Open End Real Estate Funds In Germany

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Open End Real Estate Funds In Germany

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Author : Christina E. Bannier
language : en
Publisher:
Release Date : 2007

Open End Real Estate Funds In Germany written by Christina E. Bannier and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with categories.

Return Patterns Of German Open End Real Estate Funds

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Author : Sebastian Michael Gläsner
language : en
Publisher: Peter Lang
Release Date : 2010

Return Patterns Of German Open End Real Estate Funds written by Sebastian Michael Gläsner and has been published by Peter Lang this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Real estate business categories.

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

Open Ended Real Estate Funds And Real Estate Investment Trusts In Germany

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Author :
language : en
Publisher:
Release Date : 2014

Open Ended Real Estate Funds And Real Estate Investment Trusts In Germany written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

Understanding German Real Estate Markets

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Author : Tobias Just
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-01-05

Understanding German Real Estate Markets written by Tobias Just and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-05 with Business & Economics categories.

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

Risk And Return Of Open End Real Estate Funds The German Case

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Author : Raimond Maurer
language : en
Publisher:
Release Date : 2005

Risk And Return Of Open End Real Estate Funds The German Case written by Raimond Maurer and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.

Liquidity Creation And Financial Fragility

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Author : Christian Weistroffer
language : en
Publisher: Logos Verlag Berlin GmbH
Release Date : 2010

Liquidity Creation And Financial Fragility written by Christian Weistroffer and has been published by Logos Verlag Berlin GmbH this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Business & Economics categories.

Open-end real estate funds (OEREFs) are the predominant vehicle in Germany for channeling private capital flows into commercial real estate markets. They transform longer-term investment projects into daily redeemable claims. To the extent that OEREFs stand ready to both issue new shares and redeem outstanding ones on a daily basis they provide valuable liquidity transformation. At the same time, they become susceptible to run phenomena. This dissertation analyzes the inherent fragility of open-end real estate funds in light of the German open-end fund crisis of 2005/06. The dissertation comprises three papers. The first paper explores how fund performance and other factors influenced capital flows into OEREFs before, during and after the German open-end fund crisis of 2005/06. The second paper looks at the valuation practice of OEREFs and assesses whether funds have suffered from a valuation problem. It finds evidence in support of the view that systematic deviations of appraised values from prices achieved in the market were at the heart of the 2005/06 German open-end fund crisis. The third paper relates findings from banking theory to OEREFs. It explores under which conditions the open-end fund contract resembles a demand deposit contract that is prone not only to panics but also to fundamental runs. The dissertation concludes by discussing policy options to mitigate the run problem.

Real Estate Investment Trusts And The Future Of German Open End Real Estate Funds

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Author :
language : en
Publisher:
Release Date : 2004

Real Estate Investment Trusts And The Future Of German Open End Real Estate Funds written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.

German Commercial Real Estate Funds In Sweden

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Author : Carolin Dörr
language : en
Publisher: GRIN Verlag
Release Date : 2008-07-09

German Commercial Real Estate Funds In Sweden written by Carolin Dörr and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-07-09 with Business & Economics categories.

Master's Thesis from the year 2008 in the subject Business economics - Business Management, Corporate Governance, grade: 1, Royal Insitute of Technology (KTH) Stockholm (Division of Buildings and Real Estate Economics), language: English, abstract: This Master Thesis has the aim to identify the investment patterns of German commercial real estate funds in Sweden. Questions of “when”, “how” and “why” they entered the Swedish market are answered. Also the local distribution of these investments is taken into consideration. The motives why they had and still have chosen the Swedish market are explained and compared with several former research papers about foreign investment motives. 19 interviews have been made with German real estate funds as well as Swedish advisor companies in order to answer these questions. The interviews with German funds have shown that they face several problems due to the German Investment Act. The main difficulties are the prohibition of the double layer structure, hierarchy problems and strict regulations concerning investment rules. Thus German funds were limited in their ability to make decisions. But the German Investment Act will change and liberalize the German funds. Thus real estate funds will have the possibility to compete with other investors for projects, which they could not do before. German funds entered the market, because it promised to be a growing and stable market. At the time when German funds entered Sweden, the real estate situation and economic position was better compared with the German business and real estate cycles. The funds were mainly driven by diversification and the high liquidity in Germany. Official statistics showed that diversified international portfolios performed better than national ones. Another point in the investigation is the development of the interest rate in Sweden. Forecasts predict an increasing interest rate and so highly leveraged investors are likely to leave the market. German funds instead can be 100% equity financed and so will win more market share in the next years.

German Reits

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Author : Felix Leuschner
language : en
Publisher: GRIN Verlag
Release Date : 2005-12-11

German Reits written by Felix Leuschner and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-12-11 with Business & Economics categories.

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

Performance Of Open End Real Estate Funds In Liquidation

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Author : Oliver Munz
language : en
Publisher:
Release Date : 2014

Performance Of Open End Real Estate Funds In Liquidation written by Oliver Munz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.

Under the impression of the US subprime crisis many investors of German Open Real Estate Funds lost confidence in the product and redeemed their shares. As a consequence, various funds were not able to pay out investors and had to be closed as well as liquidated. This thesis primarily examines the subsequent settlement process, especially its implications and effects on the value preservation via analysing the performance of asset sales. Based on a handpicked data set obtained from the annual reports of the funds, two samples have been created. The first contains all the asset sales that were carried out by German Open End Real Estate Funds which are now closed, and the other of German Open End Real Estate Funds that are still open. The thesis shows that differences between the two samples in terms of their asset characteristics are not the key driver for the large discounts in the asset sales observed. However, the performance of asset sales has a statistically significant relation the status of the fund, indicating that the current settlement process is not sufficient enough to protect the investors from unnecessary value destruction.