 The German REIT Sector -- 12.5 Case Study: Hamborner REIT AG -- 12.5.1 Abstract and outlook -- Bibliography -- 13 ESG in German Real Estate Investments -- 13.1 Political and Regulatory Background -- 13.1.1 Sustainable development goals -- 13.1.2 EU Action Plan on Financing Sustainable Growth -- 13.1.3 The European Green Deal -- 13.1.4 EU Taxonomy Regulation -- 13.1.5 EU Disclosure Regulation -- 13.1.6 German energy regulations -- 13.2 Market Trends and Value Drivers -- 13.2.1 Stakeholders' demands -- 13.2.2 Market tools and industry initiatives (i.e. voluntary requirements) -- 13.3 Overview of ESG Measurement and Key Performance Indicators (»KPI«)</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">13.3.1 Measurement methodology of ESG criteria -- 13.3.2 Environmental, social and governance criteria -- 13.4 Implementation in Investment Processes (ESG due diligence) -- 13.4.1 Transactions and project development -- 13.4.2 Capex investments -- 13.4.3 Challenges -- 13.4.4 Best practice guidance -- 13.5 Implementation in Contracts and Legal Documentation -- 13.5.1 General considerations -- 13.5.2 Common understanding of the parties -- 13.5.3 Clauses on data exchange -- 13.5.4 Adaptation to new regulatory requirements and/or market trends -- 13.5.5 Recommendations for different life-cycle phases -- 13.6 Outlook -- IV. Management - Guidelines for Investing in German Real Estate -- 14 Real Estate Mergers &amp -- Acquisitions -- 14.1 Real Estate M&amp -- A Processes -- 14.1.1 Introduction -- 14.1.2 Auction and off-market process -- 14.2 Best Practices -- 14.2.1 Avoid NDA breaches -- 14.2.2 Understand buy-side transaction costs -- 14.2.3 Pay attention to potential broker fees -- 14.2.4 Understand the transaction and communicate with the sell-side -- 14.2.5 Avoid exiting the process right before submitting indicative offers -- 14.2.6 Stand by your indicative offer -- 14.3 Conclusion -- Bibliography -- 15 Financing Real Estate in Germany -- 15.1 Sources of Capital -- 15.2 Types of Security -- 15.2.1 Land charge and mortgage -- 15.2.2 Other security -- 15.3 Long-term Debt Financing -- 15.3.1 Characteristics -- 15.3.2 Mortgage loans -- 15.3.3 Linear-payback mortgage loan -- 15.3.4 Interest-only loans -- 15.3.5 Building societies -- 15.4 Conclusion -- Bibliography -- 16 Real Estate Valuation in Germany -- 16.1 Introduction -- 16.2 Basis of Valuation -- 16.2.1 Value definition and concept -- 16.2.2 Purpose of valuation -- 16.3 Valuation Framework in Germany -- 16.3.1 Immobilienwertermittlungsverordnung</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">16.3.2 Committee of valuation experts (Gutachterausschuss für Grundstückswerte, GAA)</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Immobilienanlage</subfield><subfield code="0">(DE-588)4120474-8</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="651" ind1=" " ind2="7"><subfield code="a">Deutschland</subfield><subfield code="0">(DE-588)4011882-4</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="655" ind1=" " ind2="7"><subfield code="0">(DE-588)4143413-4</subfield><subfield code="a">Aufsatzsammlung</subfield><subfield code="2">gnd-content</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Deutschland</subfield><subfield code="0">(DE-588)4011882-4</subfield><subfield code="D">g</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Immobilienanlage</subfield><subfield code="0">(DE-588)4120474-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-604</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Hennig, Dirk</subfield><subfield code="e">Sonstige</subfield><subfield code="4">oth</subfield></datafield><datafield tag="776" ind1="0" ind2="8"><subfield code="i">Erscheint auch als</subfield><subfield code="n">Druck-Ausgabe</subfield><subfield code="a">Hackelberg, Florian</subfield><subfield code="t">Investing in German Real Estate</subfield><subfield code="d">Freiburg : Haufe Lexware Verlag,c2021</subfield><subfield code="z">9783648146576</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">ZDB-30-PQE</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-033073383</subfield></datafield><datafield tag="966" ind1="e" ind2=" "><subfield code="u">https://ebookcentral.proquest.com/lib/hwr/detail.action?docID=6469713</subfield><subfield code="l">HWR01</subfield><subfield code="p">ZDB-30-PQE</subfield><subfield code="q">HWR_PDA_PQE</subfield><subfield code="x">Aggregator</subfield><subfield code="3">Volltext</subfield></datafield></record></collection> |
| genre | (DE-588)4143413-4 Aufsatzsammlung gnd-content |
| genre_facet | Aufsatzsammlung |
| geographic | Deutschland (DE-588)4011882-4 gnd |
| geographic_facet | Deutschland |
| id | DE-604.BV047689368 |
| illustrated | Not Illustrated |
| index_date | 2024-07-03T18:57:01Z |
| indexdate | 2024-07-10T09:19:16Z |
| institution | BVB |
| isbn | 9783648146583 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-033073383 |
| oclc_num | 1269388891 |
| open_access_boolean | |
| owner | DE-2070s |
| owner_facet | DE-2070s |
| physical | 1 online resource (382 pages) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2021 |
| publishDateSearch | 2021 |
| publishDateSort | 2021 |
| publisher | Haufe Lexware Verlag |
| record_format | marc |
| series2 | Haufe Fachbuch |
| spelling | Hackelberg, Florian Verfasser aut Investing in German Real Estate A practical guide Freiburg Haufe Lexware Verlag 2021 ©2021 1 online resource (382 pages) txt rdacontent c rdamedia cr rdacarrier Haufe Fachbuch Description based on publisher supplied metadata and other sources Cover -- Urheberrechtsinfo -- Title -- Copyright -- Table of Contents -- Foreword -- Foreword from the Editors -- I. Fundamentals - Basics of the German Real Estate Market -- 1 Macroeconomic Structure of the German Real Estate Market -- 1.1 German Macroeconomic Key Indicators -- 1.2 Geographic Structure of the German Real Estate Market -- 1.3 German Real Estate Indicators -- 1.4 German Real Estate Investment Structure -- 1.5 Conclusion: Attractiveness and Complexity -- Bibliography -- 2 Real Estate Investment Trends and Strategy -- 2.1 Introduction -- 2.1.1 Germany's stable investment framework -- 2.1.2 Polycentric real estate markets -- 2.1.3 Foreign investment -- 2.1.4 Demand shift towards niche markets -- 2.2 Real Estate Investment Strategies -- 2.2.1 Risk profiles with current yield expectations -- 2.2.2 Strategies for existing estates -- 2.2.3 Earlier entry into the real estate value chain -- 2.2.4 Countercyclical investment strategy -- 2.3 Deal Sourcing -- 2.3.1 Major buyers and sellers -- 2.3.2 Acquisition strategies -- 2.3.3 Local partners: investment managers -- 2.3.4 Collaboration: joint ventures and club deals -- 2.4 Conclusion -- Bibliography -- II. Markets - German Real Estate Market Sectors -- 3 The Housing Market in Germany -- 3.1 The Provider Structure in the German Housing Market -- 3.2 Rental Accommodation in Germany - The Most Common Form of Housing, High Quality and Stable Demand -- 3.3 Housing Construction in Germany and Demand for New Housing -- 3.4 German Rent Control -- 3.4.1 German capping limit ordinance (Section 558 (3) of the German Civil Code (BGB)) -- 3.4.2 Rental price brake (Mietpreisbremse) -- 3.4.3 Berlin rent price cap -- 3.5 Price Developments in the Sale of Residential Real Estate -- 3.6 Conclusion -- Bibliography -- 4 Investing in German Offices -- 4.1 Introduction -- 4.2 Germany Is Not Paris 4.3 Smaller Is Liquid -- 4.4 GDP Growth Is Not Alone -- 4.5 Low Yields: Small Margins of Error -- 4.6 Co-working Revisited -- 4.7 Sustainability Matters -- 4.8 The World According to Covid -- 4.9 Summary -- Bibliography -- 5 Retail Property Investment Market -- 5.1 Introduction -- 5.2 Definition and Types of Retail -- 5.2.1 Large-scale retail -- 5.2.2 Small-scale retail -- 5.2.3 Commercial buildings -- 5.2.4 Retail area definition -- 5.2.5 Structure and aspects of rental contracts -- 5.3 Retail Property Market Structure -- 5.3.1 Economic framework and consumer markets -- 5.3.2 Purchasing power index -- 5.3.3 Retail locations and location factors -- 5.4 Development of the Retail Property Investment Market -- 5.4.1 Development of retail rents -- 5.4.2 Development of prime yields -- 5.4.3 Transaction volumes -- 5.5 Challenges for the Retail Sector and Changing Shopping Behaviour -- 5.6 Summary and Outlook -- Bibliography -- 6 The Logistics and Industrial Property Investment Market -- 6.1 Introduction -- 6.2 Definition and Types of Logistic and Industrial Properties -- 6.2.1 Transhipment centres -- 6.2.2 Distribution properties -- 6.2.3 Fulfilment centres -- 6.2.4 Corporate real estate warehouse and production -- 6.3 The German Logistics Investment Market -- 6.3.1 The logistics market -- 6.3.2 Structure of the German logistics market -- 6.3.3 Investment market -- 6.3.4 Development of logistics rents -- 6.3.5 Rent contract conditions and durations -- 6.4 Trends in the Logistics Real Estate Sector -- 6.5 Summary and Outlook -- Bibliography -- 7 Hotel Investment Market -- 7.1 Introduction -- 7.2 Supply and Demand in the German Hotel Market -- 7.3 German Hotel Investment Market -- 7.4 Types of Hotels -- 7.5 Definitions of the Most Important KPIs for Investors in Hotels -- 7.6 Hotel-specific KPIs and German Market Characteristics -- 7.7 Operator Models 7.8 Summary and Outlook -- Hotel Data and Addresses -- Bibliography -- 8 Nursing Home Investment Market -- 8.1 Introduction -- 8.2 Types of Care Provision and Properties in the Senior Housing Segment -- 8.2.1 Inpatient care/nursing homes -- 8.2.2 Assisted living -- 8.2.3 Selected aspects of rental contracts -- 8.3 Demographics -- 8.4 Market and Location Analysis for Nursing Homes -- 8.5 Structural Requirements for Nursing Homes -- 8.6 Regulatory Framework -- 8.7 Consolidation and Concentration in the Nursing Home Operator Market -- 8.8 Transaction Market and Prime Yield Development -- 8.9 Opportunities and Risks of this Asset Class -- 8.10 Summary and Outlook -- Organizations -- Market Reports Databases -- Bibliography -- III. Framework - German Regulatory Real Estate Framework -- 9 Legal Real Estate Investment Framework -- 9.1 Introduction -- 9.2 Accessibility -- 9.3 Acquisition Structure -- 9.4 Relevant Legal Aspects for Risk Assessment -- 9.4.1 Property -- 9.4.2 Public law -- 9.4.3 Leases -- 9.5 Acquisition Process -- 10 Tax Aspects of Real Estate Investments in Germany -- 10.1 Overview -- 10.2 Income Tax (Einkommensteuer) and Corporate Income Tax (Körperschaftsteuer) -- 10.2.1 Resident companies and individuals -- 10.2.2 Non-resident companies and individuals -- 10.3 Withholding Tax Regime -- 10.4 Trade Tax (Gewerbesteuer) -- 10.4.1 Extended trade tax deduction (Erweiterte Gewerbesteuerkürzung) -- 10.5 Real Estate Transfer Tax (Grunderwerbsteuer) -- 10.6 Value-added Tax (Umsatzsteuer) -- 10.7 Land Tax (Grundsteuer) -- 10.8 German Anti-hybrid Considerations -- 10.9 Mandatory Reporting of Cross-border Tax Arrangements -- 10.9.1 General remarks -- 10.9.2 Reportable arrangements -- 10.9.3 Reportable persons -- 10.9.4 Procedures and deadlines for reporting -- 10.9.5 Sanctions for breaches of the reporting obligation -- 10.10 Tax Summary 11 Real Estate Accounting -- 11.1 Introduction -- 11.2 Components of Accounting and their Functions -- 11.3 Accounting and Valuation Principles -- 11.3.1 Allocation to fixed assets or current assets -- 11.3.2 Acquisition or production costs -- 11.3.3 Depreciation and appreciation -- 11.4 Conclusion and Meaningfulness of the Valuations -- Bibliography -- 12 Real Estate Investment Trust (REITs) in Germany from the Perspective of Investors -- 12.1 Introduction -- 12.2 Two Major Types of REIT Investor -- 12.2.1 Specialists' (dedicated real estate investors') view -- 12.2.2 Generalists' (equity funds managers') view -- 12.3 Investors' View on the German REIT -- 12.3.1 Qualifying activities -- 12.3.2 Residential real estate constructed before 2007 does not qualify for REIT status -- 12.3.3 Trading of properties: Disposals limited to 50 % of the average investment portfolio within five years -- 12.3.4 Gearing: Limited to 45 % of the immovable property (valued at IAS 40 Fair Value Method) -- 12.3.5 Payout ratio -- 12.3.6 Taxation of profit at REIT level -- 12.3.7 Taxation at shareholder level -- 12.3.8 Possible double taxation for investors paying corporation tax -- 12.4 The German REIT Sector -- 12.5 Case Study: Hamborner REIT AG -- 12.5.1 Abstract and outlook -- Bibliography -- 13 ESG in German Real Estate Investments -- 13.1 Political and Regulatory Background -- 13.1.1 Sustainable development goals -- 13.1.2 EU Action Plan on Financing Sustainable Growth -- 13.1.3 The European Green Deal -- 13.1.4 EU Taxonomy Regulation -- 13.1.5 EU Disclosure Regulation -- 13.1.6 German energy regulations -- 13.2 Market Trends and Value Drivers -- 13.2.1 Stakeholders' demands -- 13.2.2 Market tools and industry initiatives (i.e. voluntary requirements) -- 13.3 Overview of ESG Measurement and Key Performance Indicators (»KPI«) 13.3.1 Measurement methodology of ESG criteria -- 13.3.2 Environmental, social and governance criteria -- 13.4 Implementation in Investment Processes (ESG due diligence) -- 13.4.1 Transactions and project development -- 13.4.2 Capex investments -- 13.4.3 Challenges -- 13.4.4 Best practice guidance -- 13.5 Implementation in Contracts and Legal Documentation -- 13.5.1 General considerations -- 13.5.2 Common understanding of the parties -- 13.5.3 Clauses on data exchange -- 13.5.4 Adaptation to new regulatory requirements and/or market trends -- 13.5.5 Recommendations for different life-cycle phases -- 13.6 Outlook -- IV. Management - Guidelines for Investing in German Real Estate -- 14 Real Estate Mergers & -- Acquisitions -- 14.1 Real Estate M& -- A Processes -- 14.1.1 Introduction -- 14.1.2 Auction and off-market process -- 14.2 Best Practices -- 14.2.1 Avoid NDA breaches -- 14.2.2 Understand buy-side transaction costs -- 14.2.3 Pay attention to potential broker fees -- 14.2.4 Understand the transaction and communicate with the sell-side -- 14.2.5 Avoid exiting the process right before submitting indicative offers -- 14.2.6 Stand by your indicative offer -- 14.3 Conclusion -- Bibliography -- 15 Financing Real Estate in Germany -- 15.1 Sources of Capital -- 15.2 Types of Security -- 15.2.1 Land charge and mortgage -- 15.2.2 Other security -- 15.3 Long-term Debt Financing -- 15.3.1 Characteristics -- 15.3.2 Mortgage loans -- 15.3.3 Linear-payback mortgage loan -- 15.3.4 Interest-only loans -- 15.3.5 Building societies -- 15.4 Conclusion -- Bibliography -- 16 Real Estate Valuation in Germany -- 16.1 Introduction -- 16.2 Basis of Valuation -- 16.2.1 Value definition and concept -- 16.2.2 Purpose of valuation -- 16.3 Valuation Framework in Germany -- 16.3.1 Immobilienwertermittlungsverordnung 16.3.2 Committee of valuation experts (Gutachterausschuss für Grundstückswerte, GAA) Immobilienanlage (DE-588)4120474-8 gnd rswk-swf Deutschland (DE-588)4011882-4 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Deutschland (DE-588)4011882-4 g Immobilienanlage (DE-588)4120474-8 s DE-604 Hennig, Dirk Sonstige oth Erscheint auch als Druck-Ausgabe Hackelberg, Florian Investing in German Real Estate Freiburg : Haufe Lexware Verlag,c2021 9783648146576 |
| spellingShingle | Hackelberg, Florian Investing in German Real Estate A practical guide Cover -- Urheberrechtsinfo -- Title -- Copyright -- Table of Contents -- Foreword -- Foreword from the Editors -- I. Fundamentals - Basics of the German Real Estate Market -- 1 Macroeconomic Structure of the German Real Estate Market -- 1.1 German Macroeconomic Key Indicators -- 1.2 Geographic Structure of the German Real Estate Market -- 1.3 German Real Estate Indicators -- 1.4 German Real Estate Investment Structure -- 1.5 Conclusion: Attractiveness and Complexity -- Bibliography -- 2 Real Estate Investment Trends and Strategy -- 2.1 Introduction -- 2.1.1 Germany's stable investment framework -- 2.1.2 Polycentric real estate markets -- 2.1.3 Foreign investment -- 2.1.4 Demand shift towards niche markets -- 2.2 Real Estate Investment Strategies -- 2.2.1 Risk profiles with current yield expectations -- 2.2.2 Strategies for existing estates -- 2.2.3 Earlier entry into the real estate value chain -- 2.2.4 Countercyclical investment strategy -- 2.3 Deal Sourcing -- 2.3.1 Major buyers and sellers -- 2.3.2 Acquisition strategies -- 2.3.3 Local partners: investment managers -- 2.3.4 Collaboration: joint ventures and club deals -- 2.4 Conclusion -- Bibliography -- II. Markets - German Real Estate Market Sectors -- 3 The Housing Market in Germany -- 3.1 The Provider Structure in the German Housing Market -- 3.2 Rental Accommodation in Germany - The Most Common Form of Housing, High Quality and Stable Demand -- 3.3 Housing Construction in Germany and Demand for New Housing -- 3.4 German Rent Control -- 3.4.1 German capping limit ordinance (Section 558 (3) of the German Civil Code (BGB)) -- 3.4.2 Rental price brake (Mietpreisbremse) -- 3.4.3 Berlin rent price cap -- 3.5 Price Developments in the Sale of Residential Real Estate -- 3.6 Conclusion -- Bibliography -- 4 Investing in German Offices -- 4.1 Introduction -- 4.2 Germany Is Not Paris 4.3 Smaller Is Liquid -- 4.4 GDP Growth Is Not Alone -- 4.5 Low Yields: Small Margins of Error -- 4.6 Co-working Revisited -- 4.7 Sustainability Matters -- 4.8 The World According to Covid -- 4.9 Summary -- Bibliography -- 5 Retail Property Investment Market -- 5.1 Introduction -- 5.2 Definition and Types of Retail -- 5.2.1 Large-scale retail -- 5.2.2 Small-scale retail -- 5.2.3 Commercial buildings -- 5.2.4 Retail area definition -- 5.2.5 Structure and aspects of rental contracts -- 5.3 Retail Property Market Structure -- 5.3.1 Economic framework and consumer markets -- 5.3.2 Purchasing power index -- 5.3.3 Retail locations and location factors -- 5.4 Development of the Retail Property Investment Market -- 5.4.1 Development of retail rents -- 5.4.2 Development of prime yields -- 5.4.3 Transaction volumes -- 5.5 Challenges for the Retail Sector and Changing Shopping Behaviour -- 5.6 Summary and Outlook -- Bibliography -- 6 The Logistics and Industrial Property Investment Market -- 6.1 Introduction -- 6.2 Definition and Types of Logistic and Industrial Properties -- 6.2.1 Transhipment centres -- 6.2.2 Distribution properties -- 6.2.3 Fulfilment centres -- 6.2.4 Corporate real estate warehouse and production -- 6.3 The German Logistics Investment Market -- 6.3.1 The logistics market -- 6.3.2 Structure of the German logistics market -- 6.3.3 Investment market -- 6.3.4 Development of logistics rents -- 6.3.5 Rent contract conditions and durations -- 6.4 Trends in the Logistics Real Estate Sector -- 6.5 Summary and Outlook -- Bibliography -- 7 Hotel Investment Market -- 7.1 Introduction -- 7.2 Supply and Demand in the German Hotel Market -- 7.3 German Hotel Investment Market -- 7.4 Types of Hotels -- 7.5 Definitions of the Most Important KPIs for Investors in Hotels -- 7.6 Hotel-specific KPIs and German Market Characteristics -- 7.7 Operator Models 7.8 Summary and Outlook -- Hotel Data and Addresses -- Bibliography -- 8 Nursing Home Investment Market -- 8.1 Introduction -- 8.2 Types of Care Provision and Properties in the Senior Housing Segment -- 8.2.1 Inpatient care/nursing homes -- 8.2.2 Assisted living -- 8.2.3 Selected aspects of rental contracts -- 8.3 Demographics -- 8.4 Market and Location Analysis for Nursing Homes -- 8.5 Structural Requirements for Nursing Homes -- 8.6 Regulatory Framework -- 8.7 Consolidation and Concentration in the Nursing Home Operator Market -- 8.8 Transaction Market and Prime Yield Development -- 8.9 Opportunities and Risks of this Asset Class -- 8.10 Summary and Outlook -- Organizations -- Market Reports Databases -- Bibliography -- III. Framework - German Regulatory Real Estate Framework -- 9 Legal Real Estate Investment Framework -- 9.1 Introduction -- 9.2 Accessibility -- 9.3 Acquisition Structure -- 9.4 Relevant Legal Aspects for Risk Assessment -- 9.4.1 Property -- 9.4.2 Public law -- 9.4.3 Leases -- 9.5 Acquisition Process -- 10 Tax Aspects of Real Estate Investments in Germany -- 10.1 Overview -- 10.2 Income Tax (Einkommensteuer) and Corporate Income Tax (Körperschaftsteuer) -- 10.2.1 Resident companies and individuals -- 10.2.2 Non-resident companies and individuals -- 10.3 Withholding Tax Regime -- 10.4 Trade Tax (Gewerbesteuer) -- 10.4.1 Extended trade tax deduction (Erweiterte Gewerbesteuerkürzung) -- 10.5 Real Estate Transfer Tax (Grunderwerbsteuer) -- 10.6 Value-added Tax (Umsatzsteuer) -- 10.7 Land Tax (Grundsteuer) -- 10.8 German Anti-hybrid Considerations -- 10.9 Mandatory Reporting of Cross-border Tax Arrangements -- 10.9.1 General remarks -- 10.9.2 Reportable arrangements -- 10.9.3 Reportable persons -- 10.9.4 Procedures and deadlines for reporting -- 10.9.5 Sanctions for breaches of the reporting obligation -- 10.10 Tax Summary 11 Real Estate Accounting -- 11.1 Introduction -- 11.2 Components of Accounting and their Functions -- 11.3 Accounting and Valuation Principles -- 11.3.1 Allocation to fixed assets or current assets -- 11.3.2 Acquisition or production costs -- 11.3.3 Depreciation and appreciation -- 11.4 Conclusion and Meaningfulness of the Valuations -- Bibliography -- 12 Real Estate Investment Trust (REITs) in Germany from the Perspective of Investors -- 12.1 Introduction -- 12.2 Two Major Types of REIT Investor -- 12.2.1 Specialists' (dedicated real estate investors') view -- 12.2.2 Generalists' (equity funds managers') view -- 12.3 Investors' View on the German REIT -- 12.3.1 Qualifying activities -- 12.3.2 Residential real estate constructed before 2007 does not qualify for REIT status -- 12.3.3 Trading of properties: Disposals limited to 50 % of the average investment portfolio within five years -- 12.3.4 Gearing: Limited to 45 % of the immovable property (valued at IAS 40 Fair Value Method) -- 12.3.5 Payout ratio -- 12.3.6 Taxation of profit at REIT level -- 12.3.7 Taxation at shareholder level -- 12.3.8 Possible double taxation for investors paying corporation tax -- 12.4 The German REIT Sector -- 12.5 Case Study: Hamborner REIT AG -- 12.5.1 Abstract and outlook -- Bibliography -- 13 ESG in German Real Estate Investments -- 13.1 Political and Regulatory Background -- 13.1.1 Sustainable development goals -- 13.1.2 EU Action Plan on Financing Sustainable Growth -- 13.1.3 The European Green Deal -- 13.1.4 EU Taxonomy Regulation -- 13.1.5 EU Disclosure Regulation -- 13.1.6 German energy regulations -- 13.2 Market Trends and Value Drivers -- 13.2.1 Stakeholders' demands -- 13.2.2 Market tools and industry initiatives (i.e. voluntary requirements) -- 13.3 Overview of ESG Measurement and Key Performance Indicators (»KPI«) 13.3.1 Measurement methodology of ESG criteria -- 13.3.2 Environmental, social and governance criteria -- 13.4 Implementation in Investment Processes (ESG due diligence) -- 13.4.1 Transactions and project development -- 13.4.2 Capex investments -- 13.4.3 Challenges -- 13.4.4 Best practice guidance -- 13.5 Implementation in Contracts and Legal Documentation -- 13.5.1 General considerations -- 13.5.2 Common understanding of the parties -- 13.5.3 Clauses on data exchange -- 13.5.4 Adaptation to new regulatory requirements and/or market trends -- 13.5.5 Recommendations for different life-cycle phases -- 13.6 Outlook -- IV. Management - Guidelines for Investing in German Real Estate -- 14 Real Estate Mergers & -- Acquisitions -- 14.1 Real Estate M& -- A Processes -- 14.1.1 Introduction -- 14.1.2 Auction and off-market process -- 14.2 Best Practices -- 14.2.1 Avoid NDA breaches -- 14.2.2 Understand buy-side transaction costs -- 14.2.3 Pay attention to potential broker fees -- 14.2.4 Understand the transaction and communicate with the sell-side -- 14.2.5 Avoid exiting the process right before submitting indicative offers -- 14.2.6 Stand by your indicative offer -- 14.3 Conclusion -- Bibliography -- 15 Financing Real Estate in Germany -- 15.1 Sources of Capital -- 15.2 Types of Security -- 15.2.1 Land charge and mortgage -- 15.2.2 Other security -- 15.3 Long-term Debt Financing -- 15.3.1 Characteristics -- 15.3.2 Mortgage loans -- 15.3.3 Linear-payback mortgage loan -- 15.3.4 Interest-only loans -- 15.3.5 Building societies -- 15.4 Conclusion -- Bibliography -- 16 Real Estate Valuation in Germany -- 16.1 Introduction -- 16.2 Basis of Valuation -- 16.2.1 Value definition and concept -- 16.2.2 Purpose of valuation -- 16.3 Valuation Framework in Germany -- 16.3.1 Immobilienwertermittlungsverordnung 16.3.2 Committee of valuation experts (Gutachterausschuss für Grundstückswerte, GAA) Immobilienanlage (DE-588)4120474-8 gnd |
| subject_GND | (DE-588)4120474-8 (DE-588)4011882-4 (DE-588)4143413-4 |
| title | Investing in German Real Estate A practical guide |
| title_auth | Investing in German Real Estate A practical guide |
| title_exact_search | Investing in German Real Estate A practical guide |
| title_exact_search_txtP | Investing in German Real Estate A practical guide |
| title_full | Investing in German Real Estate A practical guide |
| title_fullStr | Investing in German Real Estate A practical guide |
| title_full_unstemmed | Investing in German Real Estate A practical guide |
| title_short | Investing in German Real Estate |
| title_sort | investing in german real estate a practical guide |
| title_sub | A practical guide |
| topic | Immobilienanlage (DE-588)4120474-8 gnd |
| topic_facet | Immobilienanlage Deutschland Aufsatzsammlung |
| work_keys_str_mv | AT hackelbergflorian investingingermanrealestateapracticalguide AT hennigdirk investingingermanrealestateapracticalguide |